The Effects of Activating Gender-Related Social Roles on Financial Risk-Taking.

Previous studies observed differences between men and women in terms of their financial risk-taking. However, these differences may stem not only from the gender of the decision-maker but also from other factors, such as stereotypical gender social roles. Media content exposes both men and women to stereotypical portrayals of their gender, and this might temporarily activate thoughts related to their social roles. A question arises whether such activation might impact the way people make risky financial decisions. The present experimental study investigated whether temporarily activated gender-related social roles influence the risk-taking propensities of men and women (N = 319) in the context of gambling and investment choices. The results show that activating a stereotypically male social role (professional employee) made both men and women more prone to take financial risks relative to a control condition. Furthermore, activating a stereotypically female social role (homemaker) lowered the propensity to take financial risks in both genders for the investment domain and in women only for the gambling domain. This study contributes to the literature on gender differences in economic behavior by showing that researchers should not overlook sociocultural factors.

Gambling Disorders Among Young Women Regular Gamblers: The Unique and Common Contribution of Executive Thinking Style and Mindfulness.

The aim of this study is to investigate the role played by mindfulness in the relationship between cognitive styles and gambling disorders in a sample of female young adults. Participants in this study (125 women; Mage = 18.64 years; SD = 1.7) were recruited in betting or bingo halls. They completed the South Oaks Gambling Screen, the Child and Adolescent Mindfulness Measure, and Sternberg's questionnaire on thinking styles. The results from the mediation analyses revealed that the executive thinking style increases gambling and that the deficit in mindfulness ability mediates this relationship. Theoretical and clinical implications are discussed.

Are Impulsive Decisions Always Irrational? An Experimental Investigation of Impulsive Decisions in the Domains of Gains and Losses.

Intertemporal choices are very prevalent in daily life, ranging from simple, mundane decisions to highly consequential decisions. In this context, thinking about the future and making sound decisions are crucial to promoting mental and physical health, as well as a financially sustainable lifestyle. In the present study, we set out to investigate some of the possible underlying mechanisms, such as cognitive factors and emotional states, that promote future-oriented decisions. In a cross-sectional experimental study, we used a gain and a loss version of an intertemporal monetary choices task. Our main behavioural result indicated that people are substantially more impulsive over smaller and sooner monetary losses compared to equivalent gains. In addition, for both decisional domains, significant individual difference predictors emerged, indicating that intertemporal choices are sensitive to the affective and cognitive parameters. By focusing on the cognitive and emotional individual factors that influence impulsive decisions, our study could constitute a building block for successful future intervention programs targeted at mental and physical health issues, including gambling behaviour.

Problem Gambling 'Fuelled on the Fly'.

Problem gambling is a gambling disorder often described as continued gambling in the face of increasing losses. In this article, we explored problem gambling behaviour and its psychological determinants. We considered the assumption of stability in risky preferences, anticipated by both normative and descriptive theories of decision making, as well as recent evidence that risk preferences are in fact 'constructed on the fly' during risk elicitation. Accordingly, we argue that problem gambling is a multifaceted disorder, which is 'fueled on the fly' by a wide range of contextual and non-contextual influences, including individual differences in personality traits, hormonal and emotional activations. We have proposed that the experience of gambling behaviour in itself is a dynamic experience of events in time series, where gamblers anchor on the most recent event-typically a small loss or rare win. This is a highly adaptive, but erroneous, decision-making mechanism, where anchoring on the most recent event alters the psychological representations of substantial and accumulated loss in the past to a representation of negligible loss. In other words, people feel better while they gamble. We conclude that problem gambling researchers and policy makers will need to employ multifaceted and holistic approaches to understand problem gambling.

Moral Decision Making: From Bentham to Veil of Ignorance via Perspective Taking Accessibility.

