Covariation neglect among novice investors

In 4 experiments, undergraduates made hypothetical investment choices. In Experiment 1, participants paid more attention to the volatility of individual assets than to the volatility of aggregated portfolios. The results of Experiment 2 show that most participants diversified even when this increased risk because of covariation between the returns of individual assets. In Experiment 3, nearly half of those who seemingly attempted to minimize risk diversified even when this increased risk. These results indicate that novice investors neglect covariation when diversifying across investment alternatives. Experiment 4 established that naive diversification follows from motivation to minimize risk and showed that covariation neglect was not significantly reduced by informing participants about how covariation affects portfolio risk but was reduced by making participants systematically calculate aggregate returns for diversified portfolios. In order to counteract naive diversification, novice investors need to be better informed about the rationale underlying recommendations to diversify.     

The Budapest meeting 2005 intensified networking on ethics of science

This paper reports on the meeting of the Sounding Board of the EU Reprogenetics Project that was held in Budapest, Hungary, 6-9 November 2005. The Reprogenetics Project runs from 2004 until 2007 and has a brief to study the ethical aspects of human reproductive cloning and germline gene therapy. Discussions during The Budapest Meeting are reported in depth in this paper as well as the initiatives to involve the participating groups and others in ongoing collaborations with the goal of forming an integrated network of European resources in the fields of ethics of science.     

Awareness of faces is modulated by their emotional meaning

A central question in perception is how stimuli are selected for access to awareness. This study investigated the impact of emotional meaning on detection of faces using the attention blink paradigm. Experiment 1 showed that fearful faces were detected more frequently than neutral faces, and Experiment 2 revealed preferential detection of fearful faces compared with happy faces. To rule out image artifacts as a cause for these results, Experiment 3 manipulated the emotional meaning of neutral faces through fear conditioning and showed a selective increase in detection of conditioned faces. These results extend previous reports of preferential detection of emotional words or schematic objects and suggest that fear conditioning can modulate detection of formerly neutral stimuli.     

A comparative study of the use of visual communicative signals in interactions between dogs (Canis familiaris) and humans and cats (Felis catus) and humans

Dogs' (Canis familiaris) and cats' (Felis catus) interspecific communicative behavior toward humans was investigated. In Experiment 1, the ability of dogs and cats to use human pointing gestures in an object-choice task was compared using 4 types of pointing cues differing in distance between the signaled object and the end of the fingertip and in visibility duration of the given signal. Using these gestures, both dogs and cats were able to find the hidden food; there was no significant difference in their performance. In Experiment 2, the hidden food was made inaccessible to the subjects to determine whether they could indicate the place of the hidden food to a naive owner. Cats lacked some components of attention-getting behavior compared with dogs. The results suggest that individual familiarization with pointing gestures ensures high-level performance in the presence of such gestures; however, species-specific differences could cause differences in signaling toward the human.     

Minimum presentation time for masked facial expression discrimination

Backward masking is a popular method of preventing awareness of facial expressions, but concerns have been expressed as to the effectiveness of masking in previous research, which may have resulted in unjustified claims of unconscious processing. We examined the minimum presentation time for discrimination of fearful, angry, happy and neutral faces in a backward masking task using both objective sensitivity measures, based on signal detection analysis, and subjective awareness ratings. Results from two experiments showed for all expressions the mean sensitivity and the sensitivity scores of most individual participants were above chance at presentation times of 20 ms. Awareness ratings for happy, fearful and angry also exceeded baseline ratings from 20 ms onwards. Overall sensitivity in both experiments was greatest for happy expressions, which is an agreement with previous reports. The results support the possibility of incomplete masking in earlier studies that used masking to prevent awareness of facial expressions.     

Is pride a prosocial emotion? Interpersonal effects of authentic and hubristic pride

Pride is associated with both prosocial and antisocial behaviour. Do others also infer such behaviours when pride is expressed and does this affect their own prosocial behaviour? We expected that authentic pride (i.e., confidence, accomplishment) would signal and elicit more prosocial behaviour than hubristic pride (i.e., arrogance, conceit). In a first laboratory experiment, a target in a public-good dilemma was inferred to have acted less prosocially when displaying a nonverbal expression of pride versus no emotion. As predicted, inferences of hubristic pride—but not authentic pride—mediated this effect. Participants themselves also responded less prosocially. A second laboratory experiment where a target verbally expressed authentic pride, hubristic pride, or no emotion replicated the effects of hubristic pride and showed that authentically proud targets were assumed to have acted prosocially, but especially by perceivers with a dispositional tendency to take the perspective of others. We conclude that authentic pride is generally perceived as a more prosocial emotion than hubristic pride.     

Redundancy gain for semantic features

In a go/no-go experiment, semantic redundancy gain was assessed for responses to single written words. Specifically, we asked participants to respond only to words whose meaning matched at least one semantic target feature—that is, the target category (e.g., animal), the target color (e.g., gray), or both. On redundant-target trials, the word (e.g., elephant) matched both semantic target features (i.e., gray and animal). On single-target trials, the word (e.g., beaver) matched one target feature (i.e., animal) and a nontarget feature (i.e., brown). We observed shorter reaction times in the redundant-target condition than in the faster single-target condition. Hence, the present study provides the first evidence that redundancy gain is not limited to responses to redundant proximal stimulus features but can also be observed for responses to semantic feature information.     

Norms of valence, arousal, dominance, and age of acquisition for 4,300 Dutch words

This article presents norms of valence/pleasantness, activity/arousal, power/dominance, and age of acquisition for 4,300 Dutch words, mainly nouns, adjectives, adverbs, and verbs. The norms are based on ratings with a 7-point Likert scale by independent groups of students from two Belgian (Ghent and Leuven) and two Dutch (Rotterdam and Leiden-Amsterdam) samples. For each variable, we obtained high split-half reliabilities within each sample and high correlations between samples. In addition, the valence ratings of a previous, more limited study (Hermans & De Houwer, Psychologica Belgica, 34:115-139, 1994) correlated highly with those of the present study. Therefore, the new norms are a valuable source of information for affective research in the Dutch language.