This research examines how the effort that consumers exert to earn money affects their risk tolerance. We theorize and find that working harder—that is, more effortful earning—increases perceived ownership and valuation of earnings, and thus aversion to losing them, resulting in lower risk tolerance, even when risk is associated with better expected outcomes. Documenting this causal negative effort–risk relationship is important because it (1) runs contrary to consumers' lay beliefs and population-level analysis which conversely suggest a positive effort–risk correlation (i.e., a Simpson's paradox, Experiment 2), (2) expands understanding of how the way in which people acquire money affects risk tolerance beyond classic research on windfall gains (i.e., unanticipated rewards) and house money (i.e., unrealized gains), and hence (3) reveals a unique mechanism of perceived ownership that drives this negative causal relationship. Leveraging this unique mechanism, we further show that this negative effort–risk relationship can be attenuated by changing the currency of the money that consumers earn to be one that consumers have low ownership over (e.g., Bitcoin for non-crypto users). 相似文献
More than 30 years of research has established psychological hardiness as an important individual resiliency resource. One important question still remaining is whether psychological hardiness can be trained. The present study explored this question longitudinally within the context of a 3-year military academy training program. Cadets from 3 different Norwegian military academies (N = 293) completed hardiness questionnaires during the first week of their training, and then again at the end of each year, resulting in a total of 4 waves of data. Using hierarchical linear modeling, no statistically significant effect of time on hardiness scores was found. The nonsignificant growth parameter was examined further using Bayesian statistics as an indicator of the relative evidence for the null hypothesis of no change over time versus the alternative hypothesis of change. The resulting Bayes factor provided substantial support in our data for the null hypothesis of no hardiness development during the 3-year officer training programs. 相似文献