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Acute stress does not affect economic behavior in the experimental laboratory

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  • Róbert F Veszteg
  • Kaori Yamakawa
  • Tetsuya Matsubayashi
  • Michiko Ueda

Abstract

We report statistical results from a laboratory experiment in which participants were required to make decisions with monetary consequences in several solitary and interactive situations under acute stress. Our study follows the tradition of behavioral and experimental economics in selecting the experimental situations and incorporates elements from medical and psychological research in the way stress is induced and measured. It relies on a larger sample, with 192 volunteers, than previous studies to achieve higher statistical power. The main conclusion, drawn from binary comparisons between the treatment and reference groups, is that acute stress does not have a significant impact on cognitive skills, strategic sophistication, risk attitudes, altruism, cooperativeness, or nastiness. Regression analysis, controlling for psycho-social characteristics, corroborates these findings, while also suggesting that acute stress significantly decreases men’s risk aversion (as measured by a lottery-choice risk-elicitation task).

Suggested Citation

  • Róbert F Veszteg & Kaori Yamakawa & Tetsuya Matsubayashi & Michiko Ueda, 2021. "Acute stress does not affect economic behavior in the experimental laboratory," PLOS ONE, Public Library of Science, vol. 16(1), pages 1-24, January.
    • Handle: RePEc:plo:pone00:0244881
    DOI: 10.1371/journal.pone.0244881
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    References listed on IDEAS

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    1. Leder, Johannes & Häusser, Jan Alexander & Mojzisch, Andreas, 2015. "Exploring the underpinnings of impaired strategic decision-making under stress," Journal of Economic Psychology, Elsevier, vol. 49(C), pages 133-140.
    2. Jana Cahlíková & Lubomír Cingl, 2017. "Risk preferences under acute stress," Experimental Economics, Springer;Economic Science Association, vol. 20(1), pages 209-236, March.
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