By Philipp Erik Otto
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Additional info for Cognitive Finance: Behavioral Strategies of Spending, Saving and Investing (Economic Issues, Problems and Perspectives)
Also, the explanation process in the guidance of the task might have supported the inclusion of these features. Yet, in general the structures show typical everyday saving examples like building up a ―rainy day‖ reserve, keeping surplus separate, or imposing commitment by the act of manually storing money. Although participants show quite sophisticated saving structures, it is not clear if these are demand driven or rather a result of product availability. On the one hand, the low initial understanding of their own saving situation supports the assumption that they are just the result of the individual historical process of taking up products.
A promising psychological concept in this context is that of personality factors to account for differences in financial behavior. The records of manifested behavior are analyzed to extract the underlying personal financial characteristics, which represent the main individual differences. The advantage of this direct behaviorally based differentiation is that it is independent of additionally gathered data; and thus, can supplement information on attitude, interests, or demographic data. First, the underlying data source and the employed data sample are described.
Ainslie (1975, p. 481) stresses that to make the rule effective exceptions must be rare and uncontrollable. Controllable events can only be part of the concept if they are combined with a high level of effort. Softer self-control mechanisms in this case are self manipulations that change the interpretation or the psychological meaning of an event. An individual standard can evaluate the behavior itself, or the inclination to apply effort can serve as a self-control tool to create costs which bolster against less desired activities (Soman, 1998; Trope & Fishbach, 2000).