The rich get richer and the poor get poorer
Some studies have found that choices become more risk averse after gains and more risk seeking after losses, although other studies have found the opposite. The latter tend to use hypothetical cases that encourage deliberation. In the current study, we examined the effects of prior gains and losses...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Cambridge University Press
2006-11-01
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| Series: | Judgment and Decision Making |
| Subjects: | |
| Online Access: | http://journal.sjdm.org/jdm06137.pdf |
| _version_ | 1797724099939663872 |
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| author | Ingmar H. A. Franken Irina Georgieva Peter Muris Ap Dijksterhuis |
| author_facet | Ingmar H. A. Franken Irina Georgieva Peter Muris Ap Dijksterhuis |
| author_sort | Ingmar H. A. Franken |
| collection | DOAJ |
| description | Some studies have found that choices become more risk averse after gains and more risk seeking after losses, although other studies have found the opposite. The latter tend to use hypothetical cases that encourage deliberation. In the current study, we examined the effects of prior gains and losses on a task designed to encourage less reflective decision making, the Iowa Gambling Task (IGT). Fifty participants conducted a manipulated decision-making task in which one group gained money, whereas the other group lost money, followed by the IGT. Participants who experienced a prior monetary loss displayed more risky choice behavior on the IGT than subjects who experienced a prior gain. These effects were not mediated by a positive or negative affect, although the sample size may have been too small to detect a small effect. |
| first_indexed | 2024-03-12T10:12:31Z |
| format | Article |
| id | doaj.art-3407c93b06ce4383a06061ca4b32938f |
| institution | Directory Open Access Journal |
| issn | 1930-2975 |
| language | English |
| last_indexed | 2024-03-12T10:12:31Z |
| publishDate | 2006-11-01 |
| publisher | Cambridge University Press |
| record_format | Article |
| series | Judgment and Decision Making |
| spelling | doaj.art-3407c93b06ce4383a06061ca4b32938f2023-09-02T10:45:01ZengCambridge University PressJudgment and Decision Making1930-29752006-11-011NA153158The rich get richer and the poor get poorerIngmar H. A. FrankenIrina GeorgievaPeter MurisAp DijksterhuisSome studies have found that choices become more risk averse after gains and more risk seeking after losses, although other studies have found the opposite. The latter tend to use hypothetical cases that encourage deliberation. In the current study, we examined the effects of prior gains and losses on a task designed to encourage less reflective decision making, the Iowa Gambling Task (IGT). Fifty participants conducted a manipulated decision-making task in which one group gained money, whereas the other group lost money, followed by the IGT. Participants who experienced a prior monetary loss displayed more risky choice behavior on the IGT than subjects who experienced a prior gain. These effects were not mediated by a positive or negative affect, although the sample size may have been too small to detect a small effect.http://journal.sjdm.org/jdm06137.pdfimplicit decision-makingrewardpunishmentIowa Gambling Taskmonetary choicesrisk behavior. |
| spellingShingle | Ingmar H. A. Franken Irina Georgieva Peter Muris Ap Dijksterhuis The rich get richer and the poor get poorer Judgment and Decision Making implicit decision-making reward punishment Iowa Gambling Task monetary choices risk behavior. |
| title | The rich get richer and the poor get poorer |
| title_full | The rich get richer and the poor get poorer |
| title_fullStr | The rich get richer and the poor get poorer |
| title_full_unstemmed | The rich get richer and the poor get poorer |
| title_short | The rich get richer and the poor get poorer |
| title_sort | rich get richer and the poor get poorer |
| topic | implicit decision-making reward punishment Iowa Gambling Task monetary choices risk behavior. |
| url | http://journal.sjdm.org/jdm06137.pdf |
| work_keys_str_mv | AT ingmarhafranken therichgetricherandthepoorgetpoorer AT irinageorgieva therichgetricherandthepoorgetpoorer AT petermuris therichgetricherandthepoorgetpoorer AT apdijksterhuis therichgetricherandthepoorgetpoorer AT ingmarhafranken richgetricherandthepoorgetpoorer AT irinageorgieva richgetricherandthepoorgetpoorer AT petermuris richgetricherandthepoorgetpoorer AT apdijksterhuis richgetricherandthepoorgetpoorer |