19. Erik Wengström: Loss aversion when deciding for others, the relationship between economics & psychology, and prosociality during the COVID-19 pandemic

Erik Wengström is a Professor of Economics at Lund University where he studies how people behave in economic and financial situations.  In this conversation, we talk about his study about loss aversion when deciding for others and his recent study on prosociality during the COVID-19 pandemic. Along the way, we also discuss the differences and similarities between economics and psychology. BJKS Podcast is a podcast about neuroscience, psychology, and anything vaguely related, hosted by Benjamin James Kuper-Smith. New conversations every other Friday. You can find the podcast on all podcasting platforms (e.g., Spotify, Apple/Google Podcasts, etc.).Timestamps0:00:04: What is loss aversion?0:05:45: Start discussing Erik's paper Deciding For Others Reduces Loss Aversion0:16:01: Generalising decision-making across different contexts0:20:28: The relationship between economics and psychology0:30:45: Peer-review and publishing in economics0:44:14: Start discussing Erik's study on prosociality during the COVID-19 pandemic0:50:09: Deception in psychology and economics experiments0:53:39: The risk dictator game1:03:50: Comparing our COVID study with Erik's studyPodcast linksWebsite: https://bjks.buzzsprout.com/Twitter: https://twitter.com/BjksPodcastErik's linksWebsite: https://sites.google.com/site/erikwengstrom/Google Scholar: https://scholar.google.de/citations?user=SRPZRHoAAAAJTwitter: https://twitter.com/ErikWengstromBen's linksWebsite: www.bjks.blog/Google Scholar: https://scholar.google.co.uk/citations?user=-nWNfvcAAAAJTwitter: https://twitter.com/bjks_tweetsReferencesAndersson, O., Holm, H. J., Tyran, J. R., & Wengström, E. (2016). Deciding for others reduces loss aversion. Management Science.Andersson, O., Holm, H. J., Tyran, J. R., & Wengström, E. (2020). Risking Other People's Money: Experimental Evidence on the Role of Incentives and Personality Traits. The Scandinavian Journal of Economics.Andersson, O., Campos-Mercade, P., Meier, A., & Wengström, E. (2020). Anticipation of COVID-19 vaccines reduces social distancing. Available at SSRN 3765329.Campos-Mercade, P., Meier, A. N., Schneider, F. H., & Wengström, E. (2021). Prosociality predicts health behaviors during the COVID-19 pandemic. Journal of Public Economics.Kuper-Smith, B. J., Doppelhofer, L. M., Oganian, Y., Rosenblau, G., Korn, C. W. (2021. Risk perception and optimism during the early stages of the COVID-19 pandemic. PsyArXiv.Smaldino: my conversation with Paul Smaldino about formal modelling: https://bjks.buzzsprout.com/1390924/7048246-8-paul-smaldino-cubist-chickens-formal-models-and-the-psychology-curriculumTversky, A., & Kahneman, D. (1991). Loss aversion in riskless choice: A reference-dependent model. The quarterly journal of economics.