Event-related brain potentials reflect predictive coding of anticipated economic change
| Autor: | Stefan Bos, Hein T. van Schie, Diamantis Petropoulos Petalas, Paul Hendriks Vettehen |
|---|---|
| Přispěvatelé: | Communication Science, Network Institute |
| Jazyk: | angličtina |
| Rok vydání: | 2020 |
| Předmět: |
Inflation
Adult Male Predictive coding SDG 16 - Peace Adolescent Economic forecasting Cognitive Neuroscience media_common.quotation_subject Decision Making Internal model 050105 experimental psychology Article Task (project management) 03 medical and health sciences Behavioral Neuroscience P3a Young Adult 0302 clinical medicine P3b Humans 0501 psychology and cognitive sciences Attention Function (engineering) Evoked Potentials media_common Event (probability theory) Behaviour Change and Well-being Economics Behavioral 05 social sciences SDG 16 - Peace Justice and Strong Institutions Electroencephalography Anticipation Psychological Event-Related Potentials P300 Justice and Strong Institutions Communication and Media Cognitive control Female Psychology 030217 neurology & neurosurgery ERP Cognitive psychology Decision-making |
| Zdroj: | Cognitive, Affective, & Behavioral Neuroscience, 20, 5, pp. 961-982 Cognitive, Affective and Behavioral Neuroscience, 20(5), 961-982. Springer New York Cognitive, Affective & Behavioral Neuroscience Cognitive, Affective, & Behavioral Neuroscience, 20, 961-982 Petropoulos Petalas, D, Bos, S, Hendriks Vettehen, P & van Schie, H T 2020, ' Event-related brain potentials reflect predictive coding of anticipated economic change ', Cognitive, Affective and Behavioral Neuroscience, vol. 20, no. 5, pp. 961-982 . https://doi.org/10.3758/s13415-020-00813-5 |
| ISSN: | 1530-7026 |
| DOI: | 10.3758/s13415-020-00813-5 |
| Popis: | Research has demonstrated the importance of economic forecasts for financial decisions at the aggregate economic level. However, little is known about the psychological and neurophysiological mechanisms that economic forecasts activate at the level of individual decision-making. In the present study, we used event-related brain potentials (ERPs) to test the hypothesis that economic forecasts influence individuals’ internal model of the economy and their subsequent decision behavior. Using a simple economic decision-making game, the Balloon Analogue of Risk Task (BART) and predictive messages about possible economic changes in the game before each block, we test the idea that brain potentials time-locked to decision outcomes can vary as a function of exposure to economic forecasts. Behavioural results indicate that economic forecasts influenced the amount of risk that participants were willing to take. Analyses of brain potentials indicated parametric increases of the N1, P2, P3a, and P3b amplitudes as a function of the level of risk in subsequent inflation steps in the BART. Mismatches between economic forecasts and decision outcomes in the BART (i.e., reward prediction errors) were reflected in the amplitude of the P2, P3a, and P3b, suggesting increased attentional processing of unexpected outcomes. These electrophysiological results corroborate the idea that economic messages may indeed influence people’s beliefs about the economy and bias their subsequent financial decision-making. Our findings present a first important step in the development of a low-level neurophysiological model that may help to explain the self-fulfilling prophecy effect of economic news in the larger economy. Electronic supplementary material The online version of this article (10.3758/s13415-020-00813-5) contains supplementary material, which is available to authorized users. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
|
Full text from SpringerLink