Journal of Economic Psychology最新文献

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Heuristic centred-belief players

IF 2.5 2区经济学 Q2 ECONOMICS

Journal of Economic Psychology

Pub Date : 2025-03-07 DOI: 10.1016/j.joep.2025.102806

Irenaeus Wolff

Strategic behaviour often diverges from Nash-equilibrium, in particular in inexperienced play. Studying a class of games in which participants choose their payment and receive it as long as their opponent chooses a different amount, I show that none of the popular models of behavioural game theory predicts the predominant aggregate choice pattern consistently. And yet, noisy introspection (Goeree and Holt, 2004) readily accounts for about half of the individual observations. The reason for the apparent paradox and the mis-match of the aggregate data and the models is a disregarded behavioural type that makes up about 25% of the population. These 25% display a specific form of central-tendency bias, holding beliefs that peak in the centre of the option set and that are roughly symmetric. In addition, the players show a more heuristic process translating their belief into actions, as their choices cannot be explained readily by quantal responding. The behavioural pattern of a ‘centred belief’ in connection with boundedly-rational decision-making is present also in another prominent game from the literature on behavioural game theory, the 11–20 game. Finally, I show that classifying players as ‘heuristic centred-belief types’ by one game’s beliefs has predictive power for behaviour in the other game.

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引用次数: 0

ChatGPT and the labor market: Unraveling the effect of AI discussions on students’ earning expectations

IF 2.5 2区经济学 Q2 ECONOMICS

Journal of Economic Psychology

Pub Date : 2025-03-01 DOI: 10.1016/j.joep.2025.102803

Samir Huseynov

This paper investigates the causal impact of optimistic and pessimistic ChatGPT Artificial Intelligence (AI) discussions on US students’ anticipated labor market outcomes. Our findings reveal students reduce their confidence regarding their future earning prospects after exposure to AI debates, and this effect is more pronounced after reading discussion excerpts with a pessimistic tone. Unlike STEM majors, students in Non-STEM fields show asymmetric and pessimistic belief changes, suggesting that they might feel more vulnerable to emerging AI technologies. Pessimistic belief updates regarding future earnings are also prevalent among non-male students, indicating widespread AI concerns among vulnerable student subgroups. Educators, administrators, and policymakers may regularly engage with students to address their concerns and enhance educational curricula to better prepare them for a future that AI will inevitably shape.

引用次数: 0

Performance under pressure and its impact on compensation: Evidence from professional basketball

IF 2.5 2区经济学 Q2 ECONOMICS

Journal of Economic Psychology

Pub Date : 2025-02-27 DOI: 10.1016/j.joep.2025.102807

Helmut M. Dietl , Steffen Q. Mueller , Marco Henriques Pereira , Markus Lang

This paper investigates how performance in high- vs. low-pressure situations affects employee compensation. Leveraging sports as a natural laboratory, we analyze National Basketball Association (NBA) play-by-play data from 2004 to 2017 in combination with seasonal player salaries, using “clutch time”—the closing minutes during a game when the outcome is at stake and performance pressure is at its peak—as an objective criterion of performance pressure. Our regression analysis provides evidence of a salary premium for players who can excel under pressure. Whereas lower-paid players’ performance does not differ much by pressure level, higher-paid players show exceptionally strong performance during critical phases of a game. We demonstrate that the ability to excel under pressure is greatly valued in professional basketball, raising the question of whether this ability is compensated not only in other sports but also in other sectors of the labor market.

引用次数: 0

Card or dice? An improved experimental approach to measure dishonesty

IF 2.5 2区经济学 Q2 ECONOMICS

Journal of Economic Psychology

Pub Date : 2025-02-24 DOI: 10.1016/j.joep.2025.102802

Daniel Hermann , Selina Bruns , Oliver Mußhoff

We introduce a modified die-roll experiment carried out in Germany and Cambodia to measure precise dishonesty rates, while the individual lie is not observable to the experimenter. Participants draw an envelope from a box containing many envelopes. Each envelope contains a card depicting a die number, which participants view in private and then deposit into a different box filled with many envelopes. The payoff of participants depends on the reported number, thereby creating an incentive to dishonestly report numbers with higher payoffs. Although the individual lie remains hidden from the experimenter, the drawn distribution of cards by a group of participants is known. Results of the modified experiment are compared to the classical die-roll task, in which individual dishonesty is private information and the outcome distribution is assumed, based on a probability function. The comparison reveals that the modified card method shows comparable levels of lying to the classical die-roll task among students, but not among smallholders in rural Cambodia. Considering the farmers, the number of liars is lower in the card task compared to the die-roll task. Although the individual lie is not observable, we find partially different dishonesty proportions between numbers comparing the two tasks. This suggests that the observability of the drawn distribution affects the costs of lying.

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引用次数: 0

How do humans respond to large realized losses?

IF 2.5 2区经济学 Q2 ECONOMICS

Journal of Economic Psychology

Pub Date : 2025-02-18 DOI: 10.1016/j.joep.2025.102805

Redzo Mujcic , Nattavudh Powdthavee

In a controlled field setting, in which the majority of people in our sample lose more than £90,000, we examine how human beings respond to major financial losses. University ethics boards would not allow this kind of huge-loss phenomenon to be studied with normal social-science experiments. Yet the scientific and practical issues at stake are unusually important ones. In the analyzed gameshow setting, individuals are handed £100,000 in cash. They then have to make risky decisions. Facing a sequence of seven questions, individuals are required to distribute their cash endowment over a set of possible answers. Participants lose any cash placed on a wrong answer. In a sample of British participants, we find that people become increasingly more cautious as they lose more of their cash endowment. A realized prior loss of £75,000 or more increases the propensity to fully diversify by 50 percentage points compared to a prior loss of £25,000. We find a similar cautious response in a smaller sample of US participants when the stakes are raised to $1 million US dollars. Our study appears to be the first to be able to calculate systematically how human beings react to large and unrecoverable financial losses.

