Ball, S., Ge, S., Smith, A., Wang. W., & Zhang, X.* (2026) Youth Reeducated: The Economic Preference Impacts of China’s Send-Down Movement. Journal of Economic Behavior & Organization , 244: 107496.
We survey Chinese adults, many of whom experienced the sent-down movement as adolescents, to identify the impact of forced rustication on economic preferences and attitudes. To distinguish the effect of being sent down from the effects of confounding factors correlated with the likelihood of being sent down and the duration of stay, we exploit a discontinuity in the probability of being sent down resulting from the unanticipated termination of the movement. We find that individuals who were sent down are more risk averse, more altruistic, and more likely to return the kindness of others. They are also less likely to support redistribution policies or trust the government.
Jin, S., Liu, T., Sun, Z., & Zhang, X.* (2026) Social Isolation Induced Negative Emotions Affect Economic Behavior: A Natural Experiment Study. Journal of Development Economics , 179: 103677.
Social isolation policies, often implemented during major public health or social crises, can exert profound effects on both mental health and economic behavior. This study exploits an abrupt campus-wide restriction on in-person interactions as a natural experiment to examine the consequences of prolonged isolation among young adults. Using both within-subject and between-subject analyses, we find that extended separation from normal social life significantly heightens negative emotions, which in turn partially mediate a decline in cooperative behavior and a rise in antisocial tendencies. Specifically, cooperation decreased by 25.2% and antisocial punishment rose by 86.2% after eight weeks of enforced isolation. These findings highlight the necessity of accounting for the psychological consequences of isolation policies when evaluating their broader societal impacts.
Jin, S., Yan, S., & Zhang, X.* (2025) Measuring Trust Across Countries: Inconsistencies Between Experi- ments and Surveys. Economics Letters , 248: 112213.
This study examines whether incentivized experiments and non-incentivized surveys yield consistent cross-country measurements of trust. Drawing on data from Johnson and Mislin (2011) meta-analysis of 151 trust games, recent 71 studies, and Falk et al (2018) Global Preferences Survey, we find notable divergences between these two approaches. To explore these differences, we conducted trust game experiments with and without incentives at universities in China and the United States. In China, the incentive condition led to markedly different outcomes, while in the U.S., differences were relatively small. Moreover, Chinese participants displayed significantly higher levels of trust in non-incentivized settings. These findings underscore that the influence of incentives on trust varies substantially across cultural contexts.
Zhang, X.*, Jin, S., Chen, X., Li, H., Wang, J., & Yan, S. (2024) From Lab to Life: Decoding the Predictive Power of Present Bias on Adolescent Self-Control Behaviors. Economics Letters , 235: 111516.
This research examines the external validity of laboratory-measured preferences, specifically present bias, in predicting real-life adolescent behaviors. Rooted in the broader debate in experimental economics, we investigate the transferability of lab results, especially in relation to self-control manifestations. Engaging approximately 200 adolescents aged 14 to 19, we assessed present bias through standard intertemporal monetary decisions in a lab setting. Our findings indicate a divergence in the predictive power of laboratory observations. In health-related behaviors, significant correlations were observed between laboratory measurements and BMI, but not with exercise frequency. Meanwhile, academic behaviors such as attendance in self-study courses and late homework submissions were strongly associated. This study sheds light on the nuanced applicability of laboratory-derived preferences in real-world contexts, emphasizing the need for domain-specific considerations.
Zhao, Y., Li, Z., Jin, S., & Zhang, X.* (2024) The Impact of Cognitive Load on Cooperation and Antisocial Punishment: Insights from a Public Goods Game Experiment. Behavioral Sciences , 14(8):638.
This paper investigates the impact of cognitive load on the formation and maintenance of cooperation within a public goods game experiment featuring a punishment option. By integrating the experimental designs of prior studies and manipulating cognitive load through the memorization of numbers with varying digits, we reveal that high cognitive load accelerates the breakdown of cooperation, irrespective of the presence of a punishment system. Furthermore, under high cognitive load, participants are more likely to engage in antisocial punishment, while the punishment of free riders remains unaffected. These findings suggest that increased cognitive load depletes the cognitive resources needed for deliberative decision-making, leading to a higher propensity for antisocial punishment. Our study contributes to the literature by demonstrating the significant influence of cognitive load on cooperative behavior and providing new insights into the causes of antisocial punishment.
Zhang, X., Aimone, J. A., Alsharawy, A., Li, F., Ball, S., & Smith, A. (2024) The Effects of Task Difficulty and Presentation Format on Eye Movements in Risky Choice. Frontiers in Behavioral Economics , 3.
