- Original authors / creators
- Lidor Krava; Shahar Ayal; Guy Hochman
- Original publication
- Frontiers in Psychology · Frontiers Media SA · 2021-09-27
- License & retained notices
- CC BY 4.0
Copyright © 2021 Krava, Ayal and Hochman.
Article-specific license evidence ↗Exact license notice
© 2021 Krava, Ayal and Hochman. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) . The use, distribution or reproduction in other forums is permitted, provided the original author(s) and the copyright owner(s) are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms. - Edition changes
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- Evidence limits
- Adjacent research, not a directly sampled family-office study. Applicability to a family office requires separate assessment. Except for Study 1, our studies were not incentivized, and participants were asked to engage in hypothetical financial tasks without an actual incentive structure. However, the results support previous findings (Davis et al., 1993; Glöckner, 2007; Ayal et al., 2011, 2015) and highlight situations in which intuitive thinking leads to well-adjusted judgments. Future research should assess whether similar results would be obtained in decisions that have actual monetary payoffs to examine the generalizability of our results to more “natural” decisions. In addition, in all three studies, we focused on the difference between repeated decisions (e.g., the debt management game and savings tasks) and one-time decisions (e.g., economic scenarios). Therefore, other factors that may lead to intuitive decision-making should be examined in future research; for instance, the effect of framing economic problems in terms of loss or gain (Tversky and Kahneman, 1981) on the relationship between thinking mode and financial decision-making quality. Future research could also explore individual differences, such as financial literacy, age, gender, and other demographics, which may affect the relationship between thinking mode and performance on financial tasks. Finally, Studies 2b and 3 were conducted sequentially with the same sample. Therefore, future research should examine whether the same results would be obtained with different samples.
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- Rights and full text checked 2026-11-05. Included in this volume on 2026-11-05. Original source dates remain unchanged.
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