Investor memory of past performance is positively biased and predicts overconfidence.

We document a memory-based mechanism associated with investor overconfidence. In Studies 1 and 2, investors were asked to recall their most important trades in the recent past and then reported investing confidence and trading frequency. After the study, they looked up and reported the actual returns of these trades. In both studies, investors were biased to recall returns as higher than achieved, and larger memory biases were associated with greater overconfidence and trading frequency. The design of Study 2 allowed us to separately investigate the effects of two types of memory biases: distortion and selective forgetting. Both types of bias were present and were independently associated with overconfidence and trading frequency. Study 3 was an incentive-compatible experiment in which overconfidence and trading frequency were reduced when participants looked up previous consequential trades compared to when they reported them from memory.

Partisan bias in false memories for misinformation about the 2021 U.S. Capitol riot.

ABSTRACTMemory for events can be biased. For example, people tend to recall more events that support than oppose their current worldview. The present study examined partisan bias in memory for events related to the January 6, 2021, Capitol riot in the United States. Participants rated their memory for true and false events that were either favourable to their political party or the other major political party in the United States. For both true and false events, participants remembered more events that favoured their political party. Regression analyses showed that the number of false memories that participants reported was positively associated with their tendency to support conspiracy beliefs and with their self-reported engagement with the Capitol riot. These results suggest that Democrats and Republicans remember the Capitol Riot differently and that certain individual difference factors can predict the formation of false memories in this context. Misinformation played an influential role in the Capitol riot and understanding differences in memory for this event is beneficial to avoiding similar tragedies in the future.

Working it out: can an acute exercise bout alleviate memory bias, rumination and negative mood?

Although it is well known that exercise reduces depressive symptoms, the underlying psychological mechanisms remain unclear. This experimental study examined the acute effect of exercise on mood, and depressotypic memory bias and state rumination. Trait rumination was tested as a possible moderator. A sample of non-regular exercisers (N = 100) was randomized to exercise or rest. After a negative mood induction, the exercise condition cycled for 24 min at moderate intensity, while the rest condition rested. Negative and overgeneral memory bias, as well as positive and negative affect were assessed after exercise/rest. To capture the lingering of negative mood and state rumination, both were assessed multiple times throughout the study. The exercise (as compared to rest) condition reported more positive affect. However, no differences were found on overgeneral memory bias, as well as depression-specific mood or state rumination measured throughout the study. Interestingly, the exercise condition showed more negative memory bias at higher levels of rumination. Individual differences in trait rumination moderated the exercise-memory bias relation, such that exercise increased negative memory bias at higher levels of rumination. It is possible that long-term exercise protocols are necessary to change cognitive processes related to depression.

Changes in Medial Prefrontal Cortex Mediate Effects of Heart Rate Variability Biofeedback on Positive Emotional Memory Biases.

Previous research suggests that implicit automatic emotion regulation relies on the medial prefrontal cortex (mPFC). However, most of the human studies supporting this hypothesis have been correlational in nature. In the current study, we examine how changes in mPFC-left amygdala functional connectivity relate to emotional memory biases. In a randomized clinical trial examining the effects of heart rate variability (HRV) biofeedback on brain mechanisms of emotion regulation, we randomly assigned participants to increase or decrease heart rate oscillations while receiving biofeedback. After several weeks of daily biofeedback sessions, younger and older participants completed an emotional picture memory task involving encoding, recall, and recognition phases as an additional measure in this clinical trial. Participants assigned to increase HRV (Osc+) (n = 84) showed a relatively higher rate of false alarms for positive than negative images than participants assigned to decrease HRV (Osc-) (n = 81). Osc+ participants also recalled relatively more positive compared with negative items than Osc- participants, but this difference was not significant. However, a summary bias score reflecting positive emotional memory bias across recall and recognition was significantly higher in the Osc+ than Osc- condition. As previously reported, the Osc+ manipulation increased left amygdala-mPFC resting-state functional connectivity significantly more than the Osc- manipulation. This increased functional connectivity significantly mediated the effects of the Osc+ condition on emotional bias. These findings suggest that, by increasing mPFC coordination of emotion-related circuits, daily practice increasing heart rate oscillations can increase implicit emotion regulation.

Feeling Good Is Feeling Better.

