If you've ever wondered why it always seems to be guys that do all that investment in cryptocurrencies, meme stocks, sports gambling, even belief in Donald Trump and conspiracies theories, some new research purports to explain it (but fails, in my opinion).
The research, published in the journal Judgment and Decision Making (yes, that's the name of a scientific journal!), identifies something called the "confidence-information-distortion-confidence" cycle. This essentially says that, once men have an initial opinion on something - whether it be choosing a mortgage or insurance option, making investment decisions, choosing a financial advisor or going it alone - they tend to interpret any subsequent pieces of information, whether confirmatory or useful or relevant or not, as support for their initial assessment. Even if it shouldn't rationally affect their decision at all, each new item of information increases their confidence that their original opinion was right.
You could just call it "conviction bias", rather than the pseudo-science gobbledygook this study chooses to employ. And it's hardly surprising or news, is it? More to the point, it doesn't really explain why men are more affected by this logic blindness than women. But it remains a fact that some 61% of cryptocurrency investors are men, high-risk stock trading tends to be a male province by a two-to-one ratio, and sports betting is male thing by a three-to-one margin.
A study explaining why women are more risk-averse might be more useful. I imagine it has its origins in evolutionary biology or child-rearing or something of that sort. These things usually do.
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