Journal of Economic Psychology最新文献_第9页

Complexity aversion in risky choices and valuations: Moderators and possible causes 风险选择和估值中的复杂性厌恶:调节因素和可能原因

IF 3.5 2区经济学

Journal of Economic Psychology Pub Date : 2023-11-08 DOI: 10.1016/j.joep.2023.102681

Yvonne Oberholzer , Sebastian Olschewski , Benjamin Scheibehenne

{"title":"Complexity aversion in risky choices and valuations: Moderators and possible causes","authors":"Yvonne Oberholzer , Sebastian Olschewski , Benjamin Scheibehenne","doi":"10.1016/j.joep.2023.102681","DOIUrl":"https://doi.org/10.1016/j.joep.2023.102681","url":null,"abstract":"<div><p>In the age of digitalization and globalization, an abundance of information is available, and our decision environments have become increasingly complex. However, it remains unclear under what circumstances complexity affects risk taking. In two experiments with monetary lotteries (one with a stratified national sample), we investigate behavioral effects and provide a cognitive explanation for the impact of complexity on risk taking. Results show that complexity, defined as the number of possible outcomes of a risky lottery, decreased the choice probability of an option but had a smaller and less consistent effect when evaluating lotteries independently. Importantly, choices of participants who spent more time looking at the complex option were less affected by complexity. A tendency to avoid cognitive effort can explain these effects, as the effort associated with evaluating the complex option can be sidestepped in choice tasks, but less so in valuation tasks. Further, the effect of complexity on valuations was influenced by individual differences in cognitive ability, such that people with higher cognitive ability showed less complexity aversion. Together, the results show that the impact of complexity on risk taking depends on both, decision format and individual differences and we discuss cognitive processes that could give rise to these effects.</p></div>","PeriodicalId":48318,"journal":{"name":"Journal of Economic Psychology","volume":"100 ","pages":"Article 102681"},"PeriodicalIF":3.5,"publicationDate":"2023-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S016748702300082X/pdfft?md5=0eed069962bc3c2a101541aca55d0ae9&pid=1-s2.0-S016748702300082X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134843662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Anodal transcranial direct current stimulation over the right dorsolateral prefrontal cortex: Less risk taking or more reflective? A tDCS study based on a Bayesian-updating task 经颅阳极直流电刺激右背外侧前额叶皮层:更少的风险或更多的反射?基于贝叶斯更新任务的tDCS研究

IF 3.5 2区经济学

Journal of Economic Psychology Pub Date : 2023-10-28 DOI: 10.1016/j.joep.2023.102680

Daqiang Huang, Yuzhen Li, Jiahui Li

{"title":"Anodal transcranial direct current stimulation over the right dorsolateral prefrontal cortex: Less risk taking or more reflective? A tDCS study based on a Bayesian-updating task","authors":"Daqiang Huang, Yuzhen Li, Jiahui Li","doi":"10.1016/j.joep.2023.102680","DOIUrl":"https://doi.org/10.1016/j.joep.2023.102680","url":null,"abstract":"<div><p><span><span>To identify the causal role of the DLPFC in </span>decision making, we used </span>transcranial direct current stimulation<span> (tDCS) to investigate the contribution of DLPFC to performance in an incentivized decision task where optimal decisions require Bayesian<span> updating of beliefs. In this task, an impulsive reinforcement-based heuristic can either conflict or be aligned with Bayesian updating. Previous research showed that in case of conflict individuals rely on the faulty heuristic, hence committing many decision errors. Based on the involvement of the DLPFC in inhibitory control we hypothesized that tDCS of the DLPFC would influence individual’s use of the reinforcement heuristic in case of conflict. 364 participants (158 in the original study; 206 in the replication study) received the anodal or cathodal tDCS stimulation to the right, left DLPFC or sham. While we observed improved decision making in first-draw decisions following anodal stimulation to the right DLPFC, our study did not find evidence indicating that tDCS stimulation over the DLPFC affected inhibition of reinforcement.</span></span></p></div>","PeriodicalId":48318,"journal":{"name":"Journal of Economic Psychology","volume":"99 ","pages":"Article 102680"},"PeriodicalIF":3.5,"publicationDate":"2023-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"92067585","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}