Making morally sensitive decisions and evaluations pervade many human everyday activities. Philosophers, economists, psychologists and behavioural scientists researching such decision-making typically explore the principles, processes and predictors that constitute human moral decision-making. Crucially, very little research has explored the theoretical and methodological development (supported by empirical evidence) of utilitarian theories of moral decision-making. Accordingly, in this critical review article, we invite the reader on a moral journey from Jeremy Bentham's utilitarianism to the veil of ignorance reasoning, via a recent theoretical proposal emphasising utilitarian moral behaviour-perspective-taking accessibility (PT accessibility). PT accessibility research revealed that providing participants with access to all situational perspectives in moral scenarios, eliminates (previously reported in the literature) inconsistency between their moral judgements and choices. Moreover, in contrast to any previous theoretical and methodological accounts, moral scenarios/tasks with full PT accessibility provide the participants with unbiased even odds (neither risk averse nor risk seeking) and impartiality. We conclude that the proposed by Martin et al. PT Accessibility (a new type of veil of ignorance with even odds that do not trigger self-interest, risk related preferences or decision biases) is necessary in order to measure humans' prosocial utilitarian behaviour and promote its societal benefits.

Autonomous vehicles: How perspective-taking accessibility alters moral judgments and consumer purchasing behavior.

In preparation for unavoidable collisions, autonomous vehicle (AV) manufacturers could program their cars with utilitarian ethical algorithms that maximize the number of lives saved during a crash. However, recent research employing hypothetical AV crash scenarios reveals that people are not willing to purchase a utilitarian AV despite judging them to be morally appropriate (Bonnefon, Shariff, & Rahwan, 2016). This important result, indicating evidence for a social dilemma, has not yet been psychologically explored by behavioral scientists. In order to address the psychological underpinnings of this phenomenon, we developed and tested a novel theoretical proposal - perspective-taking accessibility (PT accessibility). Accordingly, we established that providing participants with access to both situational perspectives (AV buyers can be passengers or pedestrians) in crash scenarios, eliminated the behavioral inconsistency between their utilitarian judgments of moral appropriateness and non-utilitarian purchasing behavior. Moreover, our full PT accessibility induced respondents' utilitarian prosocial judgments and purchasing behavior (Experiments 1a and 1b) and consistent utilitarian preferences across judgment tasks (Experiment 2). Crucially, with full PT accessibility, participants' utilitarian purchasing behavior as well as their willingness to buy and ride utilitarian AVs were informed by their utilitarian moral judgments. Full PT accessibility provides the participants with even odds of being a pedestrian or passenger in crash scenarios, and thus impartiality. It could be argued that full PT accessibility is a new type of 'veil of ignorance', which is not based on purposely induced self-interest and uneven risk options (as in Huang, Greene, & Bazerman, 2019), but rather is based on even odds of being a passenger or pedestrian, and therefore with even 50/50 chance to die/live as passenger or pedestrian. Under these circumstances one can measure utilitarian preferences.

Personal Values Associated with Prosocial Decisions.

Social situations require people to make complex decisions, sometimes involving different outcomes for the self and others. Considering the long-lasting interest scholars are showing in the topic of social decisions, the aim of the current article is to add to this research line by looking at personal values as possible factors associated with a preference for more self-maximizing or cooperative choices. In a general adult sample (N = 63), we used the Social Value Orientation (SVO) slider measure to investigate participants' tendency towards prosocial or proself outcomes. We also administered a personal values questionnaire, measuring 19 basic values, organized in 4 higher-order values. Building on the theory of basic individual values, we expected self-transcendence to be positively associated with more prosocial orientations. Our main result confirmed that self-transcendence was positively correlated with SVO whereas no other higher-order values were associated with SVO. Our data also revealed that inequality aversion was the primary motivation of prosocials, and this result was unrelated to gender effects or the personal values under investigation.

Preference reversals during risk elicitation.

Understanding human behavior from the perspective of normative and descriptive theories depends on human agents having stable and coherent decision-making preferences. Both utility theory (expected rational behavior; von Neumann & Morgenstern, 1947) and prospect theory, with its certainty equivalent (CE) method (expected irrational behavior; Tversky & Kahneman, 1992), assume stable behavioral patterns of risk preferences. In contrast, our research pursues the opposite proposal: Human preferences (rational or irrational) are not stable; variations in the decision context during risk elicitation determine people's preferences even when the utilities of choice options are available. Accordingly, we found evidence that decision makers reverse their risk preferences between CE tasks with logarithmically spaced certainty (unequal number of risk-averse and risk-seeking sure options) and linearly spaced certainty (equal number of risk-averse and risk-seeking sure options). The results revealed that the effect of probability range (low and high) on preferences, predicted by prospect theory, is an artifact of the logarithmically spaced sure options. When the sure options were linearly spaced, the probability range no longer influenced risk preferences, indicating a preference reversal between decision tasks. Our findings highlight a need to investigate how the predictions of descriptive decision-making theories are shaped by their risk elicitation methods. (PsycINFO Database Record (c) 2020 APA, all rights reserved).

