Yang Wenting, Ma Jianhong, Chen Hezhi, Maglione Anton G, Modica Enrica, Rossi Dario, Cartocci Giulia, Bonaiuto Marino, Babiloni Fabio
Department of Psychology and Behavioral Science, Zhejiang University, Hangzhou, China.
Department of Molecular Medicine, Sapienza University of Rome, Rome, Italy.
Front Hum Neurosci. 2018 Jul 27;12:294. doi: 10.3389/fnhum.2018.00294. eCollection 2018.
Investment decisions are largely based on the information investors received from the target firm. Thaler introduced the hedonic editing framework, in which suggests that integration/segregation of information influence individual's perceived value. Meanwhile, when evaluating the evidence and information in a sequence, order effect and biases have been found to have an impact in various areas. In this research, the influence of the Organization of Information (Integration vs. Segregation) and the Sequence of Information (Negative-Positive order vs. Positive-Negative order) on individual's investment decision-making both at the behavioral level (decision) and neurometrix level (measured by an individual's emotion and Approach Withdraw tendency) was assessed for the three groups of information: a piece of Big Positive Information and a piece of Small Negative Information, a piece of Big Negative Information and a piece of Small Positive Information, and a piece of Small Negative information. The behavioral results, which are an individual's final investment decision, were consistent for all three scenarios. In general, individuals will invest more/retire less when receiving two pieces of information in a Negative-Positive order. However, the neurometric results (Emotional Index, Approach Withdraw Index and results from LORETA) show differences among information groups. An effect of the Sequence of Information and the Organization of Information was found for the different scenarios. The results suggest that in the scenarios that involve large-scale information, the organization of information (Integration vs. Segregation) influences the emotion and Approach Withdraw tendency. The results of this investigation should provide insight for effective communication of information, especially when large-scale information is involved.
投资决策很大程度上基于投资者从目标公司获得的信息。塞勒引入了享乐编辑框架，该框架表明信息的整合/分离会影响个人的感知价值。同时，在按顺序评估证据和信息时，发现顺序效应和偏差在各个领域都有影响。在本研究中，针对三组信息，评估了信息组织（整合与分离）和信息顺序（负-正顺序与正-负顺序）对个人在行为层面（决策）和神经计量层面（通过个人情绪和趋近-回避倾向来衡量）的投资决策的影响：一条大的正面信息和一条小的负面信息、一条大的负面信息和一条小的正面信息以及一条小的负面信息。作为个人最终投资决策的行为结果在所有三种情况下都是一致的。一般来说，当以负-正顺序接收两条信息时，个人会更多地投资/更少地撤资。然而，神经计量结果（情绪指数、趋近-回避指数和低分辨率电磁断层扫描结果）在信息组之间存在差异。在不同情况下发现了信息顺序和信息组织的影响。结果表明，在涉及大规模信息的情况下，信息组织（整合与分离）会影响情绪和趋近-回避倾向。本调查结果应为信息的有效沟通提供见解，尤其是在涉及大规模信息时。
