Article
Psychology, Multidisciplinary
Yiqin Hu, Xinbo Lu, Wanjun Zheng, Luting Wang, Ping Yu
Summary: In daily decision-making, the human brain is modulated by the prefrontal cortex (PFC), particularly the dorsolateral prefrontal cortex (DLPFC), in risk and ambiguity decision-making. Through the use of transcranial direct current stimulation (tDCS), researchers revealed the causal relationship between the DLPFC and ambiguity decision-making. The study showed that the left DLPFC stimulation had a significant effect on ambiguity to loss, while its effect on ambiguity to gain was insignificant, and the right DLPFC stimulation had an insignificant effect on both ambiguity to gain and ambiguity to loss. Furthermore, participants who received anodal stimulation in the left DLPFC showed a lower degree of attitudes toward ambiguity loss, suggesting a strong aversion to ambiguity loss after the stimulation.
FRONTIERS IN PSYCHOLOGY
(2023)
Article
Psychology, Multidisciplinary
Wen-Ju Liao, Yu-En Lin, Xin-Zhe Li, Hsiang-Hsuan Chih
Summary: This study analyzes the influence of behavioral foundation factors and corporate strategic behavior on the formulation of corporate dividend policy. The results show that firms with high ambiguity or high risk infrequently pay dividends but firms with loss-averse behavior tend to pay dividends. This paper also provides evidence that aggressive firms inhibit the payout of dividends. Moreover, the results remain unchanged in those firms with high corporate governance or high growth opportunities.
FRONTIERS IN PSYCHOLOGY
(2022)
Article
Management
Soheil Ghili, Peter Klibanoff
Summary: This study examines preference conditions in choice under uncertainty and explores the relationship between monotonicity in optimal mixtures and ambiguity-sensitive behavior. It reveals an incompatibility between monotonicity in optimal mixtures and ambiguity aversion for certain classes of preferences exhibiting ambiguity-sensitive behavior. The research also shows that smooth ambiguity preferences can satisfy both properties as long as they are not too ambiguity averse.
MANAGEMENT SCIENCE
(2021)
Article
Psychology, Multidisciplinary
Lou M. Haux, Jan M. Engelmann, Ruben C. Arslan, Ralph Hertwig, Esther Herrmann
Summary: Risk preference plays a significant role in people's decisions regarding health, wealth, and well-being. In this study, chimpanzees exhibited risk-taking behavior that shared similarities with humans, suggesting that key dimensions of risk preference may emerge independently of human cultural evolution. Chimpanzees showed consistency in their risk preferences across domains and measurements, displayed ambiguity aversion, and males were more prone to risk-taking than females. Furthermore, risk-taking behavior peaked in young adulthood.
PSYCHOLOGICAL SCIENCE
(2023)
Article
Management
Electra V. Petracou, Anastasios Xepapadeas, Athanasios N. Yannacopoulos
Summary: This paper contributes to the literature on decision making by studying a class of variational preferences. By finding the barycenter of a given set of probability models, the paper derives explicit expressions for the Frechet-Wasserstein mean utility functionals and explores their relationship with risk aversion and ambiguity aversion. The proposed utility functionals are illustrated through applications in defining the social discount rate and risk securitization.
MANAGEMENT SCIENCE
(2022)
Article
Psychology, Multidisciplinary
Wei Guo, Xin-Rong Chen, Hu-Chen Liu
Summary: Research shows that Easterners are more risk intolerant but more willing to accept ambiguous conditions in the gain domain compared to Westerners. Surprisingly, Easterners and Westerners have similar attitudes towards risk and ambiguity in the loss domain. Cultural differences between Western and Eastern countries may explain the higher level of risk aversion observed among East Asians.
BEHAVIORAL SCIENCES
(2022)
Article
Management
Electra V. Petracou, Anastasios Xepapadeas, Athanasios N. Yannacopoulos
Summary: This paper contributes to decision making under multiple probability models by studying variational preferences defined in terms of Frechet mean utility functionals and the Wasserstein metric. The derived utility functionals provide a tractable link between risk aversion and ambiguity aversion. The applications of these utility functionals include defining the social discount rate under model uncertainty and using them in risk securitization to design and price catastrophe bonds. The barycenter in this context can be interpreted as a model that maximizes the probability of agreement among decision makers.