Can people remember their past happiness? We analyzed data from four longitudinal surveys from the United States, France, the United Kingdom, and Germany spanning from the 1970s until the present, in which more than 60,000 adults were asked questions about their current and past life satisfaction. We uncovered systematic biases in recalled happiness: On average, people tended to overstate the improvement in their well-being over time and to understate their past happiness. But this aggregate figure hides a deep asymmetry: Whereas happy people recall the evolution of their life to be better than it was, unhappy ones tend to exaggerate their life's negative evolution. It thus seems that feeling happy today implies feeling better than yesterday. This recall structure has implications for motivated memory and learning and could explain why happy people are more optimistic, perceive risks to be lower, and are more open to new experiences.

Coherence of attention and memory biases in currently and previously depressed women.

Previous research has found that depression is characterised by biased processing of emotional information. Although most studies have examined cognitive biases in isolation, simultaneous examination of multiple biases is required to understand how they may interact and influence one another to produce depression vulnerability. In this study, the attention and memory biases of currently depressed, previously depressed, and never depressed women were examined using the same stimuli and a unified methodology. Participants viewed negative, positive, and neutral words while their eye gaze was tracked and recorded. After a distraction task, participants completed an incidental recognition test that included words from the eye-tracking task and new words. The results supported the hypothesised mediation model for positive words: currently depressed women had a reduced attention bias for positive words and, in turn, had poorer memory for positive words relative to never depressed women. Previously depressed women, however, showed a lack of coherence between attention and memory biases for positive words. The groups did not differ in their attention or memory biases for negative words. The findings provide novel evidence in support of a causal link between the absence of protective attention and memory biases for positive information in clinical depression.

Memory Fidelity Reveals Qualitative Changes in Interactions Between Items in Visual Working Memory.

Memory for objects in a display sometimes reveals attraction-the objects are remembered as more similar to one another than they actually were-and sometimes reveals repulsion-the objects are remembered as more different from one another. The conditions that lead to these opposing memory biases are poorly understood; there is no theoretical framework that explains these contrasting dynamics. In three experiments (each N = 30 adults), we demonstrate that memory fidelity provides a unifying dimension that accommodates the existence of both types of visual working memory interactions. We show that either attraction or repulsion can arise simply as a function of manipulations of memory fidelity. We also demonstrate that subjective ratings of fidelity predict the presence of attraction or repulsion on a trial-by-trial basis. We discuss how these results bear on computational models of visual working memory and contextualize these results within the literature of attraction and repulsion effects in long-term memory and perception.

Interoceptive signaling in alcohol cognitive biases: Role of family history and alliesthetic components.

The role of interoceptive signals in the development of cognitive biases for drug-related cues has been hypothesized in the past; however, experimental evidence is lacking. This report examined the relationship between physiological responses and memories for alcohol cues. Participants (n = 158) were categorized as having either a positive or negative family history of alcohol use disorder (AUD). They were assigned to an alcohol, placebo, or control beverage condition to which they were blinded. All participants were presented with alcohol, neutral, and emotional cues. Heart rate variability (HRV) at 0.1 Hz, as an index of viscero-afferent reactivity, and in the high-frequency range was measured during picture-cue exposure. Participants then completed free recall and repetition priming tasks to assess memories for previously presented stimuli. Participants with a positive family history (FHP) for AUD who received an alcohol beverage displayed a positive relationship between 0.1 Hz HRV and free recall. This effect was specific to alcohol cues, highlighting the relevance of physiological signals in the development of alcohol cognitive biases. These results support the hypothesis of a coordinated brain-body interaction in the development of drug-related behaviors. FHP as an AUD risk factor may increase the mapping of physiological responses onto cognitive biases for alcohol cues. Increased ratings of subjective intoxication dampened this relationship, suggesting that perceived bodily states may modulate incentive salience processes. This report provides novel evidence for the involvement of interoceptive signals in addictive processes, setting a precedent for the exploration of brain-body interactions in the study of alcohol cognitive biases.

Attention and memory biases for aggressive information in college students with fragile high self-esteem.

In this study, we examined attention and memory biases for aggressive information in two groups of college students. Individuals with fragile high self-esteem (n = 30) and individuals with secure high self-esteem (n = 30) first performed a dot-probe task investigating attention bias, followed by a memory task. Incidental free recall of words presented in the memory task was then completed to assess memory bias. Results revealed that individuals with fragile high self-esteem exhibited significant attention and memory biases for aggressive words compared with secure high self-esteem individuals. Attention bias for aggressive words was positively correlated with memory bias in individuals with fragile high self-esteem, but no correlation was found for individuals with secure high self-esteem. These findings suggest that individuals with fragile high self-esteem selectively attend to and remember aggression-related information. They may process information in ways that are congruent with an aggression-related schema. This study reveals the aggressive cognitive processes of individuals with fragile high self-esteem, which may be related to aggression.

