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Individual differences in decision-making: evidence for the scarcity hypothesis from the English Longitudinal Study of Ageing

We report the results of a pre-registered analysis of data from the English Longitudinal Study of Ageing that was designed to test the hypothesis that economic scarcity is associated with individual differences in decision-making. We tested this hypothesis by comparing time preferences for different...

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Detalles Bibliográficos
Autores principales: Tunney, Richard J., James, Richard J. E.
Formato: Online Artículo Texto
Lenguaje:English
Publicado: The Royal Society 2022
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9597179/
https://www.ncbi.nlm.nih.gov/pubmed/36303938
http://dx.doi.org/10.1098/rsos.220102
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author Tunney, Richard J.
James, Richard J. E.
author_facet Tunney, Richard J.
James, Richard J. E.
author_sort Tunney, Richard J.
collection PubMed
description We report the results of a pre-registered analysis of data from the English Longitudinal Study of Ageing that was designed to test the hypothesis that economic scarcity is associated with individual differences in decision-making. We tested this hypothesis by comparing time preferences for different socio-economic groups and in geographical areas ranging from the most deprived to the least deprived in England using the English indices of multiple deprivation. The data supported this hypothesis: people in the most deprived areas were more likely to prefer smaller-sooner rewards than people from the least deprived areas. Similarly, people in technical or routine occupations tended to prefer smaller-sooner rewards than people in professional or intermediate occupations. In addition, we found that gender, cognitive function and subjective social status also predicted time preferences. We discuss these results in the context of theoretical models of scarcity-based models of choice behaviour and decision-making.
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spelling pubmed-95971792022-10-26 Individual differences in decision-making: evidence for the scarcity hypothesis from the English Longitudinal Study of Ageing Tunney, Richard J. James, Richard J. E. R Soc Open Sci Psychology and Cognitive Neuroscience We report the results of a pre-registered analysis of data from the English Longitudinal Study of Ageing that was designed to test the hypothesis that economic scarcity is associated with individual differences in decision-making. We tested this hypothesis by comparing time preferences for different socio-economic groups and in geographical areas ranging from the most deprived to the least deprived in England using the English indices of multiple deprivation. The data supported this hypothesis: people in the most deprived areas were more likely to prefer smaller-sooner rewards than people from the least deprived areas. Similarly, people in technical or routine occupations tended to prefer smaller-sooner rewards than people in professional or intermediate occupations. In addition, we found that gender, cognitive function and subjective social status also predicted time preferences. We discuss these results in the context of theoretical models of scarcity-based models of choice behaviour and decision-making. The Royal Society 2022-10-26 /pmc/articles/PMC9597179/ /pubmed/36303938 http://dx.doi.org/10.1098/rsos.220102 Text en © 2022 The Authors. https://creativecommons.org/licenses/by/4.0/Published by the Royal Society under the terms of the Creative Commons Attribution License http://creativecommons.org/licenses/by/4.0/ (https://creativecommons.org/licenses/by/4.0/) , which permits unrestricted use, provided the original author and source are credited.
spellingShingle Psychology and Cognitive Neuroscience
Tunney, Richard J.
James, Richard J. E.
Individual differences in decision-making: evidence for the scarcity hypothesis from the English Longitudinal Study of Ageing
title Individual differences in decision-making: evidence for the scarcity hypothesis from the English Longitudinal Study of Ageing
title_full Individual differences in decision-making: evidence for the scarcity hypothesis from the English Longitudinal Study of Ageing
title_fullStr Individual differences in decision-making: evidence for the scarcity hypothesis from the English Longitudinal Study of Ageing
title_full_unstemmed Individual differences in decision-making: evidence for the scarcity hypothesis from the English Longitudinal Study of Ageing
title_short Individual differences in decision-making: evidence for the scarcity hypothesis from the English Longitudinal Study of Ageing
title_sort individual differences in decision-making: evidence for the scarcity hypothesis from the english longitudinal study of ageing
topic Psychology and Cognitive Neuroscience
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9597179/
https://www.ncbi.nlm.nih.gov/pubmed/36303938
http://dx.doi.org/10.1098/rsos.220102
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