Ernest Wong is affiliated with The Open University's Department of People and Organisations.
Formerly a veteran financial services practitioner in Hong Kong and latterly practising currency hedging prior to joining the research community in the UK, Ernest has consolidated what he had learned and experienced and would like to see if these experiences in financial decision-making can contribute to the academic field. Further, he has had the passion to seek resolutions in alleviating the psychological discomfort of individual investors when their investments are failing.
Ernest began his research by examining the interplay of emotion and three emotion-regulating capacities in rectifying sunk-cost fallacy at trait-level. In his MRes research, an online survey was used to study 378 US adults and found that dispositional positive and negative affectivity, trait-mindfulness, trait-EI and cognitive reappraisal were associated with debiasing sunk-cost fallacy. Among these factors, trait-mindfulness was found to be the most prominent attribute in association with correcting sunk-cost fallacy. A deeper review of the participants’ characteristics revealed that prolonged practice of mindfulness meditation fostered trait-mindfulness, trait-EI and reappraisal in conjunction with upregulating dispositional positive affect and downregulating dispositional negative affect. This study suggests that training which pays attention to the emotional underpinnings of decision biases particularly mindfulness techniques may have greater promise. The MRes study also offers interesting insight for research direction that Ernest’ PhD research is heading- that cognitive reappraisal and mindfulness can be utilised to correct other decision biases at state-level.
Ernest is a Chartered Life Underwriter, an American qualification for financial services professionals. He also holds two master’s degrees in two British universities: an MBA from Heriot-Watt University and an MRes (Management and Business) at The Open University.