Advanced

How predictions of economic behavior are affected by the socio-economic status of the target person

Lindqvist, Anna LU and Björklund, Fredrik LU (2017) In Journal of Social Psychology
Abstract (Swedish)
We investigate how the stereotype of the poor (vs. middle class) influences behavioral predictions. In Study 1 participants made predictions regarding another person’s economic behavior in scenarios pertaining to rate of time preferences (loss, gain of smaller and larger amount). We find that participants, across scenarios, expect individuals with low SES to show more short-sightedness, i.e., steeper temporal discounting. This pattern persisted until strong diagnostic information about previous economic behavior was provided. These results are novel, but consistent with previous work on stereotype application. Study 2 probed stereotype accuracy. Participants with lower vs. higher SES reported how they would act in scenarios matching those... (More)
We investigate how the stereotype of the poor (vs. middle class) influences behavioral predictions. In Study 1 participants made predictions regarding another person’s economic behavior in scenarios pertaining to rate of time preferences (loss, gain of smaller and larger amount). We find that participants, across scenarios, expect individuals with low SES to show more short-sightedness, i.e., steeper temporal discounting. This pattern persisted until strong diagnostic information about previous economic behavior was provided. These results are novel, but consistent with previous work on stereotype application. Study 2 probed stereotype accuracy. Participants with lower vs. higher SES reported how they would act in scenarios matching those of Study 1. We find that they respond very similarly, which is in contrast to the stereotype that poor people are more short-sighted, and may possibly be taken to suggest that the association between low SES and short-sightedness is biased. (Less)
Please use this url to cite or link to this publication:
author
organization
publishing date
type
Contribution to journal
publication status
epub
subject
keywords
economic behavior, poor, stereotypes, time preferences
in
Journal of Social Psychology
publisher
Taylor & Francis
ISSN
1940-1183
DOI
10.1080/00224545.2017.1357527
language
English
LU publication?
yes
id
8d008e6f-12a7-4fe6-815c-7e3d08df6adb
date added to LUP
2017-08-28 17:35:47
date last changed
2017-08-29 08:45:08
@article{8d008e6f-12a7-4fe6-815c-7e3d08df6adb,
  abstract     = {We investigate how the stereotype of the poor (vs. middle class) influences behavioral predictions. In Study 1 participants made predictions regarding another person’s economic behavior in scenarios pertaining to rate of time preferences (loss, gain of smaller and larger amount). We find that participants, across scenarios, expect individuals with low SES to show more short-sightedness, i.e., steeper temporal discounting. This pattern persisted until strong diagnostic information about previous economic behavior was provided. These results are novel, but consistent with previous work on stereotype application. Study 2 probed stereotype accuracy. Participants with lower vs. higher SES reported how they would act in scenarios matching those of Study 1. We find that they respond very similarly, which is in contrast to the stereotype that poor people are more short-sighted, and may possibly be taken to suggest that the association between low SES and short-sightedness is biased.},
  author       = {Lindqvist, Anna and Björklund, Fredrik},
  issn         = {1940-1183},
  keyword      = {economic behavior,poor,stereotypes,time preferences},
  language     = {eng},
  month        = {08},
  publisher    = {Taylor & Francis},
  series       = {Journal of Social Psychology},
  title        = {How predictions of economic behavior are affected by the socio-economic status of the target person},
  url          = {http://dx.doi.org/10.1080/00224545.2017.1357527},
  year         = {2017},
}