Framing the Default Option Right

IF 1.8 3区 心理学 Q3 PSYCHOLOGY, APPLIED
Luc Meunier, Yashar Bashirzadeh, Sima Ohadi
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Abstract

Defaults are powerful nudges to shape individuals' behavior: In three experiments, including a large experiment using representative samples from five European countries (n = 4207), we show that they can significantly affect risk-taking by medium to large effect sizes. We also show that implementing a default nudge leads to a lower rating of the advice delivered by the wealth manager compared to no default, an effect that has a medium to large effect size. In addition, defaults the targeted individuals refuse result in lower advice ratings. These side effects call for caution before applying nudges and individualized defaults rather than a one-size-fits-all approach. Additionally, we find evidence pointing to two small effects of framing in default presentation. First, asking how much individuals want to invest in the risky asset emphasizes risk. It reduces investment in the risky asset compared to asking them how much they want to leave on the safe account, particularly for more risk-averse individuals. Second, asking individuals if they want to change a default allocation of 100% in the risky asset leads to more investment in the risky asset than asking them whether they accept such an allocation. Perceived wealth manager honesty appears to mediate the relationship between the default nudge and the rating of the advice.

Abstract Image

正确界定默认选项
违约是影响个人行为的有力推手:在三项实验(包括一项使用五个欧洲国家代表性样本(n = 4207)的大型实验)中,我们发现默认对风险承担有显著的影响,影响程度为中等到较大。我们还表明,与不默认相比,实施默认提示会导致对财富经理所提供建议的评分降低,这种影响的效应大小为中到大。此外,目标个人拒绝默认也会导致较低的建议评级。这些副作用要求我们在应用激励和个性化违约而不是 "一刀切 "的方法之前谨慎行事。此外,我们还发现了一些证据,表明框架在违约介绍中的两个小效应。首先,询问个人对风险资产的投资意愿强调了风险。与询问他们想在安全账户上留下多少钱相比,这减少了对风险资产的投资,尤其是对风险规避程度较高的个人而言。其次,与询问个人是否接受风险资产的默认配置相比,询问个人是否想改变风险资产的默认配置会导致更多的风险资产投资。认为财富管理人诚实似乎是默认提示与建议评级之间关系的中介。
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来源期刊
CiteScore
4.40
自引率
5.00%
发文量
40
期刊介绍: The Journal of Behavioral Decision Making is a multidisciplinary journal with a broad base of content and style. It publishes original empirical reports, critical review papers, theoretical analyses and methodological contributions. The Journal also features book, software and decision aiding technique reviews, abstracts of important articles published elsewhere and teaching suggestions. The objective of the Journal is to present and stimulate behavioral research on decision making and to provide a forum for the evaluation of complementary, contrasting and conflicting perspectives. These perspectives include psychology, management science, sociology, political science and economics. Studies of behavioral decision making in naturalistic and applied settings are encouraged.
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