Social anxiety is associated with impaired memory for imagined social events with positive outcomes.

Cognitive models of social anxiety disorder suggest that memory biases for negative social information contribute to symptoms of social anxiety (SA). However, it remains unclear whether memory biases in SA are related to social information, specifically, and if so, whether the valence of such information would moderate memory performance. In the present study, 197 community participants were randomised to imagine themselves as the central character in either 10 social or 10 non-social scenarios. In both conditions, half of the scenarios ended with objectively positive outcomes and half ended with objectively negative outcomes. Results demonstrated that higher trait SA was related to memory performance for social scenarios only, and in particular to poorer memory for social scenarios that ended positively. Thus, the impact of SA on memory performance depended on how social information was framed, with higher SA related to poorer memory for positive social experiences. These context-specific effects contribute to the growing literature on positivity deficits in SA.

Bayesian average or truncation at boundaries? The mechanisms underlying categorical bias in spatial memory.

Spatial memory is often biased by various factors, such as the region a target belongs to, which can be defined based on physical, perceptual, or implicit boundaries. In the typical dot-localization task first introduced by Huttenlocher, Hedges, and Duncan (Psychological Review 98: 352-376, 1991), individuals normally divide the task space into four quadrants delineated at the Cartesian axes (forming "default categories") and show systematic bias in target localization toward the center of the category. At least two mechanisms have been proposed to account for these categorical biases, namely (a) weighted-average of a metric representation and the category prototype representation and (b) truncation of an un-biased metric representation at the category boundary. Both models can account for these findings and cannot be differentiated by existing research methods. Using a new distribution analysis, the current study sought to differentiate between these two models. Participants viewed a dot inside a circle and recalled its location after a delay either with the same blank circle (i.e., the standard dot-in-circle paradigm) or when an alternative V-shaped category boundary was visually presented at retrieval. The data from three experiments showed symmetrical distribution of the errors that shifted toward the category center when people primarily used the default category, supporting the weighted-average model. In contrast, when people primarily used the alternative category, the errors showed a highly skewed distribution, more consistent with the truncation model. Overall, these results provided the first experimental evidence for both mechanisms separately.

Effect of cognitive bias modification-memory on depressive symptoms and autobiographical memory bias: two independent studies in high-ruminating and dysphoric samples.

Memory bias is a risk factor for depression. In two independent studies, the efficacy of one CBM-Memory session on negative memory bias and depressive symptoms was tested in vulnerable samples. We compared positive to neutral (control) CBM-Memory trainings in highly-ruminating individuals (N = 101) and individuals with elevated depressive symptoms (N = 100). In both studies, participants studied positive, neutral, and negative Swahili words paired with their translations. In five study-test blocks, they were then prompted to retrieve either only the positive or neutral translations. Immediately following the training and one week later, we tested cued recall of all translations and autobiographical memory bias; and also measured mood, depressive symptoms, and rumination. Retrieval practice resulted in training-congruent recall both immediately after and one week after the training. Overall, there was no differential decrease in symptoms or difference in autobiographical memory bias between the training conditions. In the dysphoric but not in the high-ruminating sample, the positive training resulted in positive autobiographical bias only in dysphoric individuals with positive pre-existing bias. We conclude that one session of positive retrieval-based CBM-Memory may not be enough to yield symptom change and affect autobiographical memory bias in vulnerable individuals.

The Impact of Upward versus Downward Movement Patterns on Memory Characteristics of Depressed Individuals.

BACKGROUND/AIMS: Basic research on embodiment has demonstrated that manipulating the motoric system has broad effects on cognitive and emotional processes. The aim of the present study was to investigate the effects of an embodiment manipulation on the affective memory bias and specificity of autobiographic memories of depressed individuals. METHODS: Forty currently depressed patients practiced either an upward-opening Qi Gong movement, which runs counter to the habitual slumped and downward depressive movement style, or a downward-closing Qi Gong movement. They were required to retrieve specific personal memories to positive or negative cue words during movement. Moreover, an incidental recall of the cue words was conducted. RESULTS: Patients in the upward-opening movement condition in contrast to the downward-closing movement condition showed a more positively biased recall of affective words and recalled more specific autobiographical memories. CONCLUSIONS: Results indicate that the motoric system and key maintaining cognitive factors in depressive disorders are closely interrelated.