引用次数: 1

Risky and non-risky financial investments and cognition 风险与非风险金融投资及认知

IF 3.5 2区经济学

Journal of Economic Psychology Pub Date : 2023-10-26 DOI: 10.1016/j.joep.2023.102677

Nicolau Martin-Bassols

{"title":"Risky and non-risky financial investments and cognition","authors":"Nicolau Martin-Bassols","doi":"10.1016/j.joep.2023.102677","DOIUrl":"https://doi.org/10.1016/j.joep.2023.102677","url":null,"abstract":"<div><p>Much policy attention has been placed on encouraging saving behaviours to avoid financial deprivation at older adulthood. However, optimising financial investments is highly dependent on cognitive capacity, which can be deteriorated by the natural ageing process. This paper explores the relationship between age-related cognitive deterioration with risky and non-risky financial investments. The data analysed comes from eight waves (2002 to 2019) of the English Longitudinal Study of Ageing (ELSA) which, for a nationally representative sample, contains information about cognitive ability and their ownership of financial investments over time. Cognition emerges as one of the strongest predictors of the type and number of financial products that individuals hold. Specifically, the results show a positive relation of cognitive level with risky and non-risky financial investments. Even alongside other important factors – such as education, labour status, age, and household wealth – the explanatory power of cognition is found to be significant at the 0.1% significance level. The results are robust when accounting for unobservables and when using a genetic measure of cognition as main explanatory variable. More importantly, cognitive deterioration is only significantly associated with risky financial investments. That means, individuals reduce their risky financial investments when they start suffering old age related cognitive deterioration, while they do not change their holdings in non-risky ones in a significant manner. There are also no significant differences in the reactions to stock-market fluctuations due to cognitive level. In other words, individuals react to stock market fluctuations changing their financial holdings, but those reactions do not differ due to their cognitive level.</p></div>","PeriodicalId":48318,"journal":{"name":"Journal of Economic Psychology","volume":"100 ","pages":"Article 102677"},"PeriodicalIF":3.5,"publicationDate":"2023-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91984574","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}

引用次数: 0

How explicit expected value information affects tax compliance decisions and information acquisition 明确的期望值信息如何影响税务合规决策和信息获取

IF 3.5 2区经济学

Journal of Economic Psychology Pub Date : 2023-10-18 DOI: 10.1016/j.joep.2023.102679

Martin Müller , Jerome Olsen , Erich Kirchler , Christoph Kogler

{"title":"How explicit expected value information affects tax compliance decisions and information acquisition","authors":"Martin Müller , Jerome Olsen , Erich Kirchler , Christoph Kogler","doi":"10.1016/j.joep.2023.102679","DOIUrl":"https://doi.org/10.1016/j.joep.2023.102679","url":null,"abstract":"<div><p>In a MouselabWEB experiment with 345 participants, we investigated whether different presentations of expected value information in tax compliance decisions increase conformity with classical deterrence models’ assumptions. Recording both choice and process data, we compare conditions of verbal explanation only, verbal explanation plus numerical cue, verbal explanation plus visual cue, and a control condition without expected value information. Only when the expected value was presented as a visual cue the option with the higher expected value (i.e., evasion) was chosen more often than the control condition (58.3% vs. 38.4%). Nevertheless, individuals were more compliant than predicted by the deterrence model. While we identified differences between the experimental conditions in information acquisition patterns and decision times, they do not suggest that one way of presenting expected value information was easier to process than the others or that the main behavioral effect can be explained by higher saliency of the visual cue. These results indicate that individuals' decisions are not predominantly driven by outcome maximization, even when explicit expected value information is provided.</p></div>","PeriodicalId":48318,"journal":{"name":"Journal of Economic Psychology","volume":"99 ","pages":"Article 102679"},"PeriodicalIF":3.5,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0167487023000806/pdfft?md5=c02ede694d3e4e5ffc01586ead56b062&pid=1-s2.0-S0167487023000806-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91964471","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The effect of perceived similarity and social proximity on the formation of prosocial preferences 感知相似性和社会接近度对亲社会偏好形成的影响

IF 3.5 2区经济学

Journal of Economic Psychology Pub Date : 2023-10-05 DOI: 10.1016/j.joep.2023.102678

Christoph A. Schütt

引用次数: 0

Leadership heuristic 领导启发式

IF 3.5 2区经济学

Journal of Economic Psychology Pub Date : 2023-10-01 DOI: 10.1016/j.joep.2023.102661

