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Cited by 104Decision-Making and Behavioral EconomicsFinancial Literacy, Pension, Retirement AnalysisIncome, Poverty, and Inequality

A Review of Consequences of Poverty on Economic Decision-Making: A Hypothesized Model of a Cognitive Mechanism

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Adamkovič, Matúš, Martončik, Marcel·2017·Frontiers in Psychology
DOI 10.3389/fpsyg.2017.01784PMC PMC5641572
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Abstract

This review focuses on the issue of poverty affecting economic decision-making. By critically evaluating existing studies, the authors propose a structural model detailing the cognitive mechanism involved in how poverty negatively impacts economic decision-making, and explores evidence supporting the basis for the formation of this model. The suggested mechanism consists of a relationship between poverty and four other factors: (1) cognitive load (e.g., experiencing negative affect and stress); (2) executive functions (e.g., attention, working memory, and self-control); (3) intuition/deliberation in decision-making; and (4) economic decision-making (e.g., time-discounting and risk preference), with a final addition of financial literacy as a covariate. This paper focuses on shortfalls in published research, and delves further into the proposed model.

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  • The literature lacks an up-to-date, integrative, and critical review of all key aspects of scarcity theory.

    “While the field is fast-growing, the literature lacks an up-to-date, integrative, and critical review of (the evidence for) all key aspects of scarcity theory.”

    From Poverty and economic decision making: a review of scarcity theory (2022) · cites this paper as Adamkovic ˇ and Martonc ˇik 2017

    The Conclusion (page unavailable) says earlier research consisted of partial studies that overlooked relationships across a broader framework, supporting the need for an integrative account. But the paper addresses poverty and economic decision-making; it does not establish that the literature lacks an up-to-date, critical review of all key aspects of scarcity theory. (LLM, conf=0.83)

    Experimental — accuracy not yet measured

  • Risk behavior under financial scarcity might depend on whether the prospect involves a potential loss or gain.

    “A potential explanation is that risk behavior under financial scarcity might depend on whether the prospect involves a potential loss or gain (Adamkovic ˇ and Martonc ˇik 2017).”

    From Poverty and economic decision making: a review of scarcity theory (2022) · cites this paper as Adamkovic ˇ and Martonc ˇik 2017

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Authors
Adamkovič, M., & Martončik, M.
Affiliations
University of Prešov (SK)
Corresponding author
Martončik, Marcel
ORCID
Martončik, Marcel
Venue
Frontiers in Psychology
Publisher
Frontiers Media SA
Published
2017-10-11
Volume
8
Pages
1784-1784
ISSN
1664-1078 (ISSN-L)
DOI
10.3389/fpsyg.2017.01784
PMC
PMC5641572
OpenAlex
W2762115998
Cited by
104
References
20
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0.86
Type
journal article
Language
en
Open access
Licence
cc-by
Locations
  • Frontiers in Psychology (publishedVersion, cc-by)
  • PubMed Central (publishedVersion, cc-by)
  • PubMed (publishedVersion)
  • DOAJ (DOAJ: Directory of Open Access Journals) (submittedVersion)
Funders
Agentúra na Podporu Výskumu a Vývoja (APVV-15-0404)
Topics
  • Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
  • Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy, Pension, Retirement Analysis
  • Social Sciences › Sociology and Political Science › Income, Poverty, and Inequality
Keywords
poverty, economic decision-making, cognitive load, executive function, delay discounting, risk preferences, financial literacy, stress, self-control, working memory

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

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