title: The Interactive Influence of Perceived Ownership and Perceived Choosership of Stocks on Brain Response to Stock Outcomes.
abstract: The present research examined the influence of perceived ownership (self/other) and perceived chooser (self/other) of stocks on brain activity, and investigated whether differential brain responses to stock outcomes as a result of perceived differences in ownership of stock would be modulated by perceived chooser of stock. We used a 2 (stock chooser: self, other) × 2 (stock owner: self, other) within-subject design to represent four types of chooser-owner relationships. Brain potentials were recorded while participants observed increasing and decreasing stock prices. Results showed that observations of stock outcomes among four types of chooser-owner relationships elicited differentiated feedback-related negativity (d-FRN: differences in FRN waves between losses and gains, reflecting violations of expectancy to stock outcomes): (1) Self-chosen-other-owned stocks evoked significantly larger d-FRN discrepancies than self-chosen-self-owned stocks, indicating a greater expectancy violation to others' losses than to one's own, demonstrating areversed ownership effect. Moreover, people high in conscientiousness showed an increase in this trend, suggesting a stronger other-consideration; (2) Self-chosen-self-owned stocks and other-chosen-self-owned stocks revealed no significant d-FRN discrepancy, showing nochoosership effectbeyond theownership effect; (3) Other-chosen-self-owned stocks evoked a significantly stronger d-FRN discrepancy than other-chosen-other-owned stocks, demonstrating anownership effect; (4) Self-chosen-other-owned stocks evoked a significantly stronger d-FRN discrepancy than other-chosen-other-owned stocks, revealing achoosership effect. These findings suggest that the ownership effect could be reversed by conscientiousness induced by perceived choosership in the agency relationship, while the choosership effect is attenuated and even disappears under the influence of perceived ownership.
authors.affiliation: School of Psychological and Cognitive Sciences and Beijing Key Laboratory of Behavior and Mental Health, TAETEA Consumer Research Center, Peking University Beijing, China.
authors.forename: Zhe
authors.initials: Z
authors.lastname: Shang
authors.affiliation: School of Psychological and Cognitive Sciences and Beijing Key Laboratory of Behavior and Mental Health, TAETEA Consumer Research Center, Peking University Beijing, China.
authors.forename: Lei
authors.initials: L
authors.lastname: Wang
authors.affiliation: School of Psychological and Cognitive Sciences and Beijing Key Laboratory of Behavior and Mental Health, TAETEA Consumer Research Center, Peking University Beijing, China.
authors.forename: Han
authors.initials: H
authors.lastname: Wu
keywords: behavioral social neuro-finance; choice effect; choosership effect; emotion; feedback-related negativity (FRN); neural economics; ownership effect; responsibility