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Related Experiment Video

Updated: Apr 7, 2026

The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies
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    This summary is machine-generated.

    People take greater financial risks near the end of temporal periods, like Fridays or year-end. This increased risk-taking, driven by optimism, leads to poorer investment performance.

    Keywords:
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    Area of Science:

    • Behavioral Economics
    • Decision Science
    • Financial Psychology

    Background:

    • Understanding risk-taking behavior is crucial for choice under uncertainty.
    • Prior research indicates an 'ending effect' where risk-taking increases with immediate outcomes.
    • The current study investigates if temporal landmarks influence financial risk-taking even without immediate outcomes.

    Purpose of the Study:

    • To examine the impact of end-of-period temporal landmarks on financial risk-taking.
    • To identify the psychological mechanisms underlying this phenomenon.
    • To assess the consequences of this altered risk-taking behavior.

    Main Methods:

    • Analysis of investment data from a large US peer-to-peer lending platform.
    • Controlled laboratory experiments to explore psychological drivers.
    • Examination of investment performance relative to decision timing.

    Main Results:

    • Investors exhibit increased financial risk-taking on Fridays, month-ends, and year-ends.
    • This effect is linked to heightened optimism about investment payoffs near period ends.
    • Investments made at the end of periods underperform, resulting in financial losses.

    Conclusions:

    • Socially salient temporal landmarks trigger increased financial risk-taking.
    • Optimism regarding investment outcomes is a key mechanism driving this 'ending effect'.
    • End-of-period risk-taking can negatively impact financial returns.