Jianbiao Li (李建标) , Wei Wang (王玮) , Qian Cao (曹倩) , Xiaofei Niu (牛晓飞)
{"title":"Transcranial stimulation over the medial prefrontal cortex increases money illusion","authors":"Jianbiao Li (李建标) , Wei Wang (王玮) , Qian Cao (曹倩) , Xiaofei Niu (牛晓飞)","doi":"10.1016/j.joep.2023.102665","DOIUrl":"10.1016/j.joep.2023.102665","url":null,"abstract":"<div><p>People often ignore the real value of money and focus on its nominal value, a phenomenon known as money illusion. In the present study, we conduct two transcranial direct current stimulation (tDCS) experiments and test the role of the medial prefrontal cortex (mPFC) in money illusion. We find that anodal stimulation over the mPFC significantly increases money illusion in an evaluative task, and this anodal stimulation effect can be replicated in an incentivized task in the context of financial choices. Our study sheds light on the neural mechanisms underlying the money illusion.</p></div>","PeriodicalId":48318,"journal":{"name":"Journal of Economic Psychology","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2023-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44946529","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Replication: Do coaches stick with what barely worked? Evidence of outcome bias in sports","authors":"Pascal Flurin Meier, Raphael Flepp, Egon Franck","doi":"10.1016/j.joep.2023.102664","DOIUrl":"https://doi.org/10.1016/j.joep.2023.102664","url":null,"abstract":"<div><p>We replicate the finding of <span>Lefgren et al. (2015)</span> showing that professional basketball coaches in the NBA discontinuously change their starting lineup more often after narrow losses than after narrow wins. This result is consistent with outcome bias because such narrow outcomes are conditionally uninformative. As our paper shows, this pattern is not restricted to the NBA; we also find evidence of outcome bias in the top women’s professional basketball league and college basketball. Finally, we show that outcome bias in coaching decisions generalizes to the National Football League (NFL). We conclude that outcome bias is credible and robust, although it has weakened over time in some instances.</p></div>","PeriodicalId":48318,"journal":{"name":"Journal of Economic Psychology","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2023-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49870857","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Who’s afraid of the GOATs? - Shadow effects of tennis superstars","authors":"Christian Deutscher , Lena Neuberg , Stefan Thiem","doi":"10.1016/j.joep.2023.102663","DOIUrl":"10.1016/j.joep.2023.102663","url":null,"abstract":"<div><p>In multi-stage tournaments, anticipated competition in future stages might affect the outcome of competition in the current stage. In particular, the presence of superstars might demotivate the next-best competitors from seeking to advance to later rounds, where they ultimately are likely to face a superstar. Data from men’s professional tennis tournaments held between 2004 and 2019 affirm that the participation of superstars (Djokovic, Nadal, Federer, and Murray) reduces the probability that the remaining Top 20 players win their matches. Such shadow effects arise even in very early tournament stages, in which favoured players lose more often than expected, given their ability. The effects are more pronounced when multiple superstars compete in the tournament and disappear once all superstars have been eliminated from competition. Furthermore, shadow effects increase the probability of retirement of strong but non-superstar competitors and disappear once superstar performance is not dominant.</p></div>","PeriodicalId":48318,"journal":{"name":"Journal of Economic Psychology","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2023-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43251078","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Moves, motives, and words: Introduction to the special issue on bargaining process","authors":"Gary E. Bolton, Emin Karagözoğlu","doi":"10.1016/j.joep.2023.102634","DOIUrl":"10.1016/j.joep.2023.102634","url":null,"abstract":"","PeriodicalId":48318,"journal":{"name":"Journal of Economic Psychology","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47720460","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Swee-Hoon Chuah , Simon Gächter , Robert Hoffmann , Jonathan H.W. Tan
{"title":"Who discriminates? Evidence from a trust game experiment across three societies","authors":"Swee-Hoon Chuah , Simon Gächter , Robert Hoffmann , Jonathan H.W. Tan","doi":"10.1016/j.joep.2023.102630","DOIUrl":"https://doi.org/10.1016/j.joep.2023.102630","url":null,"abstract":"<div><p>What personal characteristics are associated with the extent to which individuals discriminate against particular groups? We use an incentive-compatible measure of an individual’s tendency to discriminate on others’ different social identities that takes into account the costs of discrimination. In particular, we elicit participants’ willingness to discriminate (WTD) in their investments to make their decisions dependent on others’ social identities using a laboratory trust game experiment with 545 participants in three countries: Malaysia, China and the UK. Analysis of our WTD measure shows that discrimination differs depending on discriminators’ cultural group identity and political values. Demographic variables including age and gender are not significant. Overall our results support the psychological distinctiveness of WEIRD participants found in other studies.</p></div>","PeriodicalId":48318,"journal":{"name":"Journal of Economic Psychology","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49865312","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Concord and contention in a dynamic unstructured bargaining experiment with costly conflict","authors":"Lian Xue , Stefania Sitzia , Theodore L. Turocy","doi":"10.1016/j.joep.2023.102631","DOIUrl":"10.1016/j.joep.2023.102631","url":null,"abstract":"<div><p>We report experimental results from a dynamic real-time bargaining experiment. Players earn flows of income from the assets they possess at any point in the bargaining process, while they incur costs which are proportional to the size of the conflict between players’ current claims. We find that most bargaining interactions are characterised by small but non-zero amounts of contention, which arises from the process of tacitly coordinating claims, including from negotiating turn-taking approaches. Interactions with large losses from contention occur in a sizeable minority of interactions. There are significant individual differences in outcomes across participants. We do not find systematic gender effects, but do find that the locus of control of participants predicts bargaining outcomes.