Individual differences in time perspectives and risky financial choices

Sekścińska, Katarzyna; Rudzińska-Wojciechowska, Joanna; Maison, Dominika

doi:10.1016/j.paid.2017.08.038

Cited by 27 publications

(34 citation statements)

References 34 publications

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“…Moreover, according to the Time Perspective Theory, personal perception of time might be situationally (Zimbardo and Boyd 1999) and intentionally modified (Zimbardo and Boyd 2008). However, this issue was not investigated until a recent study conducted in our lab (Sekścińska et al 2018). The results of this study showed that induced TPs lead to similar patterns of results to those obtained in studies on chronic TPs.…”

Section: Time Perspectivessupporting

confidence: 55%

“…At the same time, the Future TP was negatively correlated with risk-taking in various domains, except the investing and social ones. The role of TPs in investment decisions was also confirmed by Sekścińska et al (2018). The results of the studies showed that the Higher Future TP was related to a propensity to invest and make safe investment choices, while the Higher Present Hedonistic TP was related to a low propensity to invest and a preference for risky investments.…”

Section: Time Perspectives and Risky Financial Choicesmentioning

confidence: 70%

“…Based on the results of Sekścińska et al (2018) and Jochemczyk et al (2017), we predict that high scores on the Present Hedonistic scale, as well as the activation of Present Hedonistic TP, may be related to risky option preferences in gambling tasks in both gain (H5) and loss (H6) decision frames.…”

Section: Present Hedonistic Tpmentioning

confidence: 99%

“…In the attempt to fill the abovementioned gaps in knowledge, two studies were conducted (one correlational and one experimental) exploring the role of chronic and situationally induced TPs in financial risky decision making, in both the gain and loss frames of choice. Based on the framework of the TPT and the results of the latest studies (Jochemczyk et al 2017;Sekścińska et al 2018), we elaborated a series of hypotheses concerning the potential role of individual differences in TP, as well as its situational impact, in decisions made when carrying out gambling tasks.…”

Section: Current Studiesmentioning

confidence: 99%

See 3 more Smart Citations

Risky financial choices in a gain and loss decision frame – the role of chronic and situationally induced time perspectives

Sekścińska

Rudzińska-Wojciechowska

Maison

2018

Curr Psychol

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The aim of the research was to explore the relationship between people's Time Perspectives (TPs) (chronic and induced) and their propensity to take financial risks in gambling tasks with a gain and loss decision frame. The results of the study 1 (N1 = 1093) revealed that a higher chronic Present Hedonistic TP is related to a preference for unsure options in loss and gain frames, while a higher chronic Past Negative TP is related to a preference for sure options in a gain frame of financial choice, but for unsure options in a loss frame. Moreover, higher chronic Future TP is related to unsure option preference in a loss decision frame. The results of the study 2 (N2 = 563) showed that the induced Past Negative TP (in a gain frame) and Present Hedonistic TP (in both decision frames) lead to similar patterns of results to those observed for the chronic TPs. Keywords Chronic time perspectives. Induced time perspectives. Risk. Gambling task. Framing

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Section: Time Perspectivessupporting

confidence: 55%

Section: Time Perspectives and Risky Financial Choicesmentioning

confidence: 70%

Section: Present Hedonistic Tpmentioning

confidence: 99%

Section: Current Studiesmentioning

confidence: 99%

See 2 more Smart Citations

Risky financial choices in a gain and loss decision frame – the role of chronic and situationally induced time perspectives

Sekścińska

Rudzińska-Wojciechowska

Maison

2018

Curr Psychol

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“…Task The participants were asked to create an investment portfolio by dividing PLN 10,000 (equivalent to approximately $2,500) between bonds, balanced mutual funds (investing 50% in stock and 50% in bonds), and stock (Sekscinska et al 2016;Sekścińska et al 2018a). The task also measured the general riskiness of the created portfolio (riskiness of portfolio) reflected by the percentage of shares in the portfolio (dependent variable).…”

Section: Propensity To Make Risky Investment Choices In a Specificmentioning

confidence: 99%

That’s not fair! unfair treatment spills over into individual risky financial decisions

Sekścińska

Rudzińska-Wojciechowska

2019

Curr Psychol

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Studies indicate that experiencing unfairness may influence subsequent decisions. There is initial evidence that this is also true for gambling decisions made after an experience of unfair treatment in a financial domain. The presented studies test whether this can be extended to other domains of financial risk-taking, such as investments. Moreover, we aim to investigate whether the effects of such experience in one domain generalize to other domains. Three experimental studies were conducted to investigate how unfair treatment coming from varied domains affects individuals' propensities to make risky investment and gambling choices in subsequent tasks. The experience of being a victim or a beneficiary of unfair treatment in financial and non-financial domains was induced and the propensity to take investment and gambling risks was measured. The results of the experiments indicated that the experience of unfairness influences the propensity to make risky financial choices but the domain in which it is experienced plays an important role. Being a victim of financial unfairness makes people more prone to take investment risk and build riskier investing portfolios with more stocks and fewer bonds than when they are beneficiaries or when they are treated fairly. Moreover, being the beneficiary of unfair treatment in a financial domain makes people less prone to choose a sure option (vs risky) in lottery tasks. The abovementioned relationships are exactly the opposite when the experience of (un)fairness comes from a task in a non-financial context. Specifically, the experience of unfair treatment in a non-financial domain leads people to be less prone to make risky investment choices, and it enhances the propensity to build safer investment portfolios with more bonds and fewer stocks than people from the unfair-beneficiary and fair groups. Furthermore, being the beneficiary of unfair treatment in a non-financial context makes people more prone to choose sure option in lottery task.

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Differentiating passive from active risk taking: the role of self‐control and time perspective

Idan‐Tzach,

Keinan,

Bereby‐Meyer

2023

Behavioral Decision Making

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Passive risks are risks brought on, or magnified, by inaction (e.g., not getting vaccinated). They differ from active risks, which are incurred by actions people take, that put them at risk (such as smoking). Although (active) risk taking has been extensively studied, much less is known about passive risk taking and the personal tendencies associated with such behavior. We propose two individual traits—self‐control (SC) and time perspective—that affect the inclination to take passive and active risks, albeit in distinct ways, contributing to the differentiation between the two types of risks. In four studies, we examine a model that suggests that a future time perspective mediates the association between SC and passive risk taking, while a present‐hedonistic time perspective mediates the association between SC and active risk taking. The findings, based on both self‐report questionnaires and actual behavior, support the model and its theoretical basis. Implications and future direction are discussed.

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Individual differences in time perspectives and risky financial choices

Cited by 27 publications

References 34 publications

Risky financial choices in a gain and loss decision frame – the role of chronic and situationally induced time perspectives

Risky financial choices in a gain and loss decision frame – the role of chronic and situationally induced time perspectives

That’s not fair! unfair treatment spills over into individual risky financial decisions

Differentiating passive from active risk taking: the role of self‐control and time perspective

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