E. Ortiz-Teran, T. Ortiz, A. Turrero, Joaquín López-Pascual
{"title":"Neural Implications of Investment Banking Experience in Decision-Making Under Risk and Ambiguity","authors":"E. Ortiz-Teran, T. Ortiz, A. Turrero, Joaquín López-Pascual","doi":"10.1037/npe0000100","DOIUrl":"https://doi.org/10.1037/npe0000100","url":null,"abstract":"Financial decision-making is governed by cognitive and emotional processes. However, it is possible to learn how to manage both before making a decision based on experience. Electroencephalography might provide some insight into what is behind these choices by analyzing the slow negativity preceding a risky decision, known as the decision preceding negativity (DPN). The DPN is involved in cognitive processes associated with the elaboration of the planned response as well as the anticipation of the affective motivational stimuli. Using monetary gamble under risk (outcome probabilities are known) and ambiguity (outcome probabilities are unknown), we studied the DPN in a group of investment bankers, to see if individual financial experience influences anticipatory potentials that precede choices. Our results showed that investment bankers are able to shorten their anticipatory decision-making process by having a DPN closer to motor response. As this occurs, the prefrontal and orbitofrontal brain areas under risk were activated due to the role that emotions play in financial decision-making. On the other hand, under the ambiguity condition, activation of the prefrontal areas was caused by cognitive regulation of emotion. Our conclusion is that financial experience also influences risky choices by shortening the decision-making process while balancing cognitive and emotional processes, which depend on the amount of missing information.","PeriodicalId":45695,"journal":{"name":"Journal of Neuroscience Psychology and Economics","volume":"28 1","pages":"34–44"},"PeriodicalIF":0.7,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83476927","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"医学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"When Punishment Strikes Late: The Effect of a Delay in Punishment and Punishment Feedback on Cooperation and Efficiency","authors":"Israel Waichman, Lukas Stenzel","doi":"10.1037/npe0000099","DOIUrl":"https://doi.org/10.1037/npe0000099","url":null,"abstract":"Laboratory experiments established that peer punishment is a powerful cooperation-enhancing institution. However, this evidence centers on punishment that affects punishees immediately, whereas in many out-of-lab instances, punishment only takes effect some time after it has been inflicted. Moreover, studying the consequences of a delay in the effect of punishment could shed light on the channels through which punishment facilitates cooperation. A delay may (a) prevent punishees from immediately responding to the punishment and (b) dissolve the perceived link between received punishment and past behavior. In the present study, we model a situation where punishment affects the punishee 5 periods after it has been inflicted. We find that even under a delay in the effect and feedback of punishment, peer punishment is very effective in facilitating cooperation. However, peer punishment is only efficient when a salient link between received punishment and past contributions is established.","PeriodicalId":45695,"journal":{"name":"Journal of Neuroscience Psychology and Economics","volume":"10 1","pages":"1–17"},"PeriodicalIF":0.7,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74591508","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"医学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Ryan Webb, I. Levy, Stephanie C. Lazzaro, R. Rutledge, P. Glimcher
{"title":"Neural Random Utility: Relating Cardinal Neural Observables to Stochastic Choice Behavior","authors":"Ryan Webb, I. Levy, Stephanie C. Lazzaro, R. Rutledge, P. Glimcher","doi":"10.1037/npe0000101","DOIUrl":"https://doi.org/10.1037/npe0000101","url":null,"abstract":"We assess whether a cardinal model can be used to relate neural observables to stochastic choice behavior. We develop a general empirical framework for relating any neural observable to choice prediction and propose a means of benchmarking their predictive power. In a previous study, measurements of neural activity were made while subjects considered consumer goods. Here, we find that neural activity predicts choice behavior with the degree of stochasticity in choice related to the cardinality of the measurement. However, we also find that current methods have a significant degree of measurement error which severely limits their inferential and predictive performance.","PeriodicalId":45695,"journal":{"name":"Journal of Neuroscience Psychology and Economics","volume":"58 1","pages":"45–72"},"PeriodicalIF":0.7,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82307844","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"医学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Supplemental Material for Gaze-Informed Modeling of Preference Learning and Prediction","authors":"","doi":"10.1037/npe0000107.supp","DOIUrl":"https://doi.org/10.1037/npe0000107.supp","url":null,"abstract":"","PeriodicalId":45695,"journal":{"name":"Journal of Neuroscience Psychology and Economics","volume":"11 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90695855","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"医学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Acknowledgments","authors":"","doi":"10.1037/npe0000110","DOIUrl":"https://doi.org/10.1037/npe0000110","url":null,"abstract":"","PeriodicalId":45695,"journal":{"name":"Journal of Neuroscience Psychology and Economics","volume":"9 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84622549","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"医学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Reading Minds: Mobile Functional Near-Infrared Spectroscopy as a New Neuroimaging Method for Economic and Marketing Research—A Feasibility Study","authors":"S. Meyerding, A. Risius","doi":"10.1037/npe0000090","DOIUrl":"https://doi.org/10.1037/npe0000090","url":null,"abstract":"Due to the limitations of established neuroimaging techniques, in terms of cost, usability, and mobility, a new technology, known as mobile functional near-infrared spectroscopy (fNIRS), has a high potential for applications in marketing research. FNIRS is a noninvasive optical brain imaging technique that combines the measurements of cerebral blood flow and hemodynamic response in a specific brain area when neural activity occurs. Nevertheless, the feasibility of mobile fNIRS has not yet been verified, because it is rarely used in neuroeconomic and neuromarketing studies. The aim of this study was to demonstrate the feasibility of mobile fNIRS for marketing and economic research situations. Twelve subjects viewed three different advertisements of the