Response Times in Economics: Looking Through the Lens of Sequential Sampling Models
This article presents a canonical process model from psychology and neuroscience, the Drift-Diffusion Model (DDM), and shows that many RT phenomena in the economics literature are consistent with the predictions of the DDM. Additionally, use of the class of sequential sampling models facilitates a more principled consideration of findings from cognitive science and neuroeconomics. Application of the DDM demonstrates the rich inference made possible when using models that can jointly model choice and process, highlighting the need for more work in this area. (Source: Journal of Economic Psychology)
Source: Journal of Economic Psychology - October 6, 2018 Category: Psychiatry & Psychology Source Type: research
Hyperbolic discounting can be good for your health
Publication date: Available online 4 October 2018Source: Journal of Economic PsychologyAuthor(s): Holger Strulik, Timo TrimbornAbstractIt has been argued that hyperbolic discounting of future gains and losses leads to time-inconsistent behavior and thereby, in the context of health economics, not enough investment in health and too much indulgence of unhealthy consumption. Here, we challenge this view. We set up a life-cycle model of human aging and longevity in which individuals discount the future hyperbolically and make time-consistent decisions. This allows us to disentangle the role of discounting from the time consis...
Source: Journal of Economic Psychology - October 6, 2018 Category: Psychiatry & Psychology Source Type: research
Deception and reputation -an experimental test of reporting systems
Publication date: Available online 4 October 2018Source: Journal of Economic PsychologyAuthor(s): Sascha Behnk, Iván Barreda-Tarrazona, Aurora García-GallegoAbstractWe use a repeated sender-receiver game in which sender behavior is revealed to future counterparts either by (i) standardized computer reports or (ii) individual reports composed by the receivers. Compared to our baseline, both reporting systems significantly decrease the rate of deceptive messages chosen by senders. However, we find that computer reports reduce deception to a higher extent than individually written reports. This comparably higher impact can ...
Source: Journal of Economic Psychology - October 6, 2018 Category: Psychiatry & Psychology Source Type: research
To claim or not to claim: Anonymity, symmetric externalities and honesty
We present experimental evidence to this effect. Second, does honest reporting increase when it is public knowledge that claims affect others’ payoffs and claimants’ payoffs are symmetrically affected by others’ claims? We find no such effect. Making claims public and having symmetric externalities together increases honesty, but this effect is driven solely by the reduction in anonymity. (Source: Journal of Economic Psychology)
Source: Journal of Economic Psychology - October 6, 2018 Category: Psychiatry & Psychology Source Type: research
Review of “Behavioral Economics and Healthy Behaviors: Key Concepts and Current Research”, edited by Yaniv Hanoch, Andrew J. Barnes, and Thomas Rice (2017). Routledge, Oxon, 236 pages, £25.59 (paperback), £76.00 (hardback)
Publication date: Available online 4 October 2018Source: Journal of Economic PsychologyAuthor(s): Matteo M. Galizzi (Source: Journal of Economic Psychology)
Source: Journal of Economic Psychology - October 6, 2018 Category: Psychiatry & Psychology Source Type: research
Costly Superstitious Beliefs: Experimental Evidence
Publication date: Available online 4 October 2018Source: Journal of Economic PsychologyAuthor(s): Ya'akov M. Bayer, Bradley J. Ruffle, Ze'ev Shtudiner, Ro'i ZultanAbstractExpectant parents experience a variety of emotions, including joy, anticipation as well as anxiety and fear related to the health of the fetus, the delivery and the newborn. These sources of uncertainty and stress render expectant mothers susceptible to the influence of popular beliefs. We design an experiment to evaluate the widespread Israeli belief that a baby’s room should remain unfurnished until after the baby is born. We test the impact of this b...
Source: Journal of Economic Psychology - October 6, 2018 Category: Psychiatry & Psychology Source Type: research
Do victories and losses matter? Effects of football on life satisfaction
This study examines the effects of emotional shocks on subjective well-being and the role social context plays in how shocks are experienced. Using data from the Behavioral Risk Factor Surveillance System (BRFSS), this paper uses an ordered logit model to estimate the effects of a local college football team’s wins and losses on the life satisfaction of local citizens. The analysis suggests that unexpected wins have positive effects on life satisfaction. The results are driven entirely by games played at the home stadium, indicating that the impacts of emotional shocks are larger if the experience is shared with other fa...
Source: Journal of Economic Psychology - October 5, 2018 Category: Psychiatry & Psychology Source Type: research
United We Stand, Divided We Fall: The Limitations of Between-Group Comparisons for Fostering Within-Group Cooperation
Publication date: Available online 27 September 2018Source: Journal of Economic PsychologyAuthor(s): Robert Böhm, Bettina Rockenbach, Jarid ZimmermannAbstractBetween-group comparisons have been shown to foster within-group cooperation. Yet, here we demonstrate an important limitation to this result: the awareness of the own group’s structural disadvantages relative to a comparison group renders within-group cooperation more fragile. More specifically, we confirm the general pattern that the desire to avoid ‘lagging behind’ a comparison group motivates within-group cooperation. However, having information about the o...
