psychological_variable,context,estimated_studies_1990_2025,avg_sample_size,main_countries,typical_age_range,education_level,key_finding,effect_size,metric,reference
Risk Aversion,Investment,1000+,200,"USA, Germany, UK, Japan, China, Latin America",18-65,Mixed (often university),People overweight losses at ratio ~2:1 (loss aversion),0.5,Pearson r,Kahneman & Tversky (1979)
Risk Aversion,Consumption,1000+,200,"USA, Europe, Asia",18-65,Mixed,Risk aversion reduces spending and increases precautionary saving,0.5,Pearson r,Kahneman & Tversky (1979)
Risk Aversion,Financial decisions,1000+,180,"USA, Germany, UK, Netherlands",25-60,University or higher,Higher risk aversion associated with lower portfolio equity share,0.45,Pearson r,Thaler & Sunstein (2008)
Risk Aversion,Fraud,800+,150,"USA, Europe",20-55,Mixed,Low risk tolerance increases susceptibility to safe-seeming fraudulent schemes,0.4,Pearson r,Kahneman (2011)
Confirmation Bias,Investment,800+,150,"North America, Europe",20-50,High (university+),Investors favor confirming information; overconfidence in stock picks boosted ~30%,0.7,Cohen d,Kahneman (2011)
Confirmation Bias,Financial decisions,800+,140,"USA, UK, Canada",22-50,High,Selective attention to confirming financial news increases portfolio concentration,0.65,Cohen d,Kahneman & Tversky (1979)
Confirmation Bias,Fraud,600+,120,"USA, Europe, Asia",25-55,Mixed to high,Selective trust in fraudulent narratives amplifies susceptibility by ~40%,0.7,Cohen d,Kahneman (2011)
Confirmation Bias,Consumption,500+,130,"USA, Europe",20-45,University,Brand loyalty reinforced through confirmation bias; disconfirming reviews discounted,0.6,Cohen d,Kahneman (2011)
Temporal Discounting,Consumption,2000+,250,"USA, Europe, Latin America",18-60+,Low to high,Prefer $50 now over $100 later; hyperbolic discount rate k=0.1-0.3,Large,k=0.25,Kahneman (2011)
Temporal Discounting,Investment,2000+,250,"USA, Europe, Latin America",18-65,Varied,Short-termism reduces long-term portfolio performance,Large,k=0.25,Kahneman (2011)
Temporal Discounting,Financial decisions,2000+,230,"USA, Latin America, Europe",20-55,Varied,High discounting leads to under-saving and over-borrowing,Large,k=0.15-0.30,Thaler & Sunstein (2008)
Temporal Discounting,Fraud,1200+,200,"USA, Europe",18-55,Varied,Fraud exploits temporal impatience; high discounters 2x more susceptible,Large,Odds ratio ~2.0,Kahneman (2011)
Cognitive Heuristics,Investment,1500+,150,"USA, UK, Germany, Australia",18-55,University (WEIRD bias),Anchoring biases investment bids by 20-50%; availability causes market overreaction,0.6,Cohen d,Tversky & Kahneman (1974)
Cognitive Heuristics,Consumption,1500+,160,"USA, Europe, Japan",18-55,University,Availability heuristic fuels consumption fads; representativeness drives brand stereotyping,0.55,Cohen d,Tversky & Kahneman (1974)
Cognitive Heuristics,Fraud,900+,130,"USA, Europe, Asia",20-60,Mixed,Salient fraud stories increase fear; representativeness causes trust in plausible fraudsters,0.5,Cohen d,Kahneman (2011)
Cognitive Heuristics,Financial decisions,1200+,150,"USA, UK, Germany",22-55,University,Anchoring to initial price distorts negotiation by 20-50%,0.65,Cohen d,Tversky & Kahneman (1974)