Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:


Gamble or play it safe? - The effects of self-view on consumer’s goals and choices


What will retirement look like for you? Will you buy that 40-foot sailboat and sail between your summer home in Maine and your winter home in the Caribbean? Or will you plan for three daughters’ weddings, older parents, and other unexpected but unavoidable costs? One scenario pits you as being solidly independent; the other looks pretty interdependent. How consumers make such choices and set goals is the focus of an article in the September 2005 issue of the Journal of Consumer Research.

"Broadly speaking, our results suggest that consumers’ risk preferences are contingent on situational factors. This is in contrast to a great deal of previous research conceptualizing risk preferences as an individual difference variable," assert Rebecca Hamilton and Gabriel Biehal (University of Maryland).

"We show that encouraging consumers to think about themselves as independent or interdependent, making either promotion or prevention goals salient, has a systematic effect on inferred risk preferences. Interdependent self-view consumers, who are more interested in avoiding losses than in achieving gains, choose less risky alternatives than independent self-view consumers."

The article is ground-breaking in that it reveals how the decisions that investors make now are emblematic of a history of choices they have made traditionally--findings which have important implications for research related to consumer risk.

"Consumers often make a series of choices in the same domain, each of which can be viewed as continuing an existing pattern of choices (i.e., maintaining the status quo), or starting on a new course. For example, an investor might consider adding money to an existing mutual fund, thereby choosing the status quo alternative, or purchasing a new mutual fund that is more or less risky than the status quo," conclude the researchers.

Carrie Olivia Adams | EurekAlert!
Further information:

More articles from Social Sciences:

nachricht Illinois researchers researchers find tweeting in cities lower than expected
21.02.2018 | University of Illinois College of Engineering

nachricht Polluted air may pollute our morality
08.02.2018 | Association for Psychological Science

All articles from Social Sciences >>>

The most recent press releases about innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: Locomotion control with photopigments

Researchers from Göttingen University discover additional function of opsins

Animal photoreceptors capture light with photopigments. Researchers from the University of Göttingen have now discovered that these photopigments fulfill an...

Im Focus: Surveying the Arctic: Tracking down carbon particles

Researchers embark on aerial campaign over Northeast Greenland

On 15 March, the AWI research aeroplane Polar 5 will depart for Greenland. Concentrating on the furthest northeast region of the island, an international team...

Im Focus: Unique Insights into the Antarctic Ice Shelf System

Data collected on ocean-ice interactions in the little-researched regions of the far south

The world’s second-largest ice shelf was the destination for a Polarstern expedition that ended in Punta Arenas, Chile on 14th March 2018. Oceanographers from...

Im Focus: ILA 2018: Laser alternative to hexavalent chromium coating

At the 2018 ILA Berlin Air Show from April 25–29, the Fraunhofer Institute for Laser Technology ILT is showcasing extreme high-speed Laser Material Deposition (EHLA): A video documents how for metal components that are highly loaded, EHLA has already proved itself as an alternative to hard chrome plating, which is now allowed only under special conditions.

When the EU restricted the use of hexavalent chromium compounds to special applications requiring authorization, the move prompted a rethink in the surface...

Im Focus: Radar for navigation support from autonomous flying drones

At the ILA Berlin, hall 4, booth 202, Fraunhofer FHR will present two radar sensors for navigation support of drones. The sensors are valuable components in the implementation of autonomous flying drones: they function as obstacle detectors to prevent collisions. Radar sensors also operate reliably in restricted visibility, e.g. in foggy or dusty conditions. Due to their ability to measure distances with high precision, the radar sensors can also be used as altimeters when other sources of information such as barometers or GPS are not available or cannot operate optimally.

Drones play an increasingly important role in the area of logistics and services. Well-known logistic companies place great hope in these compact, aerial...

All Focus news of the innovation-report >>>



Industry & Economy
Event News

Ultrafast Wireless and Chip Design at the DATE Conference in Dresden

16.03.2018 | Event News

International Tinnitus Conference of the Tinnitus Research Initiative in Regensburg

13.03.2018 | Event News

International Virtual Reality Conference “IEEE VR 2018” comes to Reutlingen, Germany

08.03.2018 | Event News

Latest News

Wandering greenhouse gas

16.03.2018 | Earth Sciences

'Frequency combs' ID chemicals within the mid-infrared spectral region

16.03.2018 | Physics and Astronomy

Biologists unravel another mystery of what makes DNA go 'loopy'

16.03.2018 | Life Sciences

Science & Research
Overview of more VideoLinks >>>