Carina Cavalcanti , Philip J. Grossman , Elias L. Khalil

{"title":"Leadership heuristic","authors":"Carina Cavalcanti , Philip J. Grossman , Elias L. Khalil","doi":"10.1016/j.joep.2023.102661","DOIUrl":"10.1016/j.joep.2023.102661","url":null,"abstract":"<div><p>The economics literature offers at least two main explanations of why individuals adopt the heuristic of following their leader’s suggestion: First, the leader has information or a talent relevant to the task at hand and, second, the leader’s suggestion helps to reduce uncertainty and to coordinate the group on one choice. The psychology literature offers another explanation: The leader, acting as an “ethical example,” helps to increase job satisfaction, performance, and prosocial behavior. Both lines of literature, although in different ways, assume rational choice on the part of followers. Neither literature addresses the question: Would people adopt the leadership heuristic if the leader lacks any relevant information, talent advantage, ethical character, or other desirable traits? We report experimental evidence that suggests the answer is yes. In our experiment, leaders suggest the outcome of a fair “coin toss.” Leaders vary in (irrelevant) “information” and (irrelevant) “ability” possessed. Although there is no feedback after each period, we find that one-third of all the decisions of the participants heuristically follow the leader’s choice. This is surprising given that, first, the leader’s choice is irrelevant and, second, to follow it would be payoff-reducing. Payoff-reducing choices of subjects are more frequent with irrelevantly informed leaders than with irrelevantly talented leaders. Crucially, we also show that the findings are not driven by lack of understanding of random events. In short, neither the hot-hand and gambler’s fallacies nor attributes that might inspire trust/loyalty can explain subjects’ choices.</p></div>","PeriodicalId":48318,"journal":{"name":"Journal of Economic Psychology","volume":"98 ","pages":"Article 102661"},"PeriodicalIF":3.5,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44657089","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}

引用次数: 1

Challenges in studying the interplay of genes and environment. A study of childhood financial distress moderating genetic predisposition for peak smoking 研究基因与环境相互作用的挑战。儿童经济困难对吸烟高峰遗传易感性的调节研究

IF 3.5 2区经济学

Journal of Economic Psychology Pub Date : 2023-10-01 DOI: 10.1016/j.joep.2023.102636

Laura Bierut , Pietro Biroli , Titus J. Galama , Kevin Thom

{"title":"Challenges in studying the interplay of genes and environment. A study of childhood financial distress moderating genetic predisposition for peak smoking","authors":"Laura Bierut , Pietro Biroli , Titus J. Galama , Kevin Thom","doi":"10.1016/j.joep.2023.102636","DOIUrl":"10.1016/j.joep.2023.102636","url":null,"abstract":"<div><p>Smoking is one of the leading causes of preventable disease and death in the U.S., and it is strongly influenced both by genetic predisposition and childhood adversity. Using polygenic indices (PGIs) of predisposition to smoking, we evaluate whether childhood financial distress (CFD; a composite measure of financial adversity) moderates genetic risk in explaining peak-cigarette consumption in adulthood. Using the Health and Retirement Study (HRS), we find a substantial reduction in the relationship between genetic risk and peak smoking for those who did not suffer financial adversity in childhood. Among adult smokers who grew up in high-CFD households, a one standard deviation higher PGI is associated with 2.9 more cigarettes smoked per day at peak. By contrast, among smokers who grew up in low-CFD households, this gradient is reduced by 37 percent (or 1.1 fewer). These results are robust to controlling for a host of prime confounders. By contrast, we find no evidence of interactions between the PGI and typical measures of childhood SES such as parental education - a null result that we replicate in the Wisconsin Longitudinal Study (WLS) and the English Longitudinal Study of Aging (ELSA). This suggests the role of childhood financial distress in the relationship with peak smoking is distinct from that of low childhood SES, with high CFD potentially reflecting more acute distress than do measures of low childhood SES. Our evidence also suggests low childhood SES is a weaker proxy for acute distress, providing an alternative explanation for the childhood SES null result.</p></div>","PeriodicalId":48318,"journal":{"name":"Journal of Economic Psychology","volume":"98 ","pages":"Article 102636"},"PeriodicalIF":3.5,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10358858/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"9866651","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Smiles behind a mask are detectable and affect judgments of attractiveness, trustworthiness, and competence 面具后的微笑是可察觉的，会影响对吸引力、可信度和能力的判断

IF 3.5 2区经济学

Journal of Economic Psychology Pub Date : 2023-10-01 DOI: 10.1016/j.joep.2023.102660

Astrid Hopfensitz , César Mantilla

引用次数: 0

Are lay expectations of inflation based on recall of specific prices? If so, how and under what conditions? 外行人对通货膨胀的预期是否基于对具体价格的回忆?如果是，如何以及在什么条件下?

