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首页> 外文期刊>Journal of neuroscience, psychology, and economics >The Joy of Winning and the Frustration of Losing: A Psychophysiological Analysis of Emotions in First-Price Sealed-Bid Auctions
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The Joy of Winning and the Frustration of Losing: A Psychophysiological Analysis of Emotions in First-Price Sealed-Bid Auctions

机译:获胜的喜悦和失落的挫败感:一价密封拍卖中情绪的心理生理分析

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Research on emotions suggests that auction outcomes may elicit an aversive "frustration of losing" as well as a rewarding "joy of winning" response. However, little is known about the intensity of these emotional reactions and how they relate to other factors in the auction process. In this article, we present an experiment in which subjects participated in a sequence of first-price sealed-bid auctions. The psychophysiological measures skin conductance response (SCR) and heart rate (HR) were recorded as proxies for both the intensity and the valence of emotions. Our results show that the deceleratory responses in HR when losing an auction are stronger than when winning an auction. The drop in HR itself can be interpreted as a reaction to stimuli with negative emotional valence. Moreover, we found that winning an auction induces a stronger SCR compared with losing an auction. Interestingly, this effect even holds for different value classes and different amounts of payoffs. Moreover, we show that bidders' SCR amplitude increases in the relation to the amount of money at stake. However, we cannot make a definite determination as to whether the valuation or the potential nominal payoff triggers this effect. We conclude that psychophysiological methodologies are appropriate for the measurement of rewarding, as well as immediate aversive emotions in market decision making, and even allow identifying fined-grained emotional characteristics.
机译:对情绪的研究表明,拍卖结果可能会引起令人反感的“失败挫败感”,以及一种有益的“赢得胜利的喜悦”反应。然而,人们对这些情绪反应的强度以及它们与拍卖过程中其他因素的关系知之甚少。在本文中,我们提供了一个实验,在该实验中,受试者参与了一系列的第一价格密封竞标拍卖。记录皮肤电导反应(SCR)和心率(HR)的心理生理指标,作为情感强度和效价的代理。我们的结果表明,HR失去拍卖时的减速反应比赢得拍卖时要强。 HR本身的下降可以解释为对具有消极情绪价的刺激的反应。此外,我们发现,与输掉拍卖相比,赢得拍卖会带来更强的SCR。有趣的是,这种效果甚至适用于不同的价值类别和不同的收益金额。此外,我们表明,投标人的SCR幅度随所涉及的金额而增加。但是,我们无法就估值或潜在的名义收益是否触发此影响做出确定的确定。我们得出的结论是,心理生理学方法适合于市场决策中奖励的衡量以及直接的厌恶情绪,甚至可以识别细粒度的情绪特征。

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