31:
241:
dissonance is resolved in different manners in collectivistic cultures compared to individualistic cultures. Furthermore, Wang et al. (2016) shows that loss aversion is higher in individualistic cultures, and Rose & Kitayama (1991) found that collectivistic cultures tend to trust negative feedback and reject positive ones. Individualism appears more in western culture, hinting at the ostrich effect being higher in western cultures. The studies on the ostrich effect are predominantly conducted on western cultures; therefore, future studies must test for potential cultural differences in the ostrich effect.
171:
This statement shows that when confronted with information that contradicts their beliefs, individuals may experience cognitive dissonance and avoid seeking it to reduce discomfort. This avoidance is the ostrich effect. The opposite, seeking information consistent with your beliefs, is a cognitive bias termed
214:
Gherzi et al. (2014) studied 617 investors from
Barclays Wealth & Management UK. They found no perceivable attempt by investors to ignore or avoid negative information. Instead, they saw that "investors increase their portfolio monitoring following both positive and daily negative market returns,
195:
is the tendency for people to feel the pain of losses more strongly than the pleasure of equivalent gains. Panidi (2015) looked at the link between loss aversion and the ostrich effect - loss aversion was measured through lottery choices, and the ostrich effect was measured through preventive medical
153:
Shepherd & Kay (2012) presented participants with a passage. One group read that the US would have oil for 240 more years (positive information), while the other read that supplies would diminish in 40 years (negative information). Afterwards, participants completed a questionnaire to gauge their
170:
is a state of psychological discomfort that arises when an individual holds two or more conflicting beliefs. Chang et al. (2017) found that when participants ranked reasons on why they did not monitor progress, the main reason was that “information on goal progress would demand a change in beliefs”.
183:
Chang et al. (2017) also found that some participants exhibited the ostrich effect because they did not trust the information provided. Lack of trust is especially true for negative information; Ilgen et al. (1979) found that people are more likely to trust positive feedback than negative feedback.
231:
The researchers argued that Gherzi et al. (2014) sample size of 617 investors was too small, one potential reason that most investors exhibited the meerkat effect rather than the ostrich effect. Sicherman et al. (2016) also showed that the ostrich effect appeared more in “men, older investors and
227:
Sicherman et al. (2016) showed that the sample and demographic moderate the extent that investors exhibited the ostrich effect. In a sample of 100,000, Sicherman et al. (2016) found that 79% of investors showed the ostrich effect while 21% had “anti-ostrich behaviour”, such as the meerkat effect.
109:
Later, Karlsson et al. (2005) studied investors’ decision-making in
Swedish and US markets. They determined that investors from both countries looked up their portfolios more when the market index was increasing (positive information) and less when the index was decreasing (negative information).
240:
Another moderator for the ostrich effect that has yet to be specifically studied but has been theorised is cultural differences. Culture may impact the ostrich effect as the underlying causes of the ostrich effect are all influenced by culture. Hoshino-Browne et al. (2005) showed that cognitive
133:
changes after a co-worker is diagnosed with breast cancer. The company had on-site mammograms and removed all barriers to getting them, such as cost and long queues. 70% of eligible women took up the company’s offer of an annual mammogram. However, surprisingly, in the presence of a co-worker
196:
testing. The study found that higher loss aversion decreases the chance of the decision to do a preventive medical test. Demonstrating that the higher the loss aversion in an individual, the more likely they are to display the ostrich effect by avoiding information on diagnosis.
134:
diagnosed with breast cancer, women “spatially closer to her in the workplace” are 8% less likely to get a screening. Highlighting that in the presence of potentially negative information, people tend to avoid the chance to receive it.
73:. Consistent with the ostrich effect, participants presented with negative information were more likely to avoid updating their beliefs. Moreover, they found that the part of the brain responsible for this cognitive bias was the left
184:
Additionally, DeBono & Harnish (1988) found that the information's trustability depends on the perceived expertise of the information provider. The higher the perceived expertise, the more likely people trust it.
94:
An everyday example of the ostrich effect in a financial context is people avoiding checking their bank account balance after spending a lot of money. The studies below explore the ostrich effect through investors in
102:
Galai & Sade (2003) studied investors' decision-making in Israel’s capital market. They found that investors prefer financial investments where the risk is unreported over those with a similar
154:
interest in learning about energy depletion. Those who read that energy depletion was an urgent problem and that oil would run out in 40 years were more likely to avoid learning about the issue.