Positive memory enhancement training for individuals with major depressive disorder.

When in a negative mood state, individuals with major depressive disorder (MDD) may have difficulties recalling positive autobiographical memories in a manner that repairs that negative mood. Using cognitive bias modification techniques, investigators have successfully altered different aspects of cognition among individuals with MDD. However, little has been done to investigate the modification of positive autobiographical memory recall. This study examined the impact of a novel positive memory enhancement training (PMET) on the memories and subjective affective experiences of individuals with MDD (N = 27). Across a series of trials, participants first recalled a sad memory to elicit a negative mood state. They then recalled a happy memory and completed procedures to elicit a vivid, here-and-now quality of the memory. PMET procedures were hypothesized to promote mood repair via the recall of increasingly vivid and specific positive memories. PMET participants demonstrated improved memory specificity and greater perceived ability to "relive" positive memories. The procedures also repaired mood; PMET participants' affect following recall of positive memories did not differ from control participants' affect following recall of neutral memories. Results provide preliminary support for PMET as a method to improve the quality of positive memories and facilitate emotion regulation in MDD.

The effect of positive and negative memory bias on anxiety and depression symptoms among adolescents.

OBJECTIVE: To examine the interaction effect of anxiety and depression on the intentional forgetting of positive and negative valence words. METHODS: One hundred fifty-five grade 7 to grade 10 students participated in the study. The item-method directed forgetting paradigm was used to examine the intentional forgetting of positive-valence, negative-valence, and neutral-valence words. RESULTS: Negative-valence words were recognized better than either positive-valence or neutral-valence words. The results revealed an anxiety main effect (p = .01, LLCI = -.09, and ULCI = -.01) and a depression main effect (p = .04, LLCI = .00, and ULCI = .24). The anxiety score was negative, whereas the depression score was positively related to the directed forgetting of negative-valence words. Regression-based moderation analysis revealed a significant anxiety × depression interaction effect on the directed forgetting of positive-valence words (p = .02, LLCI = .00, and ULCI = .01). Greater anxiety was associated with more directed forgetting of positive-valance words only among participants with high depression scores. With negative-valence words, the anxiety × depression interaction effect was not significant (p = .15, LLCI = - .00, and ULCI = .01). CONCLUSION: Therapeutic strategies to increase positive memory bias may reduce anxiety symptoms only among those with high depression scores. Interventions to reduce negative memory bias may reduce anxiety symptoms irrespective of levels of depression.

The 'affect tagging and consolidation' (ATaC) model of depression vulnerability.

Since the 1960's polysomnographic sleep research has demonstrated that depressive episodes are associated with REM sleep alterations. Some of these alterations, such as increased REM sleep density, have also been observed in first-degree relatives of patients and remitted patients, suggesting that they may be vulnerability markers of major depressive disorder (MDD), rather than mere epiphenomena of the disorder. Neuroimaging studies have revealed that depression is also associated with heightened amygdala reactivity to negative emotional stimuli, which may also be a vulnerability marker for MDD. Several models have been developed to explain the respective roles of REM sleep alterations and negatively-biased amygdala activity in the pathology of MDD, however the possible interaction between these two potential risk-factors remains uncharted. This paper reviews the roles of the amygdala and REM sleep in the encoding and consolidation of negative emotional memories, respectively. We present our 'affect tagging and consolidation' (ATaC) model, which argues that increased REM sleep density and negatively-biased amygdala activity are two separate, genetically influenced risk-factors for depression which interact to promote the development of negative memory bias - a well-known cognitive vulnerability marker for depression. Predictions of the ATaC model may motivate research aimed at improving our understanding of sleep dependent memory consolidation in depression aetiology.

Effect of anxiety on memory for emotional information in older adults.

BACKGROUND: Several studies have shown that anxiety is associated with a better memory of negative events. However, this anxiety-related memory bias has not been studied in the elderly, in which there is a preferential processing of positive information. OBJECTIVES: To study the effect of anxiety in a recognition task and an autobiographical memory task in 102 older adults with high and low levels of trait anxiety. METHOD: Negative, positive and neutral pictures were used in the recognition task. In the autobiographical memory task, memories of the participants' lives were recorded, how they felt when thinking about them, and the personal relevance of these memories. RESULTS: In the recognition task, no anxiety-related bias was found toward negative information. Individuals with high trait anxiety were found to remember less positive pictures than those with low trait anxiety. In the autobiographical memory task, both groups remembered negative and positive events equally. However, people with high trait anxiety remembered life experiences with more negative emotions, especially when remembering negative events. Individuals with low trait anxiety tended to feel more positive emotions when remembering their life experiences and most of these referred to feeling positive emotions when remembering negative events. CONCLUSIONS: Older adults with anxiety tend to recognize less positive information and to present more negative emotions when remembering life events; while individuals without anxiety have a more positive experience of negative memories.

