Behavioral economics and monetary wisdom: A cross-level analysis of monetary aspiration, pay (dis)satisfaction, risk perception, and corruption in 32 nations
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| Title: | Behavioral economics and monetary wisdom: A cross-level analysis of monetary aspiration, pay (dis)satisfaction, risk perception, and corruption in 32 nations |
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| Authors: | Thomas Li‐Ping Tang, Zhen Li, Mehmet Ferhat Özbek, Vivien K. G. Lim, Thompson S. H. Teo, Mahfooz A. Ansari, Toto Sutarso, Ilya Garber, Randy Ki‐Kwan Chiu, Brigitte Charles‐Pauvers, Caroline Urbain, Roberto Luna‐Arocas, Jingqiu Chen, Ningyu Tang, Theresa Li‐Na Tang, Fernando Arias‐Galicia, Consuelo Garcia De La Torre, Peter Vlerick, Adebowale Akande, Abdulqawi Salim Al‐Zubaidi, Ali Mahdi Kazem, Mark G. Borg, Bor‐Shiuan Cheng, Linzhi Du, Abdul Hamid Safwat Ibrahim, Kilsun Kim, Eva Malovics, Richard T. Mpoyi, Obiajulu Anthony Ugochukwu Nnedum, Elisaveta Gjorgji Sardžoska, Michael W. Allen, Rosário Correia, Chin‐Kang Jen, Alice S. Moreira, Johnston E. Osagie, AAhad M. Osman‐Gani, Ruja Pholsward, Marko Polic, Petar Skobic, Allen F. Stembridge, Luigina Canova, Anna Maria Manganelli, Adrian H. Pitariu, Francisco José Costa Pereira |
| Contributors: | Özbek, Mehmet Ferhat |
| Source: | Monetary Wisdom ISBN: 9780443154539 RODERIC. Repositorio Institucional de la Universitat de València instname BUSINESS ETHICS THE ENVIRONMENT & RESPONSIBILITY |
| Publisher Information: | Elsevier BV, 2023. |
| Publication Year: | 2023 |
| Subject Terms: | Avaricious monetary aspiration, corruption, greedy desires, Social Sciences, Intention, Country level, high-low probability of risk, pay satisfaction-dissatisfaction, UNETHICAL BEHAVIOR, Gains-losses, monetary wisdom, cross-cultural, Attitude, Behavioral economics, Common method variance, Control, Corruption, CPI, Cross-cultural, Cross-level analysis, Dishonesty, Environmental context, Equity perceptions, Gains–losses, Global, Greedy desires, High–low probability of risk, International, Justice, Level 1, Level 2, Love of money attitude, Measurement invariance, Monetary wisdom, Pay satisfaction–dissatisfaction, Prospect theory, Risk-aversion, Risk-taking, S Curve, Social norms, The certainty effect, The possibility effect, Theory of planned behavior, TPB, Transparency, Unethicality, Wrongdoing, level 1, unethicality, level 2, the certainty effect, social norms, risk-aversion, transparency, RECEPTOR MESSENGER-RNAS, risk-taking, 1. No poverty, prospect theory, global, measurement invariance, RENIN-ANGIOTENSIN SYSTEM, intention, love of money attitude, international, 8. Economic growth, theory of planned behavior, the possibility effect, behavioral economics, gains-losses, High-low probability of risk, country level, INTRACELLULAR RENIN, avaricious monetary aspiration, wrongdoing, PROSPECT-THEORY, common method variance, REGULATORY T-CELLS, s curve, environmental context, dishonesty, UNESCO::CIENCIAS ECONÓMICAS, INTELLIGENCE-LOVE, JOB-SATISFACTION, justice, equity perceptions, SUBFORNICAL ORGAN, Pay satisfaction-dissatisfaction, attitude, GROWTH-FACTOR RECEPTOR, cross-level analysis, control |
| Description: | Corruption involves greed, money, and risky decision‐making. We explore the love of money, pay satisfaction, probability of risk, and dishonesty across cultures. Avaricious monetary aspiration breeds unethicality. Prospect theory frames decisions in the gains‐losses domain and high‐low probability. Pay dissatisfaction (in the losses domain) incites dishonesty in the name of justice at the individual level. The Corruption Perceptions Index, CPI, signals a high‐low probability of getting caught for dishonesty at the country level. We theorize that decision‐makers adopt avaricious love‐of‐money aspiration as a lens and frame dishonesty in the gains‐losses domain (pay satisfaction‐dissatisfaction, Level 1) and high‐low probability (CPI, Level 