142:
Research has found that when people feel uninformed about a pressing matter, they may exhibit the ostrich effect. The ostrich effect may explain why people sometimes avoid tackling
719:"The Theory of Cognitive Dissonance: A Current Perspective11This article and all the original work reported in it were supported by a grant from the National Science Foundation."
57:
where people tend to “bury their head in the sand” and avoid potentially negative but useful information, such as feedback on progress, to avoid psychological discomfort.
30:
69:
evidence of the ostrich effect. Sharot et al. (2012) investigated the differences in positive and negative information when updating existing
1317:
662:"On the perpetuation of ignorance: system dependence, system justification, and the motivated avoidance of sociopolitical information"
754:"Why Do People Act Like the Proverbial Ostrich? Investigating the Reasons That People Provide for Not Monitoring Their Goal Progress"
118:
There are known negative implications of the ostrich effect in healthcare. For example, people with diabetes avoid monitoring their
78:
106:
profile but with frequently reported risks, saying that investors are willing to pay a premium for "the bliss of ignorance".
1117:
Hoshino-Browne, Etsuko; Zanna, Adam S.; Spencer, Steven J.; Zanna, Mark P.; Kitayama, Shinobu; Lackenbauer, Sandra (2005).
1307:
1312:
532:"Self monitoring of blood glucose in type 2 diabetes: longitudinal qualitative study of patients' perspectives"
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Sharot, Tali; Kanai, Ryota; Marston, David; Korn, Christoph W.; Rees, Geraint; Dolan, Raymond J. (2012-10-16).
899:"Source expertise, source attractiveness, and the processing of persuasive information: A functional approach"
215:
behaving more like hyper-vigilant meerkats than head-in-the-sand ostriches". They dubbed this phenomenon the "
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1034:"The meerkat effect: Personality and market returns affect investors' portfolio monitoring behaviour"
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349:"The 'Ostrich Effect' and the Relationship between the Liquidity and the Yields of Financial Assets"
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451:"The Ostrich in Us: Selective Attention to Financial Accounts, Income, Spending, and Liquidity"
45:, was originally coined by Galai & Sade (2003). The name comes from the common (but false)
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305:"'The Ostrich Problem': Motivated Avoidance or Rejection of Information About Goal Progress"
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129:, studying women working at a company to understand how a woman’s propensity to get annual
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Gherzi, Svetlana; Egan, Daniel; Stewart, Neil; Haisley, Emily; Ayton, Peter (2014-11-01).
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1119:"On the cultural guises of cognitive dissonance: The case of Easterners and Westerners"
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Sicherman, Nachum; Loewenstein, George; Seppi, Duane J.; Utkus, Stephen P. (2016).
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81:, participants were more likely to accept the negative information provided.
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489:"The 'Ostrich Effect': Selective Attention to Information about Investments"
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1205:"Culture and the self: Implications for cognition, emotion, and motivation"
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985:"Ostrich Effect in Health Care Decisions: Theory and Empirical Evidence"
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938:"Advances in prospect theory: Cumulative representation of uncertainty"
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860:"Consequences of individual feedback on behavior in organizations"
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Karlsson, Niklas; Seppi, Duane J.; Loewenstein, George F. (2005).
125:
Banerjee & Zanella highlighted the ostrich effect in avoiding
29:
27:
Attempt made by investors to avoid negative financial information
530:
Peel, Elizabeth; Douglas, Margaret; Lawton, Julia (2007-09-06).
858:
Ilgen, Daniel R.; Fisher, Cynthia D.; Taylor, M. Susan (1979).
53:
bury their heads in the sand to avoid danger. This effect is a
752:
Chang, Betty P. I.; Webb, Thomas L.; Benn, Yael (2017-02-08).
813:"Confirmation Bias: A Ubiquitous Phenomenon in Many Guises"
1252:"Dimensionalizing Cultures: The Hofstede Model in Context"
392:"Selectively altering belief formation in the human brain"
717:
Aronson, Elliot (1969-01-01), Berkowitz, Leonard (ed.),
303:
Webb, Thomas L.; Chang, Betty P. I.; Benn, Yael (2013).
