The Impact of Emotive Music on Financial Decision-Making: An Analysis of Decision-Making in an Ultimatum Game Experiment

Abstract

This study explored the impact of emotive music on financial decision-making. Participants (N = 130) partook in an Ultimatum style game. The emotive condition was created through a music stimulus in the background of the game environment. The game consisted of 30 financial splits divided into three proposal types: unfavourable, fair, and favourable. Through conducting a three-way mixed ANOVA, this study found a significant interaction between emotive condition and increases in level of agreement, within unfavourable proposals. The study concluded that emotive music impacts financial decision-making. Following the interaction between emotive music and the level of increased agreement, a positive relationship is assumed. Future research should explore the influence of emotional-heightening situations, such as the recent pandemic, on financial decision-making.