2) to maximize expected utility and ultimate serenity. We challenge the myth: Pay satisfaction mitigates dishonesty across nations consistently. Based on 6500 managers in 32 countries, our cross‐level three‐dimensional visualization offers the following discoveries. Under high aspiration conditions, pay dissatisfaction excites the highest‐ (third‐highest) avaricious justice‐seeking dishonesty in high (medium) CPI nations, supporting the certainty effect. However, pay satisfaction provokes the second‐highest avaricious opportunity‐seizing dishonesty in low CPI entities, sustaining the possibility effect—maximizing expected utility. Under low aspiration conditions, high pay satisfaction consistently leads to low dishonesty, demonstrating risk aversion—achieving ultimate serenity. We expand prospect theory from a micro and individual‐level theory to a cross‐level theory of monetary wisdom across 32 nations. We enhance the S‐shaped Curve to three 3‐D corruption surfaces across three levels of the global economic pyramid, providing novel insights into behavioral economics, business ethics, the environment, and responsibility. |
| Document Type: | Part of book or chapter of book Article |
| File Description: | application/pdf |
| Language: | English |
| ISSN: | 2694-6424 2694-6416 |
| DOI: | 10.1016/b978-0-443-15453-9.00004-8 |
| DOI: | 10.1111/beer.12505 |
| Access URL: | https://hdl.handle.net/10550/99575 https://hdl.handle.net/20.500.12440/5904 https://onlinelibrary.wiley.com/doi/10.1111/beer.12505 http://doi.org/10.1111/beer.12505 http://hdl.handle.net/1854/LU-01HHCRAY9YPAQW01V4XTHPYJW5 https://biblio.ugent.be/publication/01HHCRAY9YPAQW01V4XTHPYJW5 https://biblio.ugent.be/publication/01HHCRAY9YPAQW01V4XTHPYJW5/file/01HHCRGYQ0JJ4FCM9XYPNJF8H2 |
| Rights: | Elsevier TDM CC BY NC |
| Accession Number: | edsair.doi.dedup.....d58ec37bdf246d03ac49edd6e638a6f9 |
| Database: | OpenAIRE |
Nájsť tento článok vo Web of Science | Abstract: | Corruption involves greed, money, and risky decision‐making. We explore the love of money, pay satisfaction, probability of risk, and dishonesty across cultures. Avaricious monetary aspiration breeds unethicality. Prospect theory frames decisions in the gains‐losses domain and high‐low probability. Pay dissatisfaction (in the losses domain) incites dishonesty in the name of justice at the individual level. The Corruption Perceptions Index, CPI, signals a high‐low probability of getting caught for dishonesty at the country level. We theorize that decision‐makers adopt avaricious love‐of‐money aspiration as a lens and frame dishonesty in the gains‐losses domain (pay satisfaction‐dissatisfaction, Level 1) and high‐low probability (CPI, Level 2) to maximize expected utility and ultimate serenity. We challenge the myth: Pay satisfaction mitigates dishonesty across nations consistently. Based on 6500 managers in 32 countries, our cross‐level three‐dimensional visualization offers the following discoveries. Under high aspiration conditions, pay dissatisfaction excites the highest‐ (third‐highest) avaricious justice‐seeking dishonesty in high (medium) CPI nations, supporting the certainty effect. However, pay satisfaction provokes the second‐highest avaricious opportunity‐seizing dishonesty in low CPI entities, sustaining the possibility effect—maximizing expected utility. Under low aspiration conditions, high pay satisfaction consistently leads to low dishonesty, demonstrating risk aversion—achieving ultimate serenity. We expand prospect theory from a micro and individual‐level theory to a cross‐level theory of monetary wisdom across 32 nations. We enhance the S‐shaped Curve to three 3‐D corruption surfaces across three levels of the global economic pyramid, providing novel insights into behavioral economics, business ethics, the environment, and responsibility. |
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| ISSN: | 26946424 26946416 |
| DOI: | 10.1016/b978-0-443-15453-9.00004-8 |