Economics Weak and Strong: Ecological Economics and Human Survival

Mounting evidence suggests that the human impact on the planet is reaching the point where the Earth's ecosystems will not be able to support the level of human occupation. The global economy also seems to be generating income disparities that threaten the social stability of even the most developed economies. Although both these trends are rooted in the operation of the global market economy, standard economics has surprisingly little to offer in the way of policies that might allow us to survive the twenty-first century with our current social and environmental systems intact. This article examines our current predicament from the point of view of neoclassical welfare economics and the alternative framework of ecological economics. We argue that ecological economics, by placing the study of economics squarely within human society and ecosystems, can lead the way to make economics both scientifically credible and policy relevant.     

Chinese are more loss averse than British

This research investigates how culture might influence loss aversion. Chinese were expected to be more loss averse than British because of cultural differences in regulatory focus. Study 1 reveals that compared with British participants, Chinese participants were less likely to give up gifts they had received in exchange for new gifts. In Study 2, Chinese and British participants imagined buying a computer which either had a high specification and a high price tag (high reference), or a basic specification and a low price tag (low reference). Participants were informed that the (reference) computer was unavailable, and they had to choose between two available computers, which were both cheaper and less powerful than the high reference computer, and more expensive and more powerful than the low reference computer. The results reveal that the difference in price tag between the two available computers had a bigger impact on Chinese buying decisions than on British buying decisions when it was viewed as a loss. Furthermore, both promotion focus and prevention focus mediated the influence of culture on buying decisions in the low reference condition. No cross‐cultural difference was found in the high reference condition.     

行为经济学中的不平等规避

不平等规避是指人们在资源分配中厌恶不平等的分配结果,为了达成平等甚至愿意付出一定代价的现象。这一现象是经济学中常见的行为"异象",属于社会偏好理论的研究范畴。不平等规避的经典模型是FS-ERC模型,后来的研究者从消极情绪、意图和社会奖励等视角对不平等规避的心理机制进行了深入探索。不平等规避会受到多种因素影响,例如人口统计学变量、社会距离、决策时间和实验任务特征等。未来的研究可以从不平等规避的心理机制、神经基础,以及对不平等规避的稳健性进行再验证等方面展开。     

Modulation of Taste Aversions by a Pentobarbital Drug State: An Assessment of Its Transfer Properties

In a drug-discrimination procedure using conditioned taste aversions, a pentobarbital injection signaled a taste–toxin pairing while the vehicle injection signaled the same taste in the absence of the toxin. In transfer tests, drug states transferred control over consumption to other targets. If the training target was a fluid (saccharin), then transfer occurred to other fluids (both novel and familiar) but not to solid food. If the training target was food, then some transfer occurred to novel targets (both fluids and solid food) but not to familiar targets. Control rats revealed that the differential consumption seen during acquisition and during transfer tests was not due to the summation of two simple associations (i.e., drug–toxin and flavor–toxin) but rather reflected conditional control over consumption by the drug state.     

Similarity and reluctance to trade

Previous research has shown that after decision makers are endowed with an object, they are reluctant to trade it for an alternative item. This endowment effect can be explained by loss aversion, the tendency to weight losses more heavily than gains. Consequently, there is no reluctance to trade when no true loss is involved. Four studies investigated whether reluctance to trade declines when the trade involves less of a loss—specifically, when one item is traded for another very similar item. Three experiments did not reveal a relation between willingness to trade and the similarity between the two items being traded. A fourth experiment, however, indicated that subjects were quite willing to trade for an identical item, less willing to trade for a similar item, and even less willing to trade for a dissimilar item. Thus, reluctance to trade decreased as the similarity between the endowment and the alternative increased. This result suggests that loss aversion is a function not only of the item being lost but also of the trade itself—that is, of the relation between the two items being traded. © 1998 John Wiley & Sons, Ltd.     

The influence of number line estimation precision and numeracy on risky financial decision making

This study examined whether different aspects of mathematical proficiency influence one's ability to make adaptive financial decisions. “Numeracy” refers to the ability to process numerical and probabilistic information and is commonly reported as an important factor which contributes to financial decision‐making ability. The precision of mental number representation (MNR), measured with the number line estimation (NLE) task has been reported to be another critical factor. This study aimed to examine the contribution of these mathematical proficiencies while controlling for the influence of fluid intelligence, math anxiety and personality factors. In our decision‐making task, participants chose between two options offering probabilistic monetary gain or loss. Sensitivity to expected value was measured as an index for the ability to discriminate between optimal versus suboptimal options. Partial correlation and hierarchical regression analyses revealed that NLE precision better explained EV sensitivity compared to numeracy, after controlling for all covariates. These results suggest that individuals with more precise MNR are capable of making more rational financial decisions. We also propose that the measurement of “numeracy,” which is commonly used interchangeably with general mathematical proficiency, should include more diverse aspects of mathematical cognition including basic understanding of number magnitude.     

塞勒关于行为金融学的实证研究及其理论贡献

理查德·塞勒(Richard H. Thaler)是行为金融学的主要创建者。全文按照行为金融学的发展脉络, 在简单介绍了行为金融学诞生的前提条件及理论基础之后, 详细介绍了塞勒等学者关于股票的输家-赢家效应、封闭式基金之谜以及股权溢价之谜的实证研究及其理论观点, 展示了塞勒等学者如何巧妙地以真实金融市场上的产品以及投资者的行为为样本, 通过对这些数据的挖掘、提炼以及模拟, 揭示出投资者的信念、情绪等心理因素是导致上述金融“异象”的主要原因。对这些现象的研究, 使得塞勒脱离了传统金融学研究的窠臼, 倡导了金融学研究中关注个体行为及心理因素的研究取向, 促成了行为金融学的发展与壮大。     

社会距离与分配差距对儿童有利不公平厌恶的影响

选取60名8-10岁儿童,采用迫选式独裁者游戏,考察个体与博弈对象的社会距离以及分配差距对儿童有利不公平厌恶的影响。结果发现：（1）在有利不公平条件下,与博弈对象社会距离越近,儿童对不公平分配提议的拒绝率越高;（2）分配差距越大,儿童对不公平分配提议的拒绝率越高;（3）社会距离和分配差距交互作用显著,在中等分配差距条件下,儿童对不公平分配提议拒绝率的社会距离效应最为明显。结果表明,社会距离和分配差距对儿童有利不公平厌恶有显著影响,在中度分配差距下社会距离具有更加明显的调节作用。     

Explicit and implicit shame aversion predict symptoms of avoidant and borderline personality disorders

Research on the connections between shame and personality disorders (PDs) has focused predominantly on shame proneness. We examined the relationships of shame aversion, or experiencing shame as painful and unbearable, with avoidant and borderline personality disorders. Participants completed self-report measures assessing avoidant and borderline PDs, shame aversion, shame proneness and general experiential avoidance, as well as the recently developed questionnaire-based implicit association test that assessed shame aversion. Self-reported and implicit shame aversion correlated with both PDs, and hierarchical regression models showed that shame aversion incrementally predicted these PDs over and above shame proneness and general experiential avoidance. These findings suggest that individuals who perceive shame as particularly aversive tend to resort to maladaptive behavioral patterns that may impair personality functioning.     

关于成本沉没效应的实验研究

运用IAT 技术,通过实验,证明“损失厌恶”具有内隐性,“损失厌恶”存在内隐偏差,并且二者具有很强的稳定性,即不受当前情绪及刺激材料性质等的影响,为进一步认识成本沉没效应等现象的本质特点提供了证据。