MANAGEMENT SCIENCE
(2021)
Article
Development Studies
Ashenafi Duguma Feyisa, Miet Maertens, Yann de Mey
Summary: This paper explores the diversity in risk perception and risk preferences of Ethiopian households by combining incentivized field experiments with detailed primary household survey data. The study finds that the respondents are exposed to multiple past and future agricultural risks, and exhibit characteristics of relative risk aversion, loss aversion, and overweighting of unlikely extreme outcomes. The findings highlight the significant association between risk preferences and risk perception, providing valuable insights for better informed and targeted risk management policy interventions.
Article
Economics
Charles Bellemare, Sabine Kroger, Kouame Marius Sossou
Summary: This study estimates a structural model using experimental data to investigate investors' preferences regarding the frequency of portfolio evaluations, as well as how ambiguity and loss aversion interact. The findings indicate that 70% of investors prefer a high frequency of evaluations, highlighting the dominant effect of ambiguity aversion.
JOURNAL OF ECONOMETRICS
(2022)
Review
Health Care Sciences & Services
Javier Cabedo-Peris, Francisco Gonzalez-Sala, Cesar Merino-Soto, Jose angel Cahua Pablo, Filiberto Toledano-Toledano
Summary: Traditionally, research on addictive behaviors has focused on their risk factors, with impulsivity being the main factor. However, this study takes a different approach by analyzing decision making. According to the prospect theory, lower levels of loss and risk aversion increase the likelihood of addictive behaviors. A systematic review was conducted to explore the relationship between addictive behaviors and the prospect theory. The findings indicate that substance users exhibit lower levels of loss aversion compared to non-users. This study has important implications for future research and the development of prevention and intervention programs.
Article
Psychology, Multidisciplinary
Barbara A. Mellers, Siyuan Yin
Summary: We propose a theory called reference-point theory that explains individual differences in risk preferences for choices between sure things and gambles. This theory estimates the drivers of risk preferences, hedonic sensitivities to change and beliefs about risk, from judged feelings about choice options and gamble outcomes. Feelings about the reference point also predict hedonic sensitivities.
PERSPECTIVES ON PSYCHOLOGICAL SCIENCE
(2023)
Article
Management
Loic Berger, Louis Eeckhoudt
Summary: Risk aversion positively affects the value of diversification, but ambiguity aversion may not necessarily have the same effect. Contrary to economic intuition, ambiguity and ambiguity aversion could actually reduce the value of diversification.
MANAGEMENT SCIENCE
(2021)
Article
Psychology, Multidisciplinary
Qing Yang, Yangqing Zhao
Summary: This study examines how the interim game state affects risk-taking and performance in professional football. The results show that stronger teams increase attack intensity against weaker opponents, but decrease it as their lead expands. Trailing teams intensify their attacks but achieve little. Leading teams underperform in terms of blocked shots and corner kicks. Tied teams perform worse in shots on target and free kicks compared to leading teams.
FRONTIERS IN PSYCHOLOGY
(2023)
Article
Surgery
Greg D. Sacks, Aaron J. Dawes, Yusuke Tsugawa, Robert H. Brook, Marcia M. Russell, Clifford Y. Ko, Melinda Maggard-Gibbons, Susan L. Ettner
Summary: Surgeons' risk aversion influences their likelihood to recommend surgery, with this association explained by their higher perceived probability of post-operative complications compared to colleagues.
JOURNAL OF SURGICAL RESEARCH
(2021)
Article
Economics
Luis Amador-Hidalgo, Pablo Branas-Garza, Antonio M. Espin, Teresa Garcia-Munoz, Ana Hernandez-Roman
Summary: The study examines the relationship between cognitive abilities and risk preferences, finding that cognitive abilities do not have a significant impact on risky decision making, but higher ability individuals may be influenced more by noise in decision making. The research suggests that previous studies may have mistakenly attributed the correlation between cognitive abilities and risk preferences to a failure to consider noisy decision-making factors.
EUROPEAN ECONOMIC REVIEW
(2021)
Article
Psychology, Clinical
Adrian Raine, Rebecca P. Ang, Olivia Choy, Joseph R. Hibbeln, Ringo M-H. Ho, Choon Guan Lim, Nikki S. J. Lim-Ashworth, Shichun Ling, Jean C. J. Liu, Yoon Phaik Ooi, Yi Ren Tan, Daniel S. S. Fung
PSYCHOLOGICAL MEDICINE
(2019)
Article
Immunology
Christopher W. Liu, Charlene Yeo, Boyu Lu Zhao, Clin K. Y. Lai, Suhitharan Thankavelautham, Vui Kian Ho, Jean C. J. Liu
Article
Health Care Sciences & Services
Isabel Perucho, Kamalakannan M. Vijayakumar, Sean N. Talamas, Michael Wei-Liang Chee, David Perrett, Jean C. J. Liu
JOURNAL OF MEDICAL INTERNET RESEARCH
(2019)
Article
Health Care Sciences & Services
Jean C. J. Liu, Eddie M. W. Tong
JOURNAL OF MEDICAL INTERNET RESEARCH
(2020)
Article
Health Care Sciences & Services
Young Ern Saw, Edina Yi-Qin Tan, Jessica Shijia Liu, Jean C. J. Liu
Summary: During the COVID-19 pandemic, the uptake of contact tracing mobile apps is strongly influenced by individuals' adjustments to their lifestyles due to the pandemic, rather than demographic factors. This suggests that efforts to promote contact tracing apps should focus on leveraging pandemic-related behavioral changes among the public.
