Valuing Cultural Differences in Behavioral Economics
ICFAI Journal of Behavioral Finance, Vol. 4, pp. 32-47, 2007
21 Pages Posted: 8 May 2006
Behavioral economic research has tended to ignore the role of cultural differences in financial and economic decision-making. The authors suggest that a systematic bias affects existing behavioral economic theoryfinancial and economic judgments, whether rational or irrational, are often assumed to be universal. The authors conducted an empirical study in the United States and China to examine how cultural background informs economic decision-making and to test whether framing, morality, and out-group information affects judgments of financial value and property ownership across cultures.
Results of the study demonstrated dramatic cultural differences in financial value estimations, as well as on the influence of variables such as framing, morality and group membership. Chinese participants made higher object value estimates than Americans did, even when adjusting for differing national inflation rates. In addition, the results showed that framing effects affected both American and Chinese participants, but in different ways. Other contextual factors such as morality information and group membership also affected Chinese participants' judgments of financial values and property ownership. The results underscore the importance of understanding the influence of cultural background on economic decision-making.
Keywords: Financial value, behavioral economics, behavioral finance, cross-cultural differences, cultural psychology, framing effects, china, appreciation estimates
JEL Classification: A12, A10, D12, D46, D80, F00, F30, K00, N15
Suggested Citation: Suggested Citation
Uwezo wa Utamaduni wa Utamaduni wa Utamaduni wa Utamaduni wa Utamaduni wa Utamaduni wa Utamaduni wa Utamaduni wa Utamaduni wa Utamaduni wa Utamaduni wa Utamaduni wa Utamaduni wa Utamaduni wa Utamaduni wa Utamaduni wa Utamaduni wa Utamaduni wa Utamaduni wa Utamaduni wa Utamaduni wa Utamaduni wa Utamaduni 4, ukurasa wa "Kama ilivyoelezwa katika makala ya ""Mtazamo wa Utamaduni wa Utamaduni"" ya mwaka wa 2007: ""Utafiti wa uchumi wa tabia umekuwa na mwelekeo wa kupuuza jukumu la tofauti za kitamaduni katika maamuzi ya kifedha na kiuchumi." "Wanahisabu kwamba ""mtazamo wa kimfumo"" huathiri nadharia ya kiuchumi ya tabia iliyopo: hukumu za kifedha na kiuchumi, iwe ni za busara au zisizo za busara, mara nyingi hufikiriwa kuwa za ulimwengu wote." Watafiti walifanya utafiti wa kihistoria nchini Marekani na China ili kuchunguza jinsi asili ya kitamaduni inavyoathiri maamuzi ya kiuchumi na kupima kama kuunda, maadili, na habari ya nje ya kikundi huathiri hukumu za thamani ya kifedha na umiliki wa mali katika tamaduni. Matokeo ya utafiti huo yalionyesha tofauti kubwa za kitamaduni katika makadirio ya thamani ya kifedha, na pia juu ya ushawishi wa vigezo kama vile kuunda, maadili na uanachama wa kikundi. Washiriki wa Kichina walifanya makadirio ya thamani ya kitu ya juu kuliko Wamarekani walifanya, hata wakati wa kurekebisha kwa viwango tofauti vya mfumuko wa bei ya kitaifa. Kwa kuongezea, matokeo yalionyesha kwamba athari za kuunda ziliathiri washiriki wa Amerika na Wachina, lakini kwa njia tofauti. Vitu vingine vya muktadha kama vile habari ya maadili na uanachama wa kikundi pia viliathiri hukumu za washiriki wa Kichina za maadili ya kifedha na umiliki wa mali. Matokeo hayo yanasisitiza umuhimu wa kuelewa uvutano wa asili ya kitamaduni juu ya maamuzi ya kiuchumi. "Jina la Jewel ni ""Jewel of the World"" (Jewel of the World), na ni jina la kipekee kwa ajili ya ""Jewel of the World"" (Jewel of the World) na ""Jewel of the World"" (Jewel of the World) na ni jina la kipekee kwa ajili ya ""Jewel of the World"" (Jewel of the World)."