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Emotion and Consumer Confidence: A preliminary study (Japanese)


  • SEKIZAWA Yoichi
  • KUWAHARA Susumu


Research in psychology and neuroscience has shown that negative emotions such as depression and anxiety affect decision making in such a way that these emotions lead to pessimistic risk estimates. To see if this is applicable to consumer confidence, we conducted preliminary experiments. In the first experiment, college students filled out the Japanese version of the Center for Epidemiologic Studies Depression Scale (CES-D) and the questions from which the Japanese version of the consumer confidence index (CCI) is calculated. In the second experiment, college students filled out the Japanese version of the State-Trait Anxiety Inventory (STAI) and the aforementioned CCI questions. The experiments showed no significant correlation between the CES-D and the CCI, but a significant correlation between the positive affect subscale of the CES-D and the CCI (r=−0.224, p

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  • SEKIZAWA Yoichi & KUWAHARA Susumu, 2012. "Emotion and Consumer Confidence: A preliminary study (Japanese)," Discussion Papers (Japanese) 12027, Research Institute of Economy, Trade and Industry (RIETI).
  • Handle: RePEc:eti:rdpsjp:12027

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