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Hypotheses

Hypotheses

H1: Socially excluded people have a higher preference for high-risk investment products than socially included people.

H2: For individuals with higher mental budgeting, the positive effect of social exclusion on preference for high-risk investment products will be lower.

H3: The moderating effect of mental budgeting on the impact of social exclusion on consumer preference for high risk investment is mediated by pain of payment.

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The study found that consumers experiencing social exclusion are more likely to make high risk investments. This effect is moderated by consumers' level of mental budgeting such that at high levels of mental budgeting the effect of social exclusio...

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