1166:"The Impact of Culture on Loss Aversion: Loss Aversion"
1164:
Wang, Mei; Rieger, Marc Oliver; Hens, Thorsten (2017).
897:DeBono, Kenneth G.; Harnish, Richard J. (1988).
587:Zanella, Giulio; Banerjee, Ritesh (2014-03-14).
1038:Journal of Economic Behavior & Organization
396:Proceedings of the National Academy of Sciences
936:Tversky, Amos; Kahneman, Daniel (1992-10-01).
725:, vol. 4, Academic Press, pp. 1–34,
589:"Experiencing Breast Cancer at the Workplace"
77:- by disrupting this part of the brain with
8:
1203:Markus, Hazel R.; Kitayama, Shinobu (1991).
1123:Journal of Personality and Social Psychology
903:Journal of Personality and Social Psychology
666:Journal of Personality and Social Psychology
723:Advances in Experimental Social Psychology
1256:Online Readings in Psychology and Culture
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309:Social and Personality Psychology Compass
660:Shepherd, Steven; Kay, Aaron C. (2012).
449:Olafsson, Arna; Pagel, Michaela (2017).
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253:- another article about the same thing
85:Researched contexts & applications
1170:Journal of Behavioral Decision Making
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1040:. Empirical Behavioral Finance.
942:Journal of Risk and Uncertainty
347:Galai, Dan; Sade, Orly (2003).
1250:Hofstede, Geert (2011-12-01).
811:Nickerson, Raymond S. (1998).
1:
983:Panidi, Ksenia (2015-02-01).
864:Journal of Applied Psychology
731:10.1016/s0065-2601(08)60075-1
1318:Metaphors referring to birds
817:Review of General Psychology
1082:Review of Financial Studies
548:10.1136/bmj.39302.444572.DE
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1221:10.1037/0033-295x.98.2.224
1135:10.1037/0022-3514.89.3.294
1051:10.1016/j.jebo.2014.07.013
915:10.1037/0022-3514.55.4.541
876:10.1037/0021-9010.64.4.349
829:10.1037/1089-2680.2.2.175
460:. Cambridge, MA: w23945.
771:10.3389/fpsyg.2017.00152
236:Future research: Culture
61:Neuroscientific evidence
758:Frontiers in Psychology
493:SSRN Electronic Journal
409:10.1073/pnas.1205828109
353:SSRN Electronic Journal
232:wealthier investors”.
1268:10.9707/2307-0919.1014
1008:Cite journal requires
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1078:"Financial Attention"
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1209:Psychological Review
597:10.2139/ssrn.2424782
267:Elephant in the room
168:Cognitive dissonance
163:Cognitive dissonance
127:preventive screening
41:, also known as the
501:10.2139/ssrn.772125
402:(42): 17058–17062.
361:10.2139/ssrn.431180
1308:Behavioral finance
1095:10.1093/rfs/hhv073
954:10.1007/BF00122574
322:10.1111/spc3.12071
277:Selective exposure
223:Follow-up research
158:Theories on causes
138:Climate and energy
120:blood sugar levels
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987:. Rochester, NY.
591:. Rochester, NY.
257:Confirmation bias
173:confirmation bias
97:financial markets
16:(Redirected from
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104:risk-return
1297:Categories
736:2023-03-31
687:10012/6813
288:References
131:mammograms
114:Healthcare
1276:2307-0919
1229:1939-1471
1190:147620509
1143:1939-1315
1104:0893-9454
1060:0167-2681
962:1573-0476
923:1939-1315
884:1939-1854
837:1089-2680
780:1664-1078
696:1939-1315
615:153923349
556:0959-8138
517:154954897
509:1556-5068
474:158385626
418:0027-8424
377:154904068
369:1556-5068
331:1751-9004
219:effect".
200:Criticism
65:There is
51:ostriches
1237:13606371
1151:16248715
798:28228740
704:22059846
574:17761996
436:23011798
245:See also
1284:7313352
993:2932181
970:8456150
845:8508954
789:5297323
764:: 152.
623:2424782
565:1971180
427:3479523
217:meerkat
90:Finance
71:beliefs
1303:Adages
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262:Denial
47:legend
1280:S2CID
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1186:S2CID
966:S2CID
841:S2CID
611:S2CID
513:S2CID
470:S2CID
454:(PDF)
373:S2CID
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