JOURNAL OF MEDICAL INTERNET RESEARCH
(2021)
Article
Medicine, General & Internal
Victoria J. E. Long, Jean C. J. Liu
Summary: A study in Singapore found that the majority of participants adopted behavioral changes due to the COVID-19 pandemic, with preventive and avoidant behaviors more likely to be adopted by women and younger individuals. Women and married individuals were more likely to engage in avoidant behaviors, such as avoiding crowds, staying home, and reducing physical contact.
ANNALS ACADEMY OF MEDICINE SINGAPORE
(2021)
Article
Medicine, General & Internal
Victoria J. E. Long, Wei Shien Koh, Young Ern Saw, Jean C. J. Liu
Summary: The study found that although most people have been exposed to COVID-19 rumors, few shared or believed in them. Education emerged as a protective factor for both sharing and belief in rumors.
ANNALS ACADEMY OF MEDICINE SINGAPORE
(2021)
Article
Health Care Sciences & Services
Joceline Y. Y. Yong, Eddie M. W. Tong, Jean C. J. Liu
Summary: Research found that most people use smartphones during meals, with an average frequency of about one out of three meals; the use of smartphones during meals is diverse and has different effects on food intake.
JMIR MHEALTH AND UHEALTH
(2021)
Article
Health Care Sciences & Services
Edina Y. Q. Tan, Russell R. E. Wee, Young Ern Saw, Kylie J. Q. Heng, Joseph W. E. Chin, Eddie M. W. Tong, Jean C. J. Liu
Summary: This study tracked the use of WhatsApp during the COVID-19 pandemic and found that most participants were using it for COVID-19-related purposes. Through usage pattern analysis, super-spreaders who shared a high volume of COVID-19 content were identified. Additionally, individuals who engaged more with COVID-19 content were more likely to have COVID-19-related thoughts throughout the day.
JOURNAL OF MEDICAL INTERNET RESEARCH
(2021)
Article
Medicine, General & Internal
Christopher Weiyang Liu, Lynn N. Chen, Amalina Anwar, Boyu Lu Zhao, Clin K. Y. Lai, Wei Heng Ng, Thangavelautham Suhitharan, Vui Kian Ho, Jean C. J. Liu
Summary: The study found that the decision-maker's religious beliefs and fears about organ donation are important factors affecting the consistency of donation decisions. Individuals who are willing to donate their own organs but not a relative's may rely more on heuristics in decision-making. Overconfidence and lack of discussions may lead to decision-makers having excessive confidence in their ability to respect their relatives' wishes.
Article
Health Care Sciences & Services
Tamara Barsova, Zi Gi Cheong, Ann R. Mak, Jean C. J. Liu
Summary: This study investigated the awareness and usage of digital well-being tools on Facebook among users, and found that only two tools were associated with better mental health outcomes.
JMIR FORMATIVE RESEARCH
(2022)
Article
Economics
Guillem Riambau, Clin Lai, Boyu Lu Zhao, Jean Liu
Summary: The study found that civil law and Catholicism are predictors of presumed consent legislation, while higher pro-social behavior decreases the likelihood of presumed consent.
JOURNAL OF INSTITUTIONAL ECONOMICS
(2021)
Article
Behavioral Sciences
Joceline Y. Y. Yong, Eddie M. W. Tong, Jean C. J. Liu
Article
Social Sciences, Interdisciplinary
Supalak Luadlai, Jean Liu, Arunya Tuicomepee
JOURNAL OF BEHAVIORAL SCIENCE
(2018)
Letter
Medicine, General & Internal
Christopher W. Liu, Clin K. Y. Lai, Boyu Lu Zhao, Suhitharan Thangavelautham, Vui Kian Ho, Jean C. J. Liu
ANNALS ACADEMY OF MEDICINE SINGAPORE
(2018)