Influence of need for cognitive closure and quality of advice on advise-taking from Stock Market Novices
摘要:股票购买是一种复杂的决策情境,作为股市新手又是怎样受到专家的影响呢?研究采用2(认知闭合需要:高,低)2(建议质量:高,低)30(预测顺序)混合设计,以沪深A股的30只股票为实验材料,探究股市新手的建议采纳特征。结果发现,(1) 是一个敏感性更高的指标。(2)建议质量低时,高认知闭合需要者更易接受建议,建议质量高时,认知闭合需要没有影响到建议采纳。(3)低认知闭合需要时,高质量建议下的被试更易接受建议,而高认知闭合需要时,建议质量没有影响到建议采纳。
英文摘要:Stock trading is a complex decision-making situation. How can a stock market novice be influenced by experts? This involves the issue of advice-taking in decision-making, which usually adopts the judge-advisor system (JAS) paradigm. The need for cognitive closure (NFCC) is defined as a motivation for seeking a firm answer to a question and ending ambiguity. The quality of advice (QOA) is a subjective perception to measure advice accuracy, which directly affects judges advice-taking. Since the assessment of the QOA is a dynamic adjustment process, will it lead to more reliance on advice information for those with a high NFCC? For instance, participants with a high NFCC are still more likely to take advice when presenting a low-quality advice. Advice-taking in the JAS paradigm has been measured via formula (1) generally(Yaniv,2004a). We argue that this indicator will damage information during processing extreme data, such as woa>1, which may lead to low sensitivity. We proposed the formula (2) to avoid the disadvantage of formula (1). ....................(1) where WOA is the weight of advice; VoF is the value of final; VoI is the value of initial; VoA is the value of advice. ..............(2) Formula (2) established if and only if VoAVoI, otherwise WOAlg=0. In this paper, JAS paradigm was employed to program a task of stock closing price estimation. The 30 stocks from Shanghai and Shenzhen Stock Market were selected as experimental materials. The experiment manipulated the NFCC of participants through the time pressure provided to the participants, meanwhile the QOA was manipulated based on the average accuracy of advisor, which the high QOA is an advice whose accuracy is 80%, whereas the accuracy of the low QOA is 60%. The 2(NFCC: high vs. low) 2(QOA: high vs. low) 30(trials of prediction) mixed experimental design was employed with NFCC and QOA as between-subjects variables and with trials of prediction as a within-subject variable. The dependent variables were prediction accuracy, score, WOA, WOAlg, pre-advice confidence, post-advice confidence, and accuracy rating for advisors. Consistent with our hypothesis, the results confirmed that: 1) WOAlg was a more sensitive index in comparison to the WOA. 2) Under the low QOA, the participants with a high NFCC were more likely to accept the advice, and during the high QOA, the NFCC didn't affect the advice taking. 3) the participants with a low NFCC were more likely to accept the advice when the QOA was high, however, for those with a high NFCC, the QOA didn't affect the advice-taking. 4)The advice from advisors improved the accuracy of participants stock predictions, however, the accuracy rating for advisors for high-quality advice was underestimated.
[V1] | 2022-07-01 12:36:51 | chinaXiv:202207.00002V1 | 下载全文 |
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