A Closer Look on the Relation Between Nostalgia and Risk-Taking

Building on the work of Zou et al. we (re-)investigated the relation between nostalgia and financial risk-taking across three preregistered, well-powered studies (overall N = 2,804). In Studies 1 and 2, we first tested whether nostalgia fosters or hampers dysfunctional or functional financial risk-taking. Finding no evidence to suggest that nostalgia fosters or hampers neither functional nor dysfunctional financial risk-taking, we tested in Study 3 if the link between nostalgia and financial risk-taking reported by Zou et al. could be replicated and extended to other domains of risk-taking. By and large, the relation between nostalgia and financial risk-taking could not be replicated nor extended to any other domains of risk-taking. Combined, the results nourish doubt on the robustness of the link between nostalgia and risk-taking observed by Zou et al.

Nostalgia in the brain

Nostalgia, a complex emotion that arises from one's yearnful memories, involves multiple psychological processes. Cognitive neuroscience research has shed light on the neural mechanism of nostalgia as well as its adaptive functions. Nostalgia involves brain regions implicated in self-reflection, autobiographical memory, emotion regulation and reward processing. Also, nostalgia buffers various psychological and physical threats by modulating activities in brain regions implicated in emotion regulatory processing (i.e., both top-down emotion regulation and bottom-up sensory and attention processing) and reward processing. These findings deepen understanding of nostalgia and have implications for its application in clinical situations.

Nostalgia and consumer behavior

The present review examines how and when nostalgia, a social emotion with a rich history in marketing, affects consumption-relevant outcomes. It comments that in recent years, nostalgia's role within consumer behavior, including advertising, consumption, and product choice operates through feelings of social connectedness, and thus research must consider boundary conditions based on social parameters. Moreover, it discusses the role of nostalgia in buffering the self from threats, how these threats may elicit nostalgia, and the impact on downstream consumption. It finally examines whether nostalgia always does or does not have a positive impact on consumption-relevant outcomes. Across these areas, the review suggests potential future research directions on potential discrepancies that operate through social boundary conditions.

Nostalgia as motivation

Nostalgia, an approach-oriented emotion, has motivational consequences. In particular, nostalgia raises optimism and inspiration, strengthens the pursuit of one's important goals, appears to encourage financial risk-taking activates the intrinsic or authentic self, and galvanizes the desire to change one's addictive behavior. Nostalgia, a past-oriented emotion, has strong implications for the future. We discuss boundaries of these effects, highlight lacunae in the literature, and point to promising research directions.

Patterns of brain activity associated with nostalgia: a social-cognitive neuroscience perspective

Nostalgia arises from tender and yearnful reflection on meaningful life events or important persons from one's past. In the last two decades, the literature has documented a variety of ways in which nostalgia benefits psychological well-being. Only a handful of studies, however, have addressed the neural basis of the emotion. In this prospective review, we postulate a neural model of nostalgia. Self-reflection, autobiographical memory, regulatory capacity and reward are core components of the emotion. Thus, nostalgia involves brain activities implicated in self-reflection processing (medial prefrontal cortex, posterior cingulate cortex and precuneus), autobiographical memory processing (hippocampus, medial prefrontal cortex, posterior cingulate cortex and precuneus), emotion regulation processing (anterior cingulate cortex and medial prefrontal cortex) and reward processing (striatum, substantia nigra, ventral tegmental area and ventromedial prefrontal cortex). Nostalgia's potential to modulate activity in these core neural substrates has both theoretical and applied implications.

The Effect of Subjective Loss in Financial Risk Taking and Negative Emotion

The current research examined the influence of subjective loss on financial risk-taking tendency and negative emotional experience through inducing the experience of subjective loss in auction scenarios. In Study 1, we found that the subjective loss experience (compared to no-loss experience) in an auction scenario induced greater financial risk propensity, especially in gambling, greater negative emotion, and greater decision regret. In addition, we found that the subjective loss experience induced stronger negative emotion but less risk propensity in investment than the actual loss experience did, but these two types of loss did not yield a difference in risk propensity in gambling in Study 2. These results implicate that subjective loss is a distinct experience from no-loss and actual loss experiences, which is reflected by the degree of associated emotional experience and subsequent risk-taking propensity. The current research highlights the complex psychological processes of the experience of loss in decision-making contexts.

Counting on you: benevolent sexism increases women's financial risk-taking

The present research examined whether and how benevolent sexism, a subjectively positive but sexist ideology, would influence women's financial risk-taking and we proposed that benevolent sexism would increase women's financial risk-taking through economic dependency. Three studies converged to support our proposition. Specifically, Studies 1 and 2 (n = 387) showed that benevolent sexism was positively associated with women's financial risk-taking; such that the more benevolent sexism women endorsed, the more financial risks they tended to take. Using an experimental design, Study 3 (n = 126) established the causal link between benevolent sexism and financial risk-taking for women, and also demonstrated the mediating effect of economic dependency. These findings highlight the role of social ideology in influencing women's financial risk-taking. Implications were discussed.

How Does Nostalgia Conduce to Global Self-Continuity? The Roles of Identity Narrative, Associative Links, and Stability

In five studies (N = 1,074), we examined the relation-both correlational and causal-between nostalgia, a sentimental longing for one's past, and global self-continuity (GSC), a sense of connection among past, present, and future selves. Furthermore, we addressed mechanisms underlying this relation. We asked, in particular, whether nostalgic individuals might achieve GSC by constructing a narrative to give meaning to life transitions (narrative), connecting to the past (associative links), or believing in a self that is resistant to change (stability). Nostalgia predicted (Studies 1-3) and caused (Studies 4 and 5) GSC. The relation between nostalgia and GSC was consistently mediated by narrative, sporadically mediated by associative links, and unmediated by stability. The robust indirect effect via narrative remained significant when controlling for rumination (Study 3). We discuss theoretical and practical implications.

The Ties That Bind: University Nostalgia Fosters Relational and Collective University Engagement

Does nostalgia for one's time at university predict current intentions to engage with the university? In Study 1, United States participants' nostalgia for their university experience (university nostalgia) at a southern public university predicted stronger intentions to socialize with fellow alumni, attend a future reunion, volunteer for their university, and donate money to their university. Study 2 replicated these findings with alumni from a northeastern private university, and extended them by finding that the links between university nostalgia and university engagement emerged even when controlling for the positivity of university experience. In both studies, feelings of university belonging mediated most of the associations between university nostalgia and university engagement. In Study 2, the positivity of the university experience moderated the relation between university nostalgia and two indices of university engagement. Specifically, university nostalgia was more strongly associated with intentions to attend a reunion and donate money among those who had a relatively negative university experience. Nostalgia for one's university past predicts future engagement with the university as well as its members.

The Hedonic Character of Nostalgia: An Integrative Data Analysis

We conducted an integrative data analysis to examine the hedonic character of nostalgia. We combined positive and negative affect measures from 41 experiments manipulating nostalgia ( N = 4,659). Overall, nostalgia inductions increased positive and ambivalent affect, but did not significantly alter negative affect. The magnitude of nostalgia’s effects varied markedly across different experimental inductions of the emotion. The hedonic character of nostalgia, then, depends on how the emotion is elicited and the benchmark (i.e., control condition) to which it is compared. We discuss implications for theory and research on nostalgia and emotions in general.