Want to be rich? Try 'easy listening' music
Three hundred and sixty seven people recently took part in a series of experiments at the College of Management Academic Studies in Rishon LeZion, Israel. They were all undergraduates studying business administration, so they had a reasonable understanding of investing, probabilities, and risk. .
But there was one twist to the experiment. The students were first separated into three groups. One group had to make these decisions while listening to some slow, calming music . One had to listen to electronic techno music by “Deadmau5.” The third operated in silence.The results were remarkable. The experimenters thought the music would distract everyone. But it didn’t. Each time, the subjects who listened to slow, calming music found it easier to take on smart, rational risks.
A big factor was whether the people said they liked the music or found it irritating and distracting. In a fourth experiment, involving multiple assets, the results from the slow music were mixed. For example, women who found it distracting ended up making worse decisions than if they’d just been investing in silence.
Overall, concluded the researchers, in the first three experiments “low-tempo music led to more risky decisions... than high-tempo or no music,” while in the fourth experiment, “low-tempo music led to more risky decisions... than high-tempo music.” And across all four, “participants who subjectively perceived the music as helpful made riskier decisions.” It bears repeating: In these experiments, taking more risk was rational.The results gel with some other studies.
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