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Show Me the Honey! Effects of Social Exclusion on Financial Risk-Taking

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  • Rod Duclos
  • Echo Wen Wan
  • Yuwei Jiang

Abstract

This research examines the effects of social exclusion on a critical aspect of consumer behavior, financial decision-making. Specifically, four lab experiments and one field survey uncover how feeling isolated or ostracized causes consumers to pursue riskier but potentially more profitable financial opportunities. These daring proclivities do not appear driven by impaired affect or self-esteem. Rather, interpersonal rejection exacerbates financial risk-taking by heightening the instrumentality of money (as a substitute for popularity) to obtain benefits in life. Invariably, the quest for wealth that ensues tends to adopt a riskier but potentially more lucrative road. The article concludes by discussing the implications of its findings for behavioral research as well as for societal and individual welfare.

Suggested Citation

  • Rod Duclos & Echo Wen Wan & Yuwei Jiang, 2013. "Show Me the Honey! Effects of Social Exclusion on Financial Risk-Taking," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 40(1), pages 122-135.
    • Handle: RePEc:oup:jconrs:doi:10.1086/668900
    DOI: 10.1086/668900
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    Cited by:

    1. Scholten, Lincy & Betkó, János & Gesthuizen, Maurice & Fransen-Kuppens, Gerdine & de Vet, Renée & Wolf, Judith, 2023. "Reciprocal relations between financial hardship, sense of societal belonging and mental health for social assistance recipients," Social Science & Medicine, Elsevier, vol. 321(C).
    2. Xiaohua Zhao & Yuhuang Zheng & Fang Wan, 2020. "Unrelated efforts trigger wishful winning? The impact of extraneous efforts on judgments of winning probability among Chinese consumers," Asian Business & Management, Palgrave Macmillan, vol. 19(5), pages 560-581, November.
    3. Xiaohua Zhao & Yuhuang Zheng & Fang Wan, 0. "Unrelated efforts trigger wishful winning? The impact of extraneous efforts on judgments of winning probability among Chinese consumers," Asian Business & Management, Palgrave Macmillan, vol. 0, pages 1-22.
    4. Wu, Yi & Cai, Yuanyuan & Zhou, Xiaohan & Huang, Xinyi, 2024. "Shaping extendibility: The influence of circular versus angular shapes on consumer brand extension evaluation," Journal of Business Research, Elsevier, vol. 171(C).
    5. Xueqin Wang & Yiik Diew Wong & Kum Fai Yuen, 2021. "Rise of ‘Lonely’ Consumers in the Post-COVID-19 Era: A Synthesised Review on Psychological, Commercial and Social Implications," IJERPH, MDPI, vol. 18(2), pages 1-22, January.
    6. Thomas, Veronica L. & Saenger, Christina, 2020. "Feeling excluded? Join the crowd: How social exclusion affects approach behavior toward consumer-dense retail environments," Journal of Business Research, Elsevier, vol. 120(C), pages 520-528.
    7. Lu Yang & Yuhuang Zheng & Rui Chen, 2021. "Who has a cushion? The interactive effect of social exclusion and gender on fixed savings," Journal of Consumer Affairs, Wiley Blackwell, vol. 55(4), pages 1398-1415, December.
    8. Wang, Wangshuai & Yi, Yanxi & Li, Jie & Sun, Gong & Zhang, Mo, 2022. "Lighting up the dark: How the scarcity of childhood resources leads to preferences for bright stimuli," Journal of Business Research, Elsevier, vol. 139(C), pages 1155-1164.
    9. Rebecca Trump & Stacey Finkelstein & Paul Connell, 2015. "I will risk a stranger’s money, but not my own or my friend’s money: Effect of proximity of the money source to the self on financial risk-taking," Marketing Letters, Springer, vol. 26(4), pages 501-512, December.
    10. Christopher L. Newman & Melissa D. Cinelli & Douglas Vorhies & Judith Anne Garretson Folse, 2019. "Benefitting a few at the expense of many? Exclusive promotions and their impact on untargeted customers," Journal of the Academy of Marketing Science, Springer, vol. 47(1), pages 76-96, January.
    11. Ainslie E. Schultz & Kevin P. Newman & Scott A. Wright, 2023. "The Negative Effect of Low Belonging on Consumer Responses to Sustainable Products," Journal of Business Ethics, Springer, vol. 187(3), pages 473-492, October.
    12. Aghakhani, Hamed & Main, Kelley J., 2019. "Can two negatives make a positive? Social exclusion prevents carryover effects from deceptive advertising," Journal of Retailing and Consumer Services, Elsevier, vol. 47(C), pages 206-214.
    13. Darren W Dahl & Eileen Fischer & Gita V Johar & Vicki G Morwitz, 2017. "Making Sense from (Apparent) Senselessness: The JCR Lens," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 44(4), pages 719-723.
    14. Yina Mao & Yan Liu & Chunyan Jiang & Iris D. Zhang, 2018. "Why am I ostracized and how would I react? — A review of workplace ostracism research," Asia Pacific Journal of Management, Springer, vol. 35(3), pages 745-767, September.
    15. Xiaoming Fan, 2024. "The coldness of machines vs. the warmth of humans: social exclusion and compensatory consumption of handmade products," Italian Journal of Marketing, Springer, vol. 2024(3), pages 267-285, September.
    16. Robert A. Peterson & U. N. Umesh, 2018. "On the significance of statistically insignificant results in consumer behavior experiments," Journal of the Academy of Marketing Science, Springer, vol. 46(1), pages 81-91, January.
    17. Tobias Thomas Prietzel, 2020. "The effect of emotion on risky decision making in the context of prospect theory: a comprehensive literature review," Management Review Quarterly, Springer, vol. 70(3), pages 313-353, August.
    18. Tae Hyun Baek & Sukki Yoon & Seeun Kim & Yeonshin Kim, 2019. "Social exclusion influences on the effectiveness of altruistic versus egoistic appeals in charitable advertising," Marketing Letters, Springer, vol. 30(1), pages 75-90, March.
    19. Liu, Fu & Wei, Haiying & Zhu, Zhenzhong & Chen, Haipeng (Allan), 2022. "Warmth or competence: Brand anthropomorphism, social exclusion, and advertisement effectiveness," Journal of Retailing and Consumer Services, Elsevier, vol. 67(C).
    20. Marguerite DeLiema & Paul Witt, 2021. "Mixed Methods Analysis of Consumer Fraud Reports of the Social Security Administration Impostor Scam," Working Papers wp434, University of Michigan, Michigan Retirement Research Center.
    21. Rai, Dipankar & Lin, Chien-Wei (Wilson), 2019. "The influence of implicit self-theories on consumer financial decision making," Journal of Business Research, Elsevier, vol. 95(C), pages 316-325.
    22. Justina Sidlauskiene & Yannick Joye & Vilte Auruskeviciene, 2023. "AI-based chatbots in conversational commerce and their effects on product and price perceptions," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-21, December.
    23. Zhang, Mingyue & Chen, Haipeng (Allan), 2024. "Risk-taking to restore negative self-view: The effect of autonomy and subjective business on financial risk-taking," Journal of Business Research, Elsevier, vol. 176(C).
    24. Katina Kulow & Thomas Kramer & Kara Bentley, 2021. "Lady Luck: Anthropomorphized Luck Creates Perceptions of Risk-Sharing and Drives Pursuit of Risky Alternatives," Journal of the Association for Consumer Research, University of Chicago Press, vol. 6(3), pages 383-393.

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