A New Explanation for the Frog-in-the-Pan Phenomenon Based on the Cognitive-Evolutionary Model of Surprise.

Dapeng Liang, Mengting Liu, Yang Fu, Jiayin Sun, Hongyan Wang

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Article in Behavioral sciences (Basel, Switzerland), 2022. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Not yet cited in PubMed.

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5 · Who and what money

Authors and funding

5 authors.

Dapeng LiangSchool of Management, Harbin Institute of Technology, Harbin 150001, China.

Mengting LiuSchool of Management, Harbin Institute of Technology, Harbin 150001, China.

Yang FuSchool of Management, Harbin Institute of Technology, Harbin 150001, China.

Jiayin SunSchool of Humanities and Social Sciences, Harbin Institute of Technology, Harbin 150001, China.

Hongyan WangSchool of Mathematical Science, Heilongjiang University, Harbin 150080, China.

Funding

China Postdoctoral Science Foundation 2017M621291Heilongjiang Postdoctoral Fund LBH-Z17057National Natural Science Foundation of China 72174043the Fundamental Research Funds for the Central Universities HIT.HSS.202126

6 · The paper itself

Abstract

The frog-in-the-pan (FIP) phenomenon suggests that investors are more sensitive to abrupt price changes than gradual price changes in the stock market. Based on the cognitive-evolutionary model of surprise and the reinforcement learning model, this paper provides a new explanation for the FIP phenomenon in that this phenomenon could be explained by the elicitation of surprise emotion. We predict that when a change substantially and abruptly occurs, the significant prediction error triggers participants' surprise, which makes participants more sensitive to the change. To ascertain these hypotheses, we recruited 109 participants and compared participants' learning rates and surprise responses under different contexts. We observed that participants' learning rate soared when the prediction error was large enough to trigger surprise emotion under abruptly changed conditions and confirmed that the FIP phenomenon could be explained by the elicitation of surprise emotion. In a word, this research demonstrates the significant role of surprise emotion in the decision-making process.

Indexed as

cognitive-evolutionary model of surprisedecision makingfrog-in-the-panreinforcement learning modelsurprise

Identifiers

PMID36661579

DOI10.3390/bs13010007

PMCPMC9854531

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LicenceCC BY

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Read under generation 80e0d062 · epoch 390. Bibliography from PubMed, PubMed Central and OpenAlex; grants from NIH RePORTER; trial links from ClinicalTrials.gov; estimates, votes and beliefs from the OpenQuestion graph.