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RISKY CHOICE AND AFFECTIVE FORECASTING: LOSS AVERSION IN TWO CULTURALLY DIFFERENT STUDENT SAMPLES

100%
Bacova V., Juskova T.
Studia Psychologica
|
2009
|
vol. 51
|
issue 4
329-342
EN
The presented study had two main aims. The first was to compare loss aversion in risky choices and anticipated loss aversion in predicting one's emotions in response to future loss. The second aim was to compare both kinds of loss aversion in two culturally different samples of university students (175 students in Slovakia, mean age 21.4, and 124 students in Ecuador, mean age 22.9). The research hypotheses were based on the assumption of loss aversion universality. The authoresses summarized research results as follows: 1. Ecuadorean students showed a significantly lower loss aversion than Slovaks in risky choice. 2. They found unexpectedly that results of 'affective forecasting' indicated a near absence of loss aversion in anticipating loss/gain in the Ecuadorean sample. 3. Correlation between loss aversion in risky choice and anticipated loss aversion was to some extent present only in the Slovak sample and was not present in the Ecuadorean sample. The results of their research join those findings that indicate the need to correct the universalistic point of view in basic decision making models and the need to learn and include cultural variations in how different cultures perceive the world in decision models.
2

ANTICIPATED LOSS AVERSION FOR SMALL AND LARGE AMOUNTS OF MONEY IN CULTURALLY DIFFERENT (SLOVAKIA, POLAND, BOLIVIA) UNIVERSITY STUDENT SAMPLES

81%
Bacova V., Brezina I., Lesniak A.
Studia Psychologica
|
2010
|
vol. 52
|
issue 4
315-326
EN
The aim of this study was to verify whether students in different cultures (with assumed distinct degrees of individualism-collectivism) anticipate their emotions in relation to loss differently and whether there are differences between anticipating one's emotions at losing small versus large sums of money in each sample. Three samples of university students (181 in Slovakia, 126 in Poland and 103 in Bolivia), mean age 21-22 years, were studied. No gender differences were found in any of the samples. Slovak and Polish students expressed anticipated loss aversion for greater sums of money and reversed loss aversion for small sums of money. Bolivian students showed no anticipated loss aversion either for small or large sums of money. Neither sample showed a relation between anticipated loss aversion and individualism-collectivism. Loss aversion in risky choices was observed in all samples; however, more students from Bolivia were willing to accept a greater financial loss than Slovak and Polish students. Higher individualism correlated with lower level of loss aversion in risky choices in the Slovak and Polish samples. The limits of the study are discussed in conclusion.
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