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引用次数: 0

Do managers accept artificial intelligence? Insights into the role of business area and AI functionality

IF 2.5 2区经济学 Q2 ECONOMICS

Journal of Economic Psychology

Pub Date : 2025-02-18 DOI: 10.1016/j.joep.2025.102804

Miriam Gieselmann , Daniel Erdsiek , Vincent Rost , Kai Sassenberg

More and more companies use artificial intelligence (AI). Research aimed to understand acceptance from the perspective of AI users or people affected by AI decisions. However, the perspective of decision-makers in companies (i.e., managers) has not been considered. To address this gap, we investigate managers’ acceptance of AI usage in companies, focusing on two potential determinants. Across four experimental studies (N_total = 2025), we tested whether the business area (i.e., human resources vs. finances/ marketing) and AI functionality affect managers’ acceptance of AI (i.e., perceived risk of negative consequences, willingness to invest). Findings indicate that managers (a) perceive more risk of and (b) are less willing to invest in AI usage in human resources than in finances and marketing. Besides, the results suggest that acceptance declines if functionality crosses a critical boundary and AI autonomously implements decisions without prior human control. Accordingly, the current research sheds light on the AI acceptance of managers and gives insights into the role of the business area and AI functionality.

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引用次数: 0

Loss aversion is not robust: A re-meta-analysis

IF 2.5 2区经济学 Q2 ECONOMICS

Journal of Economic Psychology

Pub Date : 2025-02-12 DOI: 10.1016/j.joep.2025.102801

Eldad Yechiam, Dana Zeif

There is an ongoing debate in the literature about the existence and boundary conditions of loss aversion. In a recent paper Brown et al. (2024) meta-analyzed the literature on empirical estimates of loss aversion, spanning thirty years, and reported strong loss aversion across studies. Here, we re-meta-analyzed their dataset, dividing studies into those with asymmetric gains and losses (typically smaller losses than gains) versus symmetric gains and losses, and studies where the presentation of gains or losses was ordered by size compared to those with no ordering. This analysis was possible for 84 papers (163 estimates of loss aversion, n = 149,218). The results showed that while the findings of strong loss aversion are replicated when losses are smaller than gains and when gains and losses are presented in an ordered fashion, for studies with symmetric gains and losses and no ordering of items, the loss aversion parameter was approximately 1.07 and not significantly above 1.0, suggesting similar weighting of gains and losses. This casts considerable doubts on the robustness of loss aversion.

引用次数: 0

Identified disclosure to increase Consumers’ detection of native advertising

IF 2.5 2区经济学 Q2 ECONOMICS

Journal of Economic Psychology

Pub Date : 2025-02-04 DOI: 10.1016/j.joep.2025.102800

Dalia Shilian , Eyal Pe'er

Native advertising of online content, such as articles embedded within news websites, is a covert attempt by marketers to influence consumers’ attitudes and behavior. Despite attempts to regulate and mandate disclosure for native ads, studies repeatedly find that consumers continue to fail to detect native and disguised ads even when they include various disclosure labels. We argue that the failure of these disclosures stems from consumers becoming so habituated to these notices that they do not recognize or use them effectively. We propose and test a form of “smart disclosure” for native ads requiring explicit identification of the name of the company or marketing agent paying for the non-original content. In two online experiments, we show how identified disclosures significantly and consistently increase detection of native ads rates compared to no disclosures or generic disclosures. We discuss important implications arising from using smart disclosures for native ads in particular and consumer protection in general.

引用次数: 0

Shaping societal norms: Experimental evidence on the normative impact of free speech law

IF 2.5 2区经济学 Q2 ECONOMICS

Journal of Economic Psychology

Pub Date : 2025-01-20 DOI: 10.1016/j.joep.2025.102799

Daniel L. Chen , Susan Yeh

Do laws shape values? We explore this question by testing a model of law and norms within a legal realm − U.S. obscenity laws − where economic incentives are not the primary drivers of social change. Our randomized experiment had data entry workers transcribe news reports of either progressive or conservative legal decisions. This design allowed us to observe the impact of these laws on attitudes and norms. We found that exposure to progressive legal decisions resulted in the liberalization of sexual attitudes and a shift in norm perceptions, though not in self-reported behavior. These findings underscore the expressive power of law, with significant implications for decision-making in social and political settings, as well as for the empirical predictions of theoretical models within these domains.

引用次数: 0

Purely hedonic image concerns and audience size: Evidence from a charity dictator game

IF 2.5 2区经济学 Q2 ECONOMICS

Journal of Economic Psychology

Pub Date : 2025-01-18 DOI: 10.1016/j.joep.2025.102798

Sem Manna , Alessandro Stringhi

We study whether image preferences in isolation from strategic considerations, namely purely hedonic image concerns, can motivate prosocial behavior and whether this audience effect is mediated by the number of observers. Answers to related questions from the extant experimental literature are often mixed or influenced by multiple mechanisms evoked by the context at hand or design employed. We employ an experiment involving a dictator game with a charity receiver and a binary choice with unambiguous social valence. Choices are observed by an anonymous, passive, and external audience whose size varies across treatments. Our simple experimental design allows us to isolate purely hedonic image concerns about appearing altruistic from strategic considerations and other confounding features of alternative designs. We find that donations rise by 10.2 percentage points on average when audiences are present, with every observer increasing the probability of donating by an estimated 2.12 percentage points. We provide evidence that the size of the audience also matters.

引用次数: 0

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