Choice Under Risk: How Occupation Influences Preferences.

In the last decade, a number of studies in the behavioral sciences, particularly in psychology and economics, have explored the complexity of individual risk behavior and its underlying factors. Most previous studies have examined the influences of various socio-economic, cognitive, biological and psychological factors on human decision-making, however, the relationship between the decision-makers' risk preferences and occupational background has not received much empirical attention. Accordingly, in the current study, we investigated how occupational background, together with decision-making framing (e.g., variations in decision domain, context, presentation of risk, and utility ratios), influence participants' risk preferences for decision options with equivalent expected utility. Our novel findings indicate that risk preferences may vary among individuals from different occupational backgrounds. As such, when the task was framed in gain terms, participants who mostly deal with health/safety-related risks on a day-to-day basis (high-risk occupations) were predominantly risk-averse (avoiding risky options), while participants who mostly deal with financial/social risks (white-collar occupations) were prone to risk-seeking behavior (avoiding certain options). Specifically, in "high-risk" occupations, participants' pattern of choices changed from risk-averse in gain scenarios to risk-seeking in loss scenarios. However, the opposite pattern of risk preferences was found in participants with "white-collar" occupations. Our findings indicate that decision-makers' occupational backgrounds influence risk preferences under some circumstances.

Flexible Emotion Regulation: How Situational Demands and Individual Differences Influence the Effectiveness of Regulatory Strategies.

The number of studies and theoretical contributions on emotion regulation has grown rapidly. In this article we describe the concept of flexible emotion regulation. We argue that the effectiveness of specific emotion regulation strategies depends on the interaction of the features of a situation and personality characteristics of the individual regulating his/her emotions. We review a few recent theoretical contributions and studies that have attempted to capture some aspects of the flexibility of emotion regulation rather than distinguish between overly adaptive and maladaptive strategies. Moreover, we discuss potential personality determinants of effectiveness of particular regulatory strategies. We claim that further studies should address the interaction of situational and dispositional factors in shaping the effectiveness of particular emotion regulation strategies. So far, situational and personality determinants have been studied rather separately.

Adaptive Anchoring Model: How Static and Dynamic Presentations of Time Series Influence Judgments and Predictions.

When attempting to predict future events, people commonly rely on historical data. One psychological characteristic of judgmental forecasting of time series, established by research, is that when people make forecasts from series, they tend to underestimate future values for upward trends and overestimate them for downward ones, so-called trend-damping (modeled by anchoring on, and insufficient adjustment from, the average of recent time series values). Events in a time series can be experienced sequentially (dynamic mode), or they can also be retrospectively viewed simultaneously (static mode), not experienced individually in real time. In one experiment, we studied the influence of presentation mode (dynamic and static) on two sorts of judgment: (a) predictions of the next event (forecast) and (b) estimation of the average value of all the events in the presented series (average estimation). Participants' responses in dynamic mode were anchored on more recent events than in static mode for all types of judgment but with different consequences; hence, dynamic presentation improved prediction accuracy, but not estimation. These results are not anticipated by existing theoretical accounts; we develop and present an agent-based model-the adaptive anchoring model (ADAM)-to account for the difference between processing sequences of dynamically and statically presented stimuli (visually presented data). ADAM captures how variation in presentation mode produces variation in responses (and the accuracy of these responses) in both forecasting and judgment tasks. ADAM's model predictions for the forecasting and judgment tasks fit better with the response data than a linear-regression time series model. Moreover, ADAM outperformed autoregressive-integrated-moving-average (ARIMA) and exponential-smoothing models, while neither of these models accounts for people's responses on the average estimation task.

