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Abstract: We conduct a lottery experiment to assess the predictive importance of simple choice process metrics (SCPMs) in forecasting risky 50/50 gambling decisions using different types of machine learning algorithms in addition to traditional choice modeling approaches. The SCPMs are recorded during a fixed predecision phase and are derived from tracking subjects’ eye movements, pupil sizes, skin conductance, and cardiovascular and respiratory signals. Our study demonstrates that SCPMs provide relevant information for predicting gambling decisions; however, we do not find forecasting accuracy to be substantially affected by adding SCPMs to standard choice data. Instead, our results show that forecasting accuracy highly depends on differences in subject-specific risk preferences and is largely driven by including information on lottery design variables. As a key result, we find evidence for dynamic changes in the predictive importance of psychophysiological responses that appear to be linked to habituation and resource-depletion effects. Subjects’ willingness to gamble and choice-revealing arousal signals both decrease as the experiment progresses. Moreover, our findings highlight the importance of accounting for previous lottery payoff characteristics when investigating the role of emotions and cognitive bias in repeated decision-making scenarios. (PsycInfo Database Record (c) 2022 APA, all rights reserved) PubDate: Thu, 10 Feb 2022 00:00:00 GMT
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Abstract: There is limited literature on the causes, correlates, and consequences of being a saver (tightwad) or a spender (spendthrift). This paper reports on five studies which look at demographic, bright- and dark-side personality, money belief, and self-evaluation correlates of to what extent a person considers themselves a spender or saver. In each study, adult participants indicated their spender–saver habits on a single scale and completed a number of tests. The first study looked at trait correlates and showed savers were close-minded, conscientious, stable, extraverts. It also showed as predicted that savers were more likely to associate money with security, and not love or freedom, and claim to have better financial knowledge. The results from the second study on dark-side personality correlates indicated that spenders were more likely to have psychopathic tendencies, but less likely to be Machiavellian. The third study on personality disorder correlates of spender–saver tendencies suggested that spenders were likely to have elevated Cluster B personality disorders. The fourth study examined self-beliefs and showed savers rated themselves as more attractive, healthy, and intelligent than spenders. The fifth study, also using various self-ratings, showed spenders had more liberal political views, report higher emotional intelligence and are less likely to own their own home, while savers rated their physical health higher, and saw themselves as more entrepreneurial. Overall, the results suggest the simple saver–spender question is logically correlated with a number of individual difference variables with savers having a more positive profile. Implications and limitations are considered. (PsycInfo Database Record (c) 2022 APA, all rights reserved) PubDate: Mon, 31 Jan 2022 00:00:00 GMT
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Abstract: When reading a financial disclosure document, subjects are faced with multiple information cues and might simplify decisional complexity by relying on heuristics. This study explores whether, in an attempt to filter information from the Payment Account Fees Information Document (FID), subjects anchor their evaluation to a specific item, leading to biased financial choices. By detecting the visual search strategy in 70 subjects through eye tracking, we observed that people exhibited systematic visual anchoring to the top of the document, which corresponds to the Liquidity section that displays the Annual Fee. Moreover, data revealed that subjects sometimes fail to recognize the most advantageous products. This mainly occurs when the Annual Fee is high, even if the other charges compensate for that amount, clarifying the link between visual search strategy and financial decisions. Data also showed the role of financial literacy in modulating attention, as poorly financially literate subjects are more prone to anchoring bias. The findings contribute to the neuroeconomics literature on anchoring effect and highlight practical implications for financial regulators and managers involved in the ergonomics of documents. (PsycInfo Database Record (c) 2022 APA, all rights reserved) PubDate: Thu, 13 Jan 2022 00:00:00 GMT
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Abstract: This study aims to improve our understanding of the effects of specific learning disabilities (SLD) in adulthood and improve work adjustment by comparing the time and risk preferences of 72 college students with SLD and 75 college students without SLD. Participants answered questionnaires about their time and risk preferences, made bids for two lottery tickets, and took the Cognitive Reflection Test (CRT). The results revealed that the subjective time discount rates of college students with SLD were significantly lower and more realistic, and their CRT scores were significantly higher. No significant difference in risk aversion was found between the two groups of participants. Finally, we discuss the effort exerted by students with SLD and their tendency to use System 2 processes as possible mechanisms for compensating for their cognitive deficits, and the implications of these results for work adjustment. (PsycInfo Database Record (c) 2022 APA, all rights reserved) PubDate: Thu, 18 Nov 2021 00:00:00 GMT
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