Subjects: Psychology >> Developmental Psychology submitted time 2023-03-28 Cooperative journals: 《心理科学进展》
Abstract： Richard Thaler was awarded the 2017 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel for his contributions to behavioral economics. Based on bounded rationality, procrastination, loss aversion, and self-control, Thaler proposed the “Save More Tomorrow” plan that nudge employees to save more for their retirement by increasing the amount saved with every salary raised. Starting at the beginning, Thaler suggested that automatic enrollment can be used as the default option for employees to increase 401(k) participation. At the later stage, automatic escalation, which automatically allocates a fraction of the employees’ future pay increase to 401(k) contribution, is proposed to nudge the increase of contribution rates. The SMarT program, which was labeled as libertarian paternalism, can result in not only increased participation and contribution rates, but also the broad diversification of portfolios. The SMarT program profoundly affected policy in England, New Zealand, and other countries in which governments have established policies to make automatic enrollment the default option for employees to participate in retirement savings plan. Researchers have also been inspired to investigate the mechanism of retirement savings behavior. We first analyze the present status given that the three primary sources of retirement income are disproportionate in China. Then, we discuss and suggest nudge methods to incorporate behavioral economic insights, such as default option, framing effect, mental account and manipulating the “two-route loss” to “one-route loss” to promote retirement savings. Improvements to the participation and contribution rates can also be nudged by designing a plan and formulating a policy on retirement savings in China.
Subjects: Psychology >> Social Psychology submitted time 2023-03-27 Cooperative journals: 《心理学报》
Abstract： Humans are facing an unprecedented historical crisis and challenge. To identify the strategies that we can use to cope with historical crisis and challenge, we should investigate two well-studied strategies: “slow strategy, ” which is essentially an investment in the future, and “fast strategy” or “live fast, die young.” According to “The Ant and the Grasshopper, ” Aesop’s fable, which is under the pretext of intertemporal choice of social insects, the “slow” rather than the “fast” strategy is recommended for those who want to survive the environmental crisis. Intertemporal choice requires tradeoffs among outcomes whose effects occur at different times. In the commonly accepted language of intertemporal choice, the Ant, whose choice is the “larger but later” (LL) option, is more likely to survive the harsh winter than the Grasshopper, whose choice is the “smaller but sooner” (SS) option. To determine the optimal intertemporal choice strategy that can help us to cope with the COVID-19 pandemic, we included 26, 355 participants from 18 Asian, African, European, American, and Oceanian countries in the present study. We investigated the participants’ preferences in intertemporal choice with double-dated mixed outcomes, evaluated the degree of change in their intertemporal choice by differentiating the common currency in peacetime and epidemic time (i.e., two kinds of change indicators used for differentiating currencies and stages, respectively). We then asked them to rate their self-rated surviving achievement in the fight against COVID-19. Considering that individuals’ surviving achievements were affected by individual- and religious-level factors, we analyzed all data by using multilevel linear analysis to reflect the data’s hierarchical structure. After considering individual differences in personal factors and religious factors, we constructed two-level models to explore the effects of the change in intertemporal choice on self-rated surviving achievement, and measured the moderating role of cultural orientation in terms of Hofstede’s six culture dimensions. The findings of the cross-national survey revealed that Change Indicator 1 (∆ currency) and Change Indicator 2 (∆ stage) of Chinese/Singaporeans could jointly predict their self-rated surviving achievement. Meanwhile, only Change Indicator 2 (∆ stage) alone could predict the self-rated surviving achievement of people in the cultural circle that included the India, Malaysia, Philippines, and Nigeria. Neither Change Indicator 1 (∆ currency) nor Change Indicator 2 (∆ stage) of the people in other cultures could significantly predict their self-rated surviving achievement. On the basis of the gist of The Book of Change and the resulting findings, we suggested that 1) how you differentially (flexibly) made an intertemporal choice in peacetime and epidemic time would reflect the extent to which you would survive the war against COVID-19. In addition, 2) the mindset of change might shape the competitive advantage of a nation, such as China, in response to the historical crisis. The closer the cultural distance of a country or nation from China, the greater the possibility of benefitting from a similar competitive advantage. It is our hope that our findings would contribute to answer the question of what are “Psychological Characteristics and Behaviors of Chinese People in Response to Historical Crisis?”
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