Source: Journal of Economic Psychology - October 5, 2018 Category: Psychiatry & Psychology Source Type: research
Editorial Board
Publication date: October 2018Source: Journal of Economic Psychology, Volume 68Author(s): (Source: Journal of Economic Psychology)
Source: Journal of Economic Psychology - October 5, 2018 Category: Psychiatry & Psychology Source Type: research
Sequential Decision-Making with Group Identity
Publication date: Available online 22 September 2018Source: Journal of Economic PsychologyAuthor(s): Jessica Van Parys, Elliott AshAbstractIn sequential decision-making experiments, participants often conform to the decisions of others rather than reveal private information – resulting in less information produced and potentially lower payoffs for the group. This paper asks whether experimentally induced group identity affects players’ decisions to conform, even when payoffs are only a function of individual actions. As motivation for the experiment, we show that U.S. Supreme Court Justices in preliminary hearings are ...
Source: Journal of Economic Psychology - September 22, 2018 Category: Psychiatry & Psychology Source Type: research
Uncertain lies: How payoff uncertainty affects dishonesty
Publication date: Available online 15 September 2018Source: Journal of Economic PsychologyAuthor(s): Jérémy Celse, Sylvain Max, Wolfgang Steinel, Ivan Soraperra, Shaul ShalviAbstractIn this paper we experimentally explore how lying changes when its consequences are not certain. We argue that, when consequences are not certain, lying is morally less costly because the action of lying does not mechanically result in the obtainment of the benefit and this produces a lower feeling of responsibility in case the benefit is obtained. Moreover, we argue that the smaller the impact of lying on the probability to obtain the benefi...
Source: Journal of Economic Psychology - September 20, 2018 Category: Psychiatry & Psychology Source Type: research
A neuroeconomic theory of (dis) honesty
Publication date: Available online 12 September 2018Source: Journal of Economic PsychologyAuthor(s): Isabelle Brocas, Juan D. CarrilloAbstractWe develop a theory of dishonesty based on neurophysiological evidence that supports the idea of a two-step process in the decision to cheat. Formally, decisions can be processed vía a costless “honest” channel that generates truthful behavior or vía a costly “dishonest” channel that requires attentional resources to trade-off costs and benefits of cheating. In the first step, a decision between these two channels is made based on ex-ante information regarding the expected ...
Source: Journal of Economic Psychology - September 18, 2018 Category: Psychiatry & Psychology Source Type: research
Uncertain lies How payoff uncertainty affects dishonesty
Publication date: Available online 15 September 2018Source: Journal of Economic PsychologyAuthor(s): Jérémy Celse, Sylvain Max, Wolfgang Steinel, Ivan Soraperra, Shaul ShalviAbstractIn this paper we experimentally explore how lying changes when its consequences are not certain. We argue that, when consequences are not certain, lying is morally less costly because the action of lying does not mechanically result in the obtainment of the benefit and this produces a lower feeling of responsibility in case the benefit is obtained. Moreover, we argue that the smaller the impact of lying on the probability to obtain the benefi...
Source: Journal of Economic Psychology - September 16, 2018 Category: Psychiatry & Psychology Source Type: research
A neuroeconomic theory of (dis)honesty
Publication date: Available online 12 September 2018Source: Journal of Economic PsychologyAuthor(s): Isabelle Brocas, Juan D. CarrilloAbstractWe develop a theory of dishonesty based on neurophysiological evidence that supports the idea of a two-step process in the decision to cheat. Formally, decisions can be processed vía a costless “honest” channel that generates truthful behavior or vía a costly “dishonest” channel that requires attentional resources to trade-off costs and benefits of cheating. In the first step, a decision between these two channels is made based on ex-ante information regarding the expected ...
Source: Journal of Economic Psychology - September 12, 2018 Category: Psychiatry & Psychology Source Type: research
Do Individuals Successfully Cover up Their Lies? Evidence from a Compliance Experiment
Publication date: Available online 5 September 2018Source: Journal of Economic PsychologyAuthor(s): Nadja Dwenger, Tim LohseAbstractWe study how well individuals in a face-to-face situation can delude others. We exploit data from a laboratory experiment in which participants were asked to assess video-taped statements as being rather truthful or untruthful. The statements are face-to-face tax declarations. The video clips feature each subject twice making the same declaration: One time the subject is reporting honestly, and the other time willingly dishonestly. This allows us to investigate within-subject differences in pe...
Source: Journal of Economic Psychology - September 6, 2018 Category: Psychiatry & Psychology Source Type: research
