Confidence Modulates the Conformity Behavior of the Investors and Neural Responses of Social Influence in Crowdfunding

The decision about whether to invest can be affected by the choices or opinions of others known as a form of social influence. People make decisions with fluctuating confidence, which plays an important role in the decision process. However, it remains a fair amount of confusion regarding the effect...

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Autores principales:	Jiehui Zheng, Linfeng Hu, Lu Li, Qiang Shen, Lei Wang
Formato:	article
Lenguaje:	EN
Publicado:	Frontiers Media S.A. 2021
Materias:	social influence conformity behavior confidence crowdfunding event-related potentials (ERP) feedback-related negativity (FRN) Neurosciences. Biological psychiatry. Neuropsychiatry RC321-571
Acceso en línea:	https://doaj.org/article/6d83ec548570443fb28f37fea54905a1
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spelling	oai:doaj.org-article:6d83ec548570443fb28f37fea54905a12021-11-04T07:10:57ZConfidence Modulates the Conformity Behavior of the Investors and Neural Responses of Social Influence in Crowdfunding1662-516110.3389/fnhum.2021.766908https://doaj.org/article/6d83ec548570443fb28f37fea54905a12021-11-01T00:00:00Zhttps://www.frontiersin.org/articles/10.3389/fnhum.2021.766908/fullhttps://doaj.org/toc/1662-5161The decision about whether to invest can be affected by the choices or opinions of others known as a form of social influence. People make decisions with fluctuating confidence, which plays an important role in the decision process. However, it remains a fair amount of confusion regarding the effect of confidence on the social influence as well as the underlying neural mechanism. The current study applied a willingness-to-invest task with the event-related potentials method to examine the behavioral and neural manifestations of social influence and its interaction with confidence in the context of crowdfunding investment. The behavioral results demonstrate that the conformity tendency of the people increased when their willingness-to-invest deviated far from the group. Besides, when the people felt less confident about their initial judgment, they were more likely to follow the herd. In conjunction with the behavioral findings, the neural results of the social information processing indicate different susceptibilities to small and big conflicts between the own willingness of the people and the group, with small conflict evoked less negative feedback-related negativity (FRN) and more positive late positive potential (LPP). Moreover, confidence only modulated the later neural processing by eliciting larger LPP in the low confidence, implying more reliance on social information. These results corroborate previous findings regarding the conformity effect and its neural mechanism in investment decision and meanwhile extend the existing works of literature through providing behavioral and neural evidence to the effect of confidence on the social influence in the crowdfunding marketplace.Jiehui ZhengJiehui ZhengLinfeng HuLu LiLu LiQiang ShenLei WangLei WangFrontiers Media S.A.articlesocial influenceconformity behaviorconfidencecrowdfundingevent-related potentials (ERP)feedback-related negativity (FRN)Neurosciences. Biological psychiatry. NeuropsychiatryRC321-571ENFrontiers in Human Neuroscience, Vol 15 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	social influence conformity behavior confidence crowdfunding event-related potentials (ERP) feedback-related negativity (FRN) Neurosciences. Biological psychiatry. Neuropsychiatry RC321-571
spellingShingle	social influence conformity behavior confidence crowdfunding event-related potentials (ERP) feedback-related negativity (FRN) Neurosciences. Biological psychiatry. Neuropsychiatry RC321-571 Jiehui Zheng Jiehui Zheng Linfeng Hu Lu Li Lu Li Qiang Shen Lei Wang Lei Wang Confidence Modulates the Conformity Behavior of the Investors and Neural Responses of Social Influence in Crowdfunding
description	The decision about whether to invest can be affected by the choices or opinions of others known as a form of social influence. People make decisions with fluctuating confidence, which plays an important role in the decision process. However, it remains a fair amount of confusion regarding the effect of confidence on the social influence as well as the underlying neural mechanism. The current study applied a willingness-to-invest task with the event-related potentials method to examine the behavioral and neural manifestations of social influence and its interaction with confidence in the context of crowdfunding investment. The behavioral results demonstrate that the conformity tendency of the people increased when their willingness-to-invest deviated far from the group. Besides, when the people felt less confident about their initial judgment, they were more likely to follow the herd. In conjunction with the behavioral findings, the neural results of the social information processing indicate different susceptibilities to small and big conflicts between the own willingness of the people and the group, with small conflict evoked less negative feedback-related negativity (FRN) and more positive late positive potential (LPP). Moreover, confidence only modulated the later neural processing by eliciting larger LPP in the low confidence, implying more reliance on social information. These results corroborate previous findings regarding the conformity effect and its neural mechanism in investment decision and meanwhile extend the existing works of literature through providing behavioral and neural evidence to the effect of confidence on the social influence in the crowdfunding marketplace.
format	article
author	Jiehui Zheng Jiehui Zheng Linfeng Hu Lu Li Lu Li Qiang Shen Lei Wang Lei Wang
author_facet	Jiehui Zheng Jiehui Zheng Linfeng Hu Lu Li Lu Li Qiang Shen Lei Wang Lei Wang
author_sort	Jiehui Zheng
title	Confidence Modulates the Conformity Behavior of the Investors and Neural Responses of Social Influence in Crowdfunding
title_short	Confidence Modulates the Conformity Behavior of the Investors and Neural Responses of Social Influence in Crowdfunding
title_full	Confidence Modulates the Conformity Behavior of the Investors and Neural Responses of Social Influence in Crowdfunding
title_fullStr	Confidence Modulates the Conformity Behavior of the Investors and Neural Responses of Social Influence in Crowdfunding
title_full_unstemmed	Confidence Modulates the Conformity Behavior of the Investors and Neural Responses of Social Influence in Crowdfunding
title_sort	confidence modulates the conformity behavior of the investors and neural responses of social influence in crowdfunding
publisher	Frontiers Media S.A.
publishDate	2021
url	https://doaj.org/article/6d83ec548570443fb28f37fea54905a1
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Confidence Modulates the Conformity Behavior of the Investors and Neural Responses of Social Influence in Crowdfunding

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