This study investigates the process of risky choice using eye tracking. We manipulate the complexity and presentation of lottery choices while measuring eye movements. In particular, we measure the frequencies of information collection procedures associated with established theories of risky choice, namely, expected utility theory and component comparison theory. These choice process patterns are sensitive to the difficulty of calculations and the presentation format of lotteries. Participants appear to transition between decision-making procedures depending on how lottery choices are presented and their complexity. They also attend to payoffs as the primary feature considered during component comparisons. Our findings emphasize the influence of information presentation on decision-making processes and decisions.
Wu, N., Zhang, X.*, & Zhou, W. (2023) The Impacts of Superstition on Risk Preference and Belief: Evidence from the Chinese Zodiac Year. China Economic Review , 81: 102043.
Previous studies have extensively confirmed that superstition profoundly influences a wide range of economically consequential decisions. However, the underlying mechanisms largely remain unexplored. Specifically, superstitions can affect either people’s endogenous risk preferences or their subjective beliefs about uncertain events. Clarifying which of these two mechanisms is at work holds both policy and practical relevance. Notably, a change in risk preferences does not deviate from the conventional utility maximization framework, while a distortion in beliefs may lead to a welfare loss in decision-making. In this paper, we distinguish these two mechanisms using novel experimental methods, taking the Chinese zodiac year as an example. We find that the zodiac year correlates with both an increase in risk aversion and excessive pessimism in decision-making. Furthermore, we illustrate the potential impacts of zodiac year superstition on real-world businesses through two case studies.
Li. H. & Zhang, X.* (2023) Deciphering the Influence of the Macroeconomic Environment on Economic Preferences: A Comprehensive Analysis of the Global Preferences Survey. Finance Research Letters , 57: 104198.
This study investigates the nuanced impact of macroeconomic conditions on various economic preferences, broadening the scope beyond conventional risk preference analysis. Utilizing the Global Preference Survey data with a sophisticated nonlinear regression model, we reveal that favorable macroeconomic conditions boost patience, yet simultaneously reduce risk aversion, altruism, willingness to penalize unfair actions, and trust levels. These significant shifts in economic preferences, driven by macroeconomic scenarios, carry substantial implications for financial markets, investment behaviors, and the broader macroeconomy, necessitating in-depth exploration in financial research and policy design.
Li. H., Zhang, X.*, Jin, S., Sun, Y., Ma, D., & Wang, C. (2023) The Impact of the Macroeconomic Environment on Social Preferences: Evidence from the Global Preference Survey. Behavioral Sciences , 13(8):648.
The effect of social preferences, such as altruism and trust, on economic development is widely recognized. However, the reciprocal impact, i.e., how individuals experience the economic environment and how this shapes their social preferences, has remained largely under-explored. This study sheds light on this reciprocal effect, revealing an intriguing macroeconomic impact on individuals’ social preferences. By harnessing the Global Preference Survey data and a non-linear regression model, our findings highlight an interesting trend: there is a discernible decrease in individuals’ social preference as they experience enhanced economic conditions, and this effect is more pronounced for males. This crucial revelation underscores the importance for researchers and policymakers to take into account the prospective attenuation of social preferences in the pursuit of economic well-being.
Wang. W., Zhao. X., Zhang, X., Liu, Y. & Yuan. P. (2023) Entrepreneurs’ Role Overload and Empowering Leadership: A Reciprocal Relationship Based on Conservation of Resources. Frontiers in Psychology , 14: 1118099.
Zhang, X.* & Wang, W. (2021) The Impact of China’s One-Child Policy on Economic Preferences: A Regression Discontinuity Design. Economics Bulletin , 41(4): 2300-2308.
In 1979, China’s government adapted the One-Child Policy (OCP), a radical approach to limiting population growth. The One-Child Policy can be regarded as a natural experiment, which allows investigation of whether being a single child in the family changes individuals’ economic preferences. Using the Global Preference Survey and employing a regression discontinuity design, I found that OCP significantly changed people’s risk preferences, and social preferences, which will reshape Chinese society and economy.
Li, F., Ball, S., Zhang, X., & Smith, A. (2020). Focal Stimulation of the Temporoparietal Junction Improves Rationality in Prosocial Decision-making. Scientific Reports , 10: 1–10.
We tested the hypothesis that modulation of neurocomputational inputs to value-based decision-making affects the rationality of economic choices. The brain’s right temporoparietal junction (rTPJ) has been functionally associated with both social behavior and with domain-general information processing and attention. To identify the causal function of rTPJ in prosocial decisions, we administered focal high definition transcranial direct current stimulation (HD-tDCS) while participants allocated money between themselves and a charity in a modified dictator game. Anodal stimulation led to improved rationality as well as increased charitable giving and egalitarianism, resulting in more consistent and efficient choices and increased sensitivity to the price of giving. These results are consistent with the theory that anodal stimulation of the rTPJ increases the precision of value computations in social decision-making. Our results demonstrate that theories of rTPJ function should account for the multifaceted role of the rTPJ in the representation of social inputs into value-based decisions.