Recall Bias in Patients with Chronic Low Back Pain: Individual Pain Response Patterns Are More Important Than Pain Itself!

BACKGROUND: Patients' cognitive processing of pain-related information as well as their cognitive, affective and behavioral response pattern when experiencing pain in daily life has been shown to be associated with poorer prognosis in low back pain. However, the relationship between specific cognitive processes such as recall of pain-related material and individual pain responses remains unknown. PURPOSE: The present study sought to investigate recall bias in patients with chronic low back pain (CLBP) compared to healthy controls. Furthermore, it was aimed to investigate the impact of patients' individual pain-related responses on recall bias, comparing fear-avoidance response (FAR), endurance response (ER) and adaptive response (AR) patterns. METHOD: Thirty-one CLBP patients and 31 controls were tested on a free recall task with three word lists comprising pain words and neutral words. Further, the CLBP group was classified into patients with a FAR, ER and AR pattern, using a short screening including the Avoidance-Endurance Questionnaire (AEQ). Group differences with pain status (CLBP vs. healthy) and AEQ responses (FAR, ER, AR) as between-group factors, word type (pain vs. neutral) as within-group factor and free recall as dependent variable were analysed by means of repeated-measures analysis of (co-) variance. RESULTS: Results revealed different pain processing of pain words between FAR and ER patterns, whereas CLBP patients as a whole did not differ from the healthy controls. FAR patients displayed significantly less recall than ER patients. CONCLUSION: Recall biases in CLBP patients are not only a result of experiencing pain but also effected by patients' pain response pattern with respect to fear-avoidance versus endurance.

Development and psychometric validation of the verbal affective memory test.

We here present the development and validation of the Verbal Affective Memory Test-24 (VAMT-24). First, we ensured face validity by selecting 24 words reliably perceived as positive, negative or neutral, respectively, according to healthy Danish adults' valence ratings of 210 common and non-taboo words. Second, we studied the test's psychometric properties in healthy adults. Finally, we investigated whether individuals diagnosed with Seasonal Affective Disorder (SAD) differed from healthy controls on seasonal changes in affective recall. Recall rates were internally consistent and reliable and converged satisfactorily with established non-affective verbal tests. Immediate recall (IMR) for positive words exceeded IMR for negative words in the healthy sample. Relatedly, individuals with SAD showed a significantly larger decrease in positive recall from summer to winter than healthy controls. Furthermore, larger seasonal decreases in positive recall significantly predicted larger increases in depressive symptoms. Retest reliability was satisfactory, rs ≥ .77. In conclusion, VAMT-24 is more thoroughly developed and validated than existing verbal affective memory tests and showed satisfactory psychometric properties. VAMT-24 seems especially sensitive to measuring positive verbal recall bias, perhaps due to the application of common, non-taboo words. Based on the psychometric and clinical results, we recommend VAMT-24 for international translations and studies of affective memory.

Pain can produce systematic distortions of autobiographical memory.

OBJECTIVES: Cognitive-behavioral models highlight the role of learning and memory biases in the development and maintenance of chronic pain. However, the extent to which a memory bias is a consequence of the clinical state of being a chronic pain subject is unknown. This article presents a study which delineates the influence of chronic and acute pain on autobiographical memory retrieval. METHODS: 16 healthy controls and 16 individuals with chronic pain participated in an autobiographical memory task during two sessions (a current pain and a pain-free session for the chronic pain subjects) and received neutral words that served as a cue for the retrieval of past life events. RESULTS: The valence of remembered life events in individuals with chronic pain was more negative when they were in pain compared to pain-free states. Conversely, both groups did not differ in their ratings of the reported memories during the pain-free condition. In addition, no significant relationship between mood and the valence of retrieved memories was found. CONCLUSIONS: The present data demonstrate that current pain but not chronic pain per se can exert specific influences on remembering in participants with chronic pain. This memory bias could be a predisposition for the development of chronic pain but could also be a pain-maintaining consequence of painful experiences. This should be addressed in longitudinal studies.