same product, and then rated these pictures. All pictures showed the same product, but with different surroundings. The surroundings included an attractive female and male, shown to male and, respectively, female subjects, a cat, and a relatively neutral landscape. The results indicate that there are significant differences in the activation of the prefrontal cortex when viewing the different pictures. This was especially noticeable for the sexual picture and the childlike picture compared with the landscape. Also, significant differences were found on the group level and between subgroups. The activation was higher for the childlike picture than for the sexual picture, and this effect was stronger for the female subgroup. In addition, significantly higher activation was found during decision-making processes. The results of the present study suggest that using fNIRS is a promising method for measuring economic decision-making processes and consumer attention.","PeriodicalId":45695,"journal":{"name":"Journal of Neuroscience Psychology and Economics","volume":"15 1","pages":"197–212"},"PeriodicalIF":0.7,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75067050","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"医学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Judith Znanewitz, L. Braun, D. Hensel, C. Altobelli, Fabian Hattke
{"title":"A critical comparison of selected implicit measurement methods.","authors":"Judith Znanewitz, L. Braun, D. Hensel, C. Altobelli, Fabian Hattke","doi":"10.1037/NPE0000086","DOIUrl":"https://doi.org/10.1037/NPE0000086","url":null,"abstract":"","PeriodicalId":45695,"journal":{"name":"Journal of Neuroscience Psychology and Economics","volume":"32 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75043155","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"医学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Emil Persson, Erkin Asutay, William Hagman, D. Västfjäll, G. Tinghög
{"title":"Affective Response Predicts Risky Choice for Fast, but Not Slow, Decisions","authors":"Emil Persson, Erkin Asutay, William Hagman, D. Västfjäll, G. Tinghög","doi":"10.1037/npe0000096","DOIUrl":"https://doi.org/10.1037/npe0000096","url":null,"abstract":"We use skin conductance to measure emotional arousal in subjects who make risky choices under time pressure or time delay. Our results show a strong correlation between subjects’ skin conductance responses and their risky choices under time pressure but not under time delay. Subjects were more risk taking for higher levels of measured electrodermal activity (skin conductance). In line with descriptive theories of risky choice, the effect was most pronounced for choices involving losses rather than gains. Taken together, our findings indicate that participants under time pressure rely on affect at the point of decision-making. This provides support for behavioral models that recognize the role of emotional brain systems in decision-making under risk.","PeriodicalId":45695,"journal":{"name":"Journal of Neuroscience Psychology and Economics","volume":"98 1","pages":"213–227"},"PeriodicalIF":0.7,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82688162","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"医学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"How Religion Impacts Deception and Trust Behavior: Evidence From a Lab-in-the-Field Experiment in China","authors":"Hui Xu, Yingxi Liu, Jie Liang","doi":"10.1037/npe0000095","DOIUrl":"https://doi.org/10.1037/npe0000095","url":null,"abstract":"This article reports data from a lab-in-the-field experiment in China to provide new evidence on the impact of religion (Christianity) and religiosity on deception and trust. Although extant studies are mainly from countries where Christianity is part of the common cultural traditions, China provides a unique context to test these effects. We find that, compared with non-Christians, Christians are significantly less likely to cheat and demonstrate a significantly higher level of trust in all conditions tested. We also find variation among Christians by religiosity. Specifically, Christians with higher religiosity exhibit a significantly higher rate of trust and a lower rate of deception than the less-religious Christians. Further, our data show that both Christians and non-Christians trust Christians significantly more than others. We also find that both Christians and non-Christians are sensitive to consequences when deciding whether to lie.","PeriodicalId":45695,"journal":{"name":"Journal of Neuroscience Psychology and Economics","volume":"06 1","pages":"239–248"},"PeriodicalIF":0.7,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89850476","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"医学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Simona Cantarella, Carola Hillenbrand, Luke Aldridge-Waddon, Ignazio Puzzo
{"title":"Preliminary Evidence on the Somatic Marker Hypothesis Applied to Investment Choices","authors":"Simona Cantarella, Carola Hillenbrand, Luke Aldridge-Waddon, Ignazio Puzzo","doi":"10.1037/npe0000097","DOIUrl":"https://doi.org/10.1037/npe0000097","url":null,"abstract":"The somatic marker hypothesis is one of the more dominant physiological models of human decision-making and yet is seldom applied to decision-making in financial investment scenarios. This study provides preliminary evidence about the application of the somatic marker hypothesis in investment choices using heart rate and skin conductance response measures. Twenty undergraduate students were split equally into expert (defined by familiarity with investments) and novice (no familiarity) groups, because previous research has associated expertise with cognitive differences in decision making scenarios. Both groups completed the Balloon Analogue Risk Task and Behavioral Investment Allocation Strategy task—a computerized simulation of real trading scenarios—as assessments of investment decision-making in conditions of low versus high uncertainty, as defined by the Bayesian calculation (level of certainty is more than: (1 − (−300%))/(300% − (−300%)) = 66.67% (0.67). Results suggest that, although primary inducers (innate physiological responses) support and guide optimal decision-making in conditions of uncertainty, secondary inducers (physiological responses dependent on memory/experience) moderate this effect; that is, the stressful thoughts that accompany the task restrict optimal decision-making. This study contributes to the current knowledge on why emotions in finance can lead people to suboptimal decisions.","PeriodicalId":45695,"journal":{"name":"Journal of Neuroscience Psychology and Economics","volume":"52 1","pages":"228–238"},"PeriodicalIF":0.7,"publicationDate":"2018-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80839478","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"医学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}