Are individuals who apply more often strategies for regulating their internal emotions less likely to accept low prices for goods they own

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The study “EmotionsTime.csv” investigated if emotion regulation strategies can increase patience and are related to loss aversion in 56 English speakers. We investigate in this assignment

(a) if the advice to regulate your emotions increases patience in delay discounting and

(b) to what degree the measured ability to regulate emotions predicts willingness-to-sell. All analyses should be conducted on the dataset “EmotionsTime.csv”. Please study the accompanying description of the data set carefully. Compute scale scores where appropriate.

1. As an initial check, please summarize descriptively how much patience individuals express in this dataset as measured with the delay discounting task (PatienceScore). Draw, annotate, and describe a graph that illustrates its distribution. Is the PatienceScore a good indicator for individual’s patience and why (or why not)?

2. Test the directional alternative hypothesis that advice about strategies to deal with frustrating situations makes individuals more patient than individuals in the control group. Did individuals in the emotion regulation group initially differ in their use of emotion regulation strategies? Which conclusions can you draw from the results?

3. Loss aversion is often measured by the degree to which willingness to accept (WTA) is higher than willingness to pay (WTP). Are individuals behaving loss averse in the data set? Use confidence intervals around WTP, WTA, and their difference for your argument. Hint: Getting a summary score for WTA and WTP is a bit tricky. Recode Yes and No responses into 1 and 0 and multiply with the price. Try to compute it, otherwise continue with the scores “WTAAverage” and “WTPAverage” in “EmotionsTimeSumScores.csv”.

4. Are individuals who apply more often strategies for regulating their internal emotions less likely to accept low prices for goods they own? Use a linear model to predict willingness-to-accept (WTAAverage) with the average score for cognitive appraisal as an emotion regulation strategy (ER_CogReapp_X). Illustrate the relationship graphically.

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