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Related Experiment Video

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Errors as a Means of Reducing Impulsive Food Choice
07:07

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Published on: June 5, 2016

Thinking like a trader selectively reduces individuals' loss aversion.

Peter Sokol-Hessner1, Ming Hsu, Nina G Curley

  • 1Department of Psychology, New York University, 6 Washington Place, New York, NY 10003, USA.

Proceedings of the National Academy of Sciences of the United States of America
|March 18, 2009
PubMed
Summary

This study shows that "perspective-taking" can reduce loss aversion and emotional arousal during decision-making. This cognitive strategy influences arousal to losses, impacting financial choices.

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Area of Science:

  • Cognitive Psychology
  • Neuroeconomics
  • Decision Science

Background:

  • Emotion regulation research often focuses on reactions to external stimuli.
  • The role of emotions in decision-making is recognized but not fully specified.
  • Loss aversion, the tendency to prefer avoiding losses over acquiring equivalent gains, is a key aspect of economic behavior.

Purpose of the Study:

  • To investigate the impact of an intentional cognitive regulation strategy on loss aversion and physiological arousal.
  • To explore the relationship between arousal responses and behavioral loss aversion.
  • To determine if cognitive strategies can modulate both behavioral and physiological aspects of loss aversion.

Main Methods:

  • Employed a "perspective-taking" cognitive strategy.
  • Measured physiological arousal using skin conductance response (SCR).
  • Utilized an economic model to assess behavioral loss aversion.

Main Results:

  • Participants exhibited greater arousal to losses than gains, measured by SCR.
  • Individual differences in arousal correlated with loss aversion.
  • The "perspective-taking" strategy significantly reduced both behavioral loss aversion and arousal to losses.

Conclusions:

  • Arousal responses play a specific role in loss aversion.
  • Intentional cognitive regulation, specifically "perspective-taking," effectively reduces loss aversion.
  • Cognitive strategies can modulate both the behavioral and physiological components of decision-making, particularly concerning losses.