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The power of stereotyping and confirmation bias to overwhelm accurate assessment: the case of economics, gender, and risk aversion

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  • Julie A. Nelson

Abstract

Behavioral research has revealed how normal human cognitive processes can tend to lead us astray. But do these affect economic researchers, ourselves? This article explores the consequences of stereotyping and confirmation bias using a sample of published articles from the economics literature on gender and risk aversion. The results demonstrate that the supposedly 'robust' claim that 'women are more risk averse than men' is far less empirically supported than has been claimed. The questions of how these cognitive biases arise and why they have such power are discussed, and methodological practices that may help to attenuate these biases are outlined.

Suggested Citation

  • Julie A. Nelson, 2014. "The power of stereotyping and confirmation bias to overwhelm accurate assessment: the case of economics, gender, and risk aversion," Journal of Economic Methodology, Taylor & Francis Journals, vol. 21(3), pages 211-231, September.
    • Handle: RePEc:taf:jecmet:v:21:y:2014:i:3:p:211-231
    DOI: 10.1080/1350178X.2014.939691
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    Citations

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    Cited by:

    1. Julie A. Nelson, 2015. "Are Women Really More Risk-Averse Than Men? A Re-Analysis Of The Literature Using Expanded Methods," Journal of Economic Surveys, Wiley Blackwell, vol. 29(3), pages 566-585, July.
    2. Julie Nelson, 2015. "Fearing fear: gender and economic discourse," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 14(1), pages 129-139, June.
    3. Guilhem Lecouteux, 2023. "The Homer economicus narrative: from cognitive psychology to individual public policies," Journal of Economic Methodology, Taylor & Francis Journals, vol. 30(2), pages 176-187, April.
    4. Lundberg, Shelly, 2022. "Gender Economics: Dead-Ends and New Opportunities," IZA Discussion Papers 15217, Institute of Labor Economics (IZA).
    5. Bosworth, Steven J. & Clot, Sophie & Della Giusta, Marina, 2019. "DIY or Ask Someone Nice?," IZA Discussion Papers 12406, Institute of Labor Economics (IZA).
    6. David G. Green, 2023. "Emergence in complex networks of simple agents," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 18(3), pages 419-462, July.
    7. Ferreira Freire Guimarães, Carla Regina & Silva, Joaquim Ramos, 2016. "Pay gap by gender in the tourism industry of Brazil," Tourism Management, Elsevier, vol. 52(C), pages 440-450.
    8. Sophie Clot & Marina Della Giusta & Amalia Di Girolamo, 2018. "Keep Calm and Carry on: Gender Differences in Endurance," Economics Discussion Papers em-dp2018-03, Department of Economics, University of Reading.
    9. Mangirdas Morkunas & Elzė Rudienė & Lukas Giriūnas & Laura Daučiūnienė, 2020. "Assessment of Factors Causing Bias in Marketing- Related Publications," Publications, MDPI, vol. 8(4), pages 1-16, October.
    10. Gibson Burrell & Michael R. Hyman & Christopher Michaelson & Julie A. Nelson & Scott Taylor & Andrew West, 2022. "The Ethics and Politics of Academic Knowledge Production: Thoughts on the Future of Business Ethics," Journal of Business Ethics, Springer, vol. 180(3), pages 917-940, October.
    11. Nicolas Eber & Patrick Roger & Tristan Roger, 2024. "Finance and intelligence: An overview of the literature," Journal of Economic Surveys, Wiley Blackwell, vol. 38(2), pages 503-554, April.
    12. Beblo Miriam, 2016. "Eswaran, Mukesh: Why Gender Matters in Economics, Winner of the 2015 PROSE Award in Textbook/Social Sciences," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 236(4), pages 529-531, August.
    13. Julie A. Nelson, 2016. "Male Is a Gender, Too: A Review of Why Gender Matters in Economics by Mukesh Eswaran," Journal of Economic Literature, American Economic Association, vol. 54(4), pages 1362-1376, December.
    14. Nicolas Eber & Patrick Roger & Tristan Roger, 2024. "Finance and intelligence: An overview of the literature," Journal of Economic Surveys, Wiley Blackwell, vol. 38(2), pages 503-554, April.
    15. Altug Yalcintas & Isil Sirin Selcuk, 2016. "Research Ethics Education in Economics," Review of Social Economy, Taylor & Francis Journals, vol. 74(1), pages 53-74, March.
    16. Cui, Xuegang & Feltovich, Nick & Zhang, Kun, 2022. "Incentive schemes, framing, and market behaviour: Evidence from an asset-market experiment," Journal of Economic Behavior & Organization, Elsevier, vol. 197(C), pages 301-324.
    17. Guilhem Lecouteux, 2022. "The Homer economicus narrative: from cognitive psychology to individual public policies," Working Papers hal-03791951, HAL.
    18. Anastasia Cozarenco & Ariane Szafarz, 2024. "How to identify lending bias when the lender's goal is not profit?," Working Papers CEB 24-007, ULB -- Universite Libre de Bruxelles.
    19. Hoffmann, Robert & Coate, Bronwyn, 2022. "Fame, What’s your name? quasi and statistical gender discrimination in an art valuation experimentc," Journal of Economic Behavior & Organization, Elsevier, vol. 202(C), pages 184-197.

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