</p></div>","PeriodicalId":48318,"journal":{"name":"Journal of Economic Psychology","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42362348","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Not all luck is created equal: Sources of income inequality and willingness to redistribute","authors":"Reilly Wright , Abraham Aldama","doi":"10.1016/j.joep.2023.102637","DOIUrl":"10.1016/j.joep.2023.102637","url":null,"abstract":"<div><p>Despite steadily rising inequality in the US over the last few decades, demand for increasing tax rates and redistribution has not increased. A growing literature argues that one reason for this is that people might perceive inequality to be fair. This literature has documented that Americans tend to perceive economic inequality stemming from merit as being fair and inequality stemming from luck as unfair. However, “lucky breaks” in the real world do not necessarily come from a lottery or random chance but from the actions of the government favoring a “lucky” few. People might be more willing to redistribute if it compensates those negatively affected by government action. Using an online experiment we show that luck stemming from the action of a government-like actor influences individuals’ desire to redistribute earnings making them more likely to favor redistribution than in instances where inequality is caused by merit or by random luck.</p></div>","PeriodicalId":48318,"journal":{"name":"Journal of Economic Psychology","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47510484","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Cognitive and non-cognitive traits and the intergenerational transmission of socioeconomic inequality","authors":"Nicholas Rohde , Pravin Trivedi , K.K. Tang , Prasada Rao","doi":"10.1016/j.joep.2023.102635","DOIUrl":"10.1016/j.joep.2023.102635","url":null,"abstract":"<div><p>This paper studies the roles of cognitive and non-cognitive characteristics in a standard Roemerian Inequality of Opportunity (IOP) model. Using Australian microdata, we model the effects of individuals’ backgrounds and their psychological traits on two adult income variables. We find that measurable psychological traits (intelligence, locus of control, big five personality traits) are slightly more important than background characteristics (such as race, gender, social class at birth) in explaining income disparities. However, the fraction of IOP confounded by psychological factors is small (11%–12%), which suggests that background inequalities do not meaningfully reflect differences in cognitive or non-cognitive ability.</p></div>","PeriodicalId":48318,"journal":{"name":"Journal of Economic Psychology","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43280884","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The informational affective tie mechanism: on the role of uncertainty, context, and attention in caring","authors":"Frans van Winden","doi":"10.1016/j.joep.2023.102625","DOIUrl":"https://doi.org/10.1016/j.joep.2023.102625","url":null,"abstract":"<div><p>Based on the growing evidence on caring and enduring relationships displayed by species across the evolutionary ladder, the ubiquity and importance of environmental uncertainty faced by all organisms, and the adaptational principle that learning may involve preference learning besides instrumental reinforcement learning, this paper proposes a novel information theoretic model of affective bonding, focusing on humans. A special case of the proposed “informational affective tie mechanism” (<em>i</em>ATM) turns out to be the model of Bault, Fahrenfort, Pelloux, Ridderinkhof, and van Winden: An affective social tie mechanism, Journal of Economic Psychology, 2017, 61, 152–175. In further contrast to the latter model, the <em>i</em>ATM model allows for the role of multiple contexts and distributed attention. Moreover, it provides a dynamic, context related, endogenous representation of the well-known social value orientation construct, facilitating the propagation of caring as observed in the literature. Empirical support is provided along different dimensions. Although the model is not estimated in full detail, a necessary condition regarding its parameters is shown to be fulfilled. Furthermore, experimental findings concerning various well-known games can be tracked under plausible calibration. In addition, the mechanism can be linked to neurobiological evidence concerning maternal (and paternal) care – as the presumed primordial caregiving system – and the signaling role of oxytocin. Finally, the evidence concerning non-human species is addressed, as well as the role of norms and reciprocity.</p></div>","PeriodicalId":48318,"journal":{"name":"Journal of Economic Psychology","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49865313","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Measuring economic competence of youth with a short scale","authors":"Luis Oberrauch , Tim Kaiser , Günther Seeber","doi":"10.1016/j.joep.2023.102633","DOIUrl":"10.1016/j.joep.2023.102633","url":null,"abstract":"<div><p>We present a 12-item scale measuring the cognitive component of economic competence and document the psychometric properties of the scale. Using a data set with >12,000 secondary school students in Germany, the scale shows high discriminatory power and covers a wide range of ability levels. Analyses of ‘Differential Item Functioninǵ show no item bias across key demographic characteristics, and scores show meaningful associations with scores obtained from adjacent test instruments. Student-level correlates mirror estimates documented in earlier literature as well as results relying on a more extensive version of the scale with 31 items. The presented short scale enables researchers and practitioners to efficiently measure economic competence of youth.</p></div>","PeriodicalId":48318,"journal":{"name":"Journal of Economic Psychology","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46447298","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}