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Updated: Oct 3, 2025
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Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
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A Closer Look on the Relation Between Nostalgia and Risk-Taking
Lau Lilleholt1,2, Ingo Zettler1
1Department of Psychology, University of Copenhagen, Copenhagen, Denmark.
Personality & Social Psychology Bulletin
|February 22, 2022
Summary
This study found no significant link between nostalgia and financial risk-taking. The prior findings by Zou et al. could not be replicated, questioning the robustness of the nostalgia-risk connection.
Area of Science:
- Psychology
- Behavioral Economics
Background:
- Prior research by Zou et al. suggested a link between nostalgia and financial risk-taking.
- The robustness and generalizability of this link require further investigation.
Purpose of the Study:
- To re-investigate the relationship between nostalgia and financial risk-taking.
- To determine if nostalgia influences functional or dysfunctional financial risk-taking.
- To test the replicability and domain-generality of the nostalgia-risk link.
Main Methods:
- Three preregistered, well-powered studies with a total of 2,804 participants.
- Examined the impact of nostalgia on financial risk-taking.
- Extended the investigation to other domains of risk-taking.
Main Results:
- No evidence was found that nostalgia fosters or hampers functional or dysfunctional financial risk-taking.
- The relationship between nostalgia and financial risk-taking reported by Zou et al. could not be replicated.
- The link between nostalgia and risk-taking was not extended to other domains.
Conclusions:
- The findings cast doubt on the robustness of the previously reported link between nostalgia and financial risk-taking.
- The relationship between nostalgia and risk-taking may not be as consistent or broadly applicable as previously suggested.
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