Understanding Risky Behavior: The Influence of Cognitive, Emotional and Hormonal Factors on Decision-Making under Risk.

Financial risky decisions and evaluations pervade many human everyday activities. Scientific research in such decision-making typically explores the influence of socio-economic and cognitive factors on financial behavior. However, very little research has explored the holistic influence of contextual, emotional, and hormonal factors on preferences for risk in insurance and investment behaviors. Accordingly, the goal of this review article is to address the complexity of individual risky behavior and its underlying psychological factors, as well as to critically examine current regulations on financial behavior.

Judging the morality of utilitarian actions: How poor utilitarian accessibility makes judges irrational.

Is it acceptable and moral to sacrifice a few people's lives to save many others? Research on moral dilemmas in psychology, experimental philosophy, and neuropsychology has shown that respondents judge utilitarian personal moral actions (footbridge dilemma) as less appropriate than equivalent utilitarian impersonal moral actions (trolley dilemma). Accordingly, theorists (e.g., Greene et al., 2001) have argued that judgments of appropriateness in personal moral dilemmas are more emotionally salient and cognitively demanding (taking more time to be rational) than impersonal moral dilemmas. Our novel findings show an effect of psychological accessibility (driven by partial contextual information; Kahneman, 2003) on utilitarian moral behavior and response time for rational choices. Enhanced accessibility of utilitarian outcomes through comprehensive information about moral actions and consequences boosted utility maximization in moral choices, with rational choices taking less time. Moreover, our result suggests that previous results indicating emotional interference, with rational choices taking more time to make, may have been artifacts of presenting partial information.

Retrospective Evaluations of Sequences: Testing the Predictions of a Memory-Based Analysis.

Retrospective evaluation (RE) of event sequences is known to be biased in various ways. The present paper presents a series of studies that examined the suggestion that the moments that are the most accessible in memory at the point of RE contribute to these biases. As predicted by this memory-based analysis, Experiment 1 showed that pleasantness ratings of word lists were biased by the presentation position of a negative item and by how easy the negative information was to retrieve. Experiment 2 ruled out the hypothesis that these findings were due to the dual nature of the task called upon. Experiment 3 further manipulated the memorability of the negative items--and corresponding changes in RE were as predicted. Finally, Experiment 4 extended the findings to more complex stimuli involving event narratives. Overall, the results suggest that assessments were adjusted based on the retrieval of the most readily available information.

The cognitive economy: the probabilistic turn in psychology and human cognition.

According to the foundations of economic theory, agents have stable and coherent "global" preferences that guide their choices among alternatives. However, people are constrained by information-processing and memory limitations and hence have a propensity to avoid cognitive load. We propose that this in turn will encourage them to respond to "local" preferences and goals influenced by context and memory representations.

Modeling judgment of sequentially presented categories using weighting and sampling without replacement.

In a series of experiments, Kusev et al. (Journal of Experimental Psychology: Human Perception and Performance 37:1874-1886, 2011) studied relative-frequency judgments of items drawn from two distinct categories. The experiments showed that the judged frequencies of categories of sequentially encountered stimuli are affected by the properties of the experienced sequences. Specifically, a first-run effect was observed, whereby people overestimated the frequency of a given category when that category was the first repeated category to occur in the sequence. Here, we (1) interpret these findings as reflecting the operation of a judgment heuristic sensitive to sequential patterns, (2) present mathematical definitions of the sequences used in Kusev et al. (Journal of Experimental Psychology: Human Perception and Performance 37:1874-1886, 2011), and (3) present a mathematical formalization of the first-run effect-the judgments-relative-to-patterns model-to account for the judged frequencies of sequentially encountered stimuli. The model parameter w accounts for the effect of the length of the first run on frequency estimates, given the total sequence length. We fitted data from Kusev et al. (Journal of Experimental Psychology: Human Perception and Performance 37:1874-1886, 2011) to the model parameters, so that with increasing values of w, subsequent items in the first run have less influence on judgments. We see the role of the model as essential for advancing knowledge in the psychology of judgments, as well as in other disciplines, such as computer science, cognitive neuroscience, artificial intelligence, and human-computer interaction.