IF 3.5 2区经济学

Journal of Economic Psychology Pub Date : 2023-10-01 DOI: 10.1016/j.joep.2023.102662

Xiaoxiao Niu, Nigel Harvey

{"title":"Are lay expectations of inflation based on recall of specific prices? If so, how and under what conditions?","authors":"Xiaoxiao Niu, Nigel Harvey","doi":"10.1016/j.joep.2023.102662","DOIUrl":"https://doi.org/10.1016/j.joep.2023.102662","url":null,"abstract":"<div><p>In 2019 when inflation was low and stable, we compared people’s direct estimates of inflation with indirect estimates obtained by averaging their estimates of price changes in all 12 product categories on which the consumer price index is based. Indirect estimates were much higher than direct ones and the two types of estimate were uncorrelated. This is consistent with a price-free model in which direct estimates are not based on recall of prices but are determined by other information such as media reports. In May 2022 when inflation was high, expected to rise in the short-term, but highly unpredictable in the longer term, we found that direct and indirect estimates were very similar and highly correlated. This is consistent with a price-recall model in which a representative set of prices is used to estimate overall inflation. Finally, in September 2022 when inflation was fairly stable except for certain product categories (food) where prices were rising rapidly, we found that results were consistent with a third approach, the price-salience model; overall estimates of inflation are selectively influenced by price rises in those product categories where they are particularly high. People’s strategy for estimating inflation appears adapted to the prevailing inflation environment.</p></div>","PeriodicalId":48318,"journal":{"name":"Journal of Economic Psychology","volume":"98 ","pages":"Article 102662"},"PeriodicalIF":3.5,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49858886","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}

引用次数: 0

Ovulatory shift, hormonal changes, and no effects on incentivized decision-making 排卵改变，荷尔蒙变化，对激励决策没有影响

IF 3.5 2区经济学

Journal of Economic Psychology Pub Date : 2023-10-01 DOI: 10.1016/j.joep.2023.102656

Miloš Fišar , Lubomír Cingl , Tommaso Reggiani , Eva Kundtová Klocová , Radek Kundt , Jan Krátký , Katarína Kostolanská , Petra Bencúrová , Marie Kudličková Pešková , Klára Marečková

{"title":"Ovulatory shift, hormonal changes, and no effects on incentivized decision-making","authors":"Miloš Fišar , Lubomír Cingl , Tommaso Reggiani , Eva Kundtová Klocová , Radek Kundt , Jan Krátký , Katarína Kostolanská , Petra Bencúrová , Marie Kudličková Pešková , Klára Marečková","doi":"10.1016/j.joep.2023.102656","DOIUrl":"10.1016/j.joep.2023.102656","url":null,"abstract":"<div><p>Employing an incentivized controlled lab experiment, we investigate the effects of ovulatory shift on salient behavioral outcomes related to (i) risk preferences, (ii) rule violation, and (iii) exploratory attitude. As evolutionary psychology suggests, these outcomes may play an important role in economic decision-making and represent behavioral aspects that may systematically vary over the menstrual cycle to increase the reproductive success. Exploiting a within-subjects design, 124 naturally cycling females participated in experimental sessions during their ovulation and menstruation, the phases between which the difference in the investigated behavior should be the largest. In each session, hormonal samples for cortisol, estradiol, and testosterone were collected. The group of women was also contrasted against an auxiliary reference group composed of 47 males, who are not subject to hormonal variations of this nature. Our results reveal no systematic behavioral differences between the ovulation and menstruation phases.</p></div>","PeriodicalId":48318,"journal":{"name":"Journal of Economic Psychology","volume":"98 ","pages":"Article 102656"},"PeriodicalIF":3.5,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49170104","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}

引用次数: 2