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The impact of (social) anchors on Prospect Theory's value function

Research output: Journal contributions › Journal articles › Research › peer-review

Standard

The impact of (social) anchors on Prospect Theory's value function. / Krull, Sebastian; Loschelder, David D.; Pelster, Matthias.
In: Quarterly Review of Economics and Finance, Vol. 98, 101916, 01.12.2024.

Research output: Journal contributions › Journal articles › Research › peer-review

Harvard

Krull, S, Loschelder, DD & Pelster, M 2024, 'The impact of (social) anchors on Prospect Theory's value function', Quarterly Review of Economics and Finance, vol. 98, 101916. https://doi.org/10.1016/j.qref.2024.101916

APA

Krull, S., Loschelder, D. D., & Pelster, M. (2024). The impact of (social) anchors on Prospect Theory's value function. Quarterly Review of Economics and Finance, 98, Article 101916. https://doi.org/10.1016/j.qref.2024.101916

Vancouver

Krull S, Loschelder DD, Pelster M. The impact of (social) anchors on Prospect Theory's value function. Quarterly Review of Economics and Finance. 2024 Dec 1;98:101916. doi: 10.1016/j.qref.2024.101916

Bibtex

@article{c27061ab2d2243128dd09839e2e29fa0,
title = "The impact of (social) anchors on Prospect Theory's value function",
abstract = "Anchoring impacts risk-taking decisions. This paper provides experimental evidence (n = 744) that (social) anchors shift the Prospect Theory's value function (Kahneman and Tversky, 1979; Tversky and Kahneman, 1992). We observe that extreme (social) anchors lead to shifts in the value function, indicating a change in risk-taking. Anchors that are in line with risk-averse (risk-seeking) behavior lead, relative to the baseline, to more risk-averse (risk-seeking) decisions. Our findings are similar for social and non-social environments.",
keywords = "Anchoring, Decisions under risk, Peer effects, Risk-taking, Social interactions, Business psychology, Management studies",
author = "Sebastian Krull and Loschelder, {David D.} and Matthias Pelster",
note = "Publisher Copyright: {\textcopyright} 2024 The Author(s)",
year = "2024",
month = dec,
day = "1",
doi = "10.1016/j.qref.2024.101916",
language = "English",
volume = "98",
journal = "Quarterly Review of Economics and Finance",
issn = "1062-9769",
publisher = "Elsevier B.V.",

}

RIS

TY - JOUR

T1 - The impact of (social) anchors on Prospect Theory's value function

AU - Krull, Sebastian

AU - Loschelder, David D.

AU - Pelster, Matthias

N1 - Publisher Copyright: © 2024 The Author(s)

PY - 2024/12/1

Y1 - 2024/12/1

N2 - Anchoring impacts risk-taking decisions. This paper provides experimental evidence (n = 744) that (social) anchors shift the Prospect Theory's value function (Kahneman and Tversky, 1979; Tversky and Kahneman, 1992). We observe that extreme (social) anchors lead to shifts in the value function, indicating a change in risk-taking. Anchors that are in line with risk-averse (risk-seeking) behavior lead, relative to the baseline, to more risk-averse (risk-seeking) decisions. Our findings are similar for social and non-social environments.

AB - Anchoring impacts risk-taking decisions. This paper provides experimental evidence (n = 744) that (social) anchors shift the Prospect Theory's value function (Kahneman and Tversky, 1979; Tversky and Kahneman, 1992). We observe that extreme (social) anchors lead to shifts in the value function, indicating a change in risk-taking. Anchors that are in line with risk-averse (risk-seeking) behavior lead, relative to the baseline, to more risk-averse (risk-seeking) decisions. Our findings are similar for social and non-social environments.

KW - Anchoring

KW - Decisions under risk

KW - Peer effects

KW - Risk-taking

KW - Social interactions

KW - Business psychology

KW - Management studies

UR - http://www.scopus.com/inward/record.url?scp=85203144824&partnerID=8YFLogxK

UR - https://www.mendeley.com/catalogue/727c5589-d7cc-3f3d-b653-821b48e6e543/

U2 - 10.1016/j.qref.2024.101916

DO - 10.1016/j.qref.2024.101916

M3 - Journal articles

AN - SCOPUS:85203144824

VL - 98

JO - Quarterly Review of Economics and Finance

JF - Quarterly Review of Economics and Finance

SN - 1062-9769

M1 - 101916

ER -

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DOI

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