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      Constructing conviction through action and narrative: how money managers manage uncertainty and the consequence for financial market functioning

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      Socio-Economic Review
      Oxford University Press (OUP)

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          Economic Action and Social Structure: The Problem of Embeddedness

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            Emotion Work, Feeling Rules, and Social Structure

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              Deciding advantageously before knowing the advantageous strategy.

              Deciding advantageously in a complex situation is thought to require overt reasoning on declarative knowledge, namely, on facts pertaining to premises, options for action, and outcomes of actions that embody the pertinent previous experience. An alternative possibility was investigated: that overt reasoning is preceded by a nonconscious biasing step that uses neural systems other than those that support declarative knowledge. Normal participants and patients with prefrontal damage and decision-making defects performed a gambling task in which behavioral, psychophysiological, and self-account measures were obtained in parallel. Normals began to choose advantageously before they realized which strategy worked best, whereas prefrontal patients continued to choose disadvantageously even after they knew the correct strategy. Moreover, normals began to generate anticipatory skin conductance responses (SCRs) whenever they pondered a choice that turned out to be risky, before they knew explicitly that it was a risky choice, whereas patients never developed anticipatory SCRs, although some eventually realized which choices were risky. The results suggest that, in normal individuals, nonconscious biases guide behavior before conscious knowledge does. Without the help of such biases, overt knowledge may be insufficient to ensure advantageous behavior.
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                Author and article information

                Journal
                Socio-Economic Review
                Oxford University Press (OUP)
                1475-147X
                1475-1461
                April 2015
                April 01 2015
                May 02 2014
                April 2015
                April 01 2015
                May 02 2014
                : 13
                : 2
                : 309-330
                Article
                10.1093/ser/mwu020
                70c0f7f8-738f-49d4-8b91-a666147bdf90
                © 2014
                History

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