Self-control and financial risk taking

Katarzyna Sekścińska, Joanna Rudzinska-Wojciechowska and Diana Jaworska

Journal of Economic Psychology, 2021, vol. 85, issue C

Abstract: We report two studies investigating the role of self-control in risky financial decision-making, operationalized as incentivized lottery task decisions. Study 1 (N = 529) investigated the link between propensity to take financial risks and trait self-control. Study 2 (N = 321) examined whether reflecting on one’s prior successes and failures in exercising self-control has an impact on subsequent risky financial decision-making. Study 1 identified a negative link between self-control and financial risk-taking, and Study 2 found that reflecting on self-control successes lowered people’s propensity to take financial risks, while reflecting on self-control failures made people more prone to take financial risks.

Keywords: Self-control; Financial risk-taking; Lottery choices (search for similar items in EconPapers)
JEL-codes: D1 D14 D19 G4 G40 G5 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0167487021000246
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:joepsy:v:85:y:2021:i:c:s0167487021000246

DOI: 10.1016/j.joep.2021.102386

Access Statistics for this article

Journal of Economic Psychology is currently edited by G. Antonides and D. Read

More articles in Journal of Economic Psychology from Elsevier
Bibliographic data for series maintained by Catherine Liu ().