Purpose

Using data obtained from 525 individuals who were surveyed during early spring 2020, this study addressed three aims: (1) to ascertain the degree to which disappointment aversion and expectation proclivity are related; (2) to identify who is most likely to exhibit patterns of disappointment aversion; and (3) to determine to what extent the combination of disappointment aversion and expectation proclivity is associated with financial risk aversion.

Design/methodology/approach

Several analytic methods were used in this study. Descriptive statistics were calculated for each of the measures examined in this study. Correlation, analysis of variance (ANOVA) and regression techniques were used to estimate associations between and among the variables of interest in this study.

Findings

A negative relationship between disappointment aversion and expectation proclivity was noted, which is counter to conventional thinking. It is traditionally thought that those who establish high expectations will experience the greatest disappointment when choice outcomes fall below expectations. In this study, it was determined that when a financial decision-maker consistently establishes high outcome expectations and results fall below expectations, the financial decision-maker feels less disappointment. More precisely, those who consistently establish high expectations tend to be more disappointment tolerant than others.

Research limitations/implications

This paper provides evidence that categories of disappointment aversion and expectation proclivity are associated with financial risk aversion and certain demographic characteristics.

Practical implications

This paper adds support for assertions made in the International Journal of Bank Marketing (IJBM) that it is important for financial service professionals and bankers to manage customer expectations to reduce disappointment with products and services. This paper shows that combinations of disappointment aversion and expectation proclivity are related to the financial risk aversion of customers.

Social implications

Findings from this paper indicate that a commonly used heuristic that decision-makers should reduce expectations to avoid disappointment may not be accurate or particularly useful in the context of financial decision-making.

Originality/value

Findings from this study add to the existing body of literature by showing that aversion to disappointment and the establishment of expectations, while distinct concepts, are interrelated.

中文翻译：

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失望厌恶和期望倾向在描述金融决策者金融风险厌恶中的作用

目的

本研究使用从 2020 年早春接受调查的 525 个人获得的数据，解决了三个目标：(1) 确定失望厌恶和期望倾向的相关程度；(2) 确定谁最有可能表现出失望厌恶的模式；(3) 确定失望厌恶和期望倾向的组合在多大程度上与金融风险厌恶相关。

设计/方法/方法

本研究使用了多种分析方法。对本研究中检查的每项措施都计算了描述性统计数据。相关性、方差分析 (ANOVA) 和回归技术用于估计本研究中感兴趣的变量之间的关联。

发现

注意到失望厌恶和期望倾向之间存在负相关，这与传统思维背道而驰。It is traditionally thought that those who establish high expectations will experience the greatest disappointment when choice outcomes fall below expectations. 在这项研究中，确定当财务决策者始终如一地建立较高的结果预期而结果低于预期时，财务决策者的失望感就会减少。更准确地说，那些一贯建立高期望的人往往比其他人更能容忍失望。

研究限制/影响

本文提供的证据表明，失望厌恶和期望倾向的类别与金融风险厌恶和某些人口特征相关。

实际影响

本文增加了对国际银行营销杂志 (IJBM) 中的断言的支持，即金融服务专业人士和银行家管理客户期望以减少对产品和服务的失望非常重要。本文表明，失望厌恶和期望倾向的组合与客户的金融风险厌恶有关。

社会影响

本文的结果表明，决策者应该降低期望以避免失望的常用启发式方法在财务决策的背景下可能并不准确或特别有用。

原创性/价值

这项研究的结果表明，对失望的厌恶和期望的建立，虽然不同的概念，是相互关联的，从而增加了现有的文献体系。