Influence of Being Watched on Risky Decision-Making in Fund Investment

doi:10.12139/j.1672-0628.2022.01.006

Abstract

Abstract: The present study investigated how being watched by different emotional eyes influences risk tendencies and attention allocation in a financial scenario. Results showed that: 1) The images of negative watching eyes nudged participants towards risk-seeking behaviors in the loss frame than in the gain frame, and there was no significant difference between the control group and the other three groups on the risk-seeking tendency. 2) The eye-tracking procedure revealed that participants in the control group or being watched by negative eyes showed no interaction between the frame type and the sure/gamble option, while participants being watched by neutral and positive eyes did. The results indicate that it is probably the negative emotional information conveyed by negative eye gaze that changes individual’s perception of risk and certainty, thereby influences his or her risk-seeking. Avoiding negative emotional cues is helpful to reduce risk-seeking behavior in economic decision-making.

Key words: watching eye, framing effect, risky decision-making, fund investment

摘要： 采用基金投资框架任务，结合眼动技术考察眼睛注视线索与框架类型对风险决策的影响。结果发现：（1）消极眼睛注视线索促进了被试在损失框架下的风险寻求行为，控制组与积极、中性、消极眼睛组的行为结果无显著差异；（2）以均字注视次数为指标的眼动结果表明，积极眼睛组和中性眼睛组对确定损益的关注差异大于对风险损益的关注差异；消极眼睛组和控制组被试对损失的关注大于对收益的关注，对确定项的关注大于对风险项的关注，但两者不存在交互作用。消极眼睛注视线索可能改变了个体对风险性和确定性的感知，并因此影响了人们的风险决策行为，规避消极情绪线索可能有助于减少经济决策中的风险寻求行为。

关键词: 眼睛注视线索, 框架效应, 风险决策, 基金投资

CLC Number:

B842

XU Hui, LI Meijia, PENG Huamao. Influence of Being Watched on Risky Decision-Making in Fund Investment[J]. Studies of Psychology and Behavior, 2022, 20(1): 37-44.

徐慧, 李美佳, 彭华茂. 眼睛注视线索对经济领域风险决策的影响：基于框架效应范式[J]. 心理与行为研究, 2022, 20(1): 37-44.

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