Biomedical subjects

Tommy Gärling

Publications and source records attributed to Tommy Gärling.

10 recordsLinked to original sources

PubMed2006

Covariation neglect among novice investors.

In 4 experiments, undergraduates made hypothetical investment choices. In Experiment 1, participants paid more attention to the volatility of individual assets than to the volatility of aggregated portfolios. The results of Experiment 2 show that most participants diversified even when this increased risk because of covariation between the returns of individual assets. In Experiment 3, nearly half of those who seemingly attempted to minimize risk diversified even when this increased risk. These results indicate that novice investors neglect covariation when diversifying across investment alternatives. Experiment 4 established that naive diversification follows from motivation to minimize risk and showed that covariation neglect was not significantly reduced by informing participants about how covariation affects portfolio risk but was reduced by making participants systematically calculate aggregate returns for diversified portfolios. In order to counteract naive diversification, novice investors need to be better informed about the rationale underlying recommendations to diversify.

Adult↗

PubMed2006

Preference for negative emotions.

This research demonstrates that preference for emotions sometimes cannot be equated with a positive-negative valence dimension. Participants were asked to make choices between pairs of affect-inducing options opposite in valence but equal in activation. The results showed that in absence of contextual cues or situational constraints, choices followed a pleasure-maximizing principle. However, when information was provided about a context cueing appropriateness of certain emotions over others, a preference reversal was observed so that negative emotions were preferred over positive emotions. These results are discussed in relation to current theories of pleasure-maximizing choice and behavior.

Adult↗

PubMed2006

Prosocials prefer equal outcomes to maximizing joint outcomes.

Existing theories of social value orientations posit that prosocials maximize joint outcomes whereas proselfs maximize outcomes to themselves. Three studies employing a total of 157 undergraduates were conducted to test the alternative hypothesis that prosocials prefer equal outcomes to maximizing joint outcome. In study 1 participants completed the Triple-Dominance Measure of Social Values in which a fourth alternative that distributed the largest joint outcome unequally was added to the alternative that distributed the outcomes equally. In accordance with the hypothesis, prosocials preferred the equal-outcome alternative to the joint-outcome alternative. Study 2 confirmed and extended these results by demonstrating that prosocials preferred equal outcomes to larger joint outcomes that were unequally distributed but provided both with larger outcomes. Study 3 demonstrated that in a modified prisoner's dilemma game, a preference for equal outcomes to a larger joint outcome resulted in that prosocials cooperated when they believed or knew that the other cooperated, and defected when they believed or knew that the other defected.

Adult↗

PubMed2005

Escalation of commitment with transparent future outcomes.

A frequent case of irrational decision making is the tendency to escalate commitment to a chosen course of action after unsuccessful prior investments of money, effort, or time (sunk costs). In previous research it is argued that escalation does not occur when future outcomes and alternative investments are transparent. Inconsistent with this argument, in an experiment in which undergraduates were presented fictitious investment problems with sunk costs, escalation was demonstrated when full information was given about investment alternatives and estimates of future returns. Thus, it is indicated that people may escalate despite knowing that it will not make them economically better off. A more comprehensive understanding of escalation requires disentangling people's noneconomic reasons for escalation.

Adult↗

PubMed2005

Learning the value of a new currency from prices.

In European countries, field studies investigate how citizens acquire knowledge of the new currency, the euro. In 3 laboratory experiments, the authors recruited 168 undergraduates to examine whether such accurate knowledge is acquired from learning prices in the new currency. The results show fast learning of prices of duration of cellular phone calls (quantity) when the prices were proportional to quantity. Inferences of call duration from given prices were likewise found to be accurate. Lower accuracy was however observed for one-to-many mappings of quantity on price and the inverse one-to-many mappings of price on quantity. Price variation may be an important reason for the difficulty in learning the value of the new currency observed in field studies.

Adult↗

PubMed2004

Preference for current mood, anticipated emotional reaction, and experienced emotional reaction.

Two experiments investigated how preference for emotions is related to valence and activation of current mood, anticipated emotional reaction, and experienced emotional reaction. In Experiment 1, 40 undergraduates on one occasion rated valence and activation of and preference for their emotional reaction to an aircraft noise, then on a later occasion rated valence and activation of and preference for their recalled or anticipated emotional reaction to the same aircraft noise. On both occasions they also rated valence and activation of current mood. In Experiment 2, another 40 undergraduates rated valence and activation of current mood followed by ratings of preference for and valence and activation of anticipated emotional reaction to descriptions of familiar emotion-eliciting situations. The results showed that preference is related to valence and activation of current mood, anticipated emotional reaction, or experienced emotional reaction. The valence of current mood was also found to influence preference for anticipated and experienced emotions.

Adult↗

PubMed2002

Impact of decision goal on escalation.

This research investigates the sunk-cost effect or escalation defined as the irrational tendency to choose to continue to invest money, time, or effort following unsuccessful investments. Building on previous research demonstrating a loss-sensitivity principle in sequential decision making, the hypothesis was proposed that a loss-minimization goal would lead to stronger effects of sunk outcomes (prior gains and losses) than would a gain-maximizing goal. The hypothesis was investigated in three experiments with undergraduates responding to investment decision scenarios. Although the tendency to continue investments was always larger for gain-maximizing than for loss-minimizing goal instructions, the sunk-outcome effect was stronger in the former case. However, when the decisions were personal and concerned lower stakes rather than business investments involving large amounts of money, the expected stronger effect of sunk outcomes was found for loss-minimizing goal instructions. Another finding was that the expected value was never ignored, thus suggesting that future research should focus on the joint effects of the expected value and sunk outcomes.

Adult↗

PubMed2002

The dimensionality of anticipated affective reactions to risky and certain decision outcomes.

In three experiments, anticipated affective reactions to risky and certain decision outcomes were investigated. It was shown that the two affect dimensions, valence and activation, describe anticipated affective reactions. When combined in a nonlinear dimension ranging from elation to disappointment, the results were found to replicate previous research showing that anticipated affective reactions are influenced by both sign (loss or gain), magnitude, and probability of outcomes. Preference for the anticipated affective reactions was furthermore related to both affect dimensions.

Adult↗

PubMed2002

Structural equation modeling of determinants of planning.

A model is proposed that implies that planning evoked by the formation of an implementation intention is related to behavioral intention and perceived behavioral control, whereas in accordance with the theory of planned behavior, behavioral intention is related to attitude and perceived behavioral control. Measures of attitude toward the behavior, perceived behavioral control, behavioral intention, and planning were constructed from 192 undergraduates' ratings of descriptions of two fictitious situations in which a target behavior was varied with respect to benefit and actual behavioral control. Structural equation modeling yielded an acceptable fit of the proposed model.

Adult↗

PubMed2002

The measurement of core affect: a Swedish self-report measure derived from the affect circumplex.

Three studies were conducted with the aim of developing a new Swedish self-report measure of core affect (the Swedish Core Affect Scale or SCAS). In Study 1,122 participants rated their current mood on 24 unipolar adjective scales. A revised set of 12 bipolar adjective scales was evaluated in Study 2 employing 96 participants who rated their current mood before and after a mood-inducing naturally occurring event. A slightly revised set of adjective scales was used in Study 3, in which another 96 participants rated several induced moods. The results showed that the adjective scale ratings could be aggregated as reliable measures of the independent valence and activation dimensions proposed in the affect circumplex, and that the aggregated measures discriminated mood differences within and between individuals.

Adolescent↗