Effects of Elaborated Likelihood Model and Attitudinal Change Toward the Investments

Abstract

On the spectrum of the persuasion from the basis of Elaborated Likelihood Model (ELM) and Cognitive Dissonance Theory, this paper discusses how persuasion accounts for effects of attitudinal change underlying the elaboration likelihood model. Along with the previous emphasis on the central route and peripheral route as the factors on analysis of persuasion, we hypothesize that one of these routes will affect the result of persuasion. Specifically, we predicted that the participants will be highly persuaded when they are given the central route argument rather than the peripheral route. Participants (n = 344)-mostly non-college students- were randomly selected to participate in an online survey through Mechanical Turk consisting of prompts and questions about the types of investments. The survey contained questions about interest and opinion in the type of investment, using a 9-point Likert scale. The results revealed a significant main effect of interest in bitcoin and gold that showed more preference toward gold, but no signi cant main effect and interaction of peripheral route and central route on interest in the type of investments. Central and peripheral did not significantly differ in their interest of investment types (p = .01). However, gold was significantly more interesting as an investment when compared to bitcoin (p = .95). Our findings suggest that types of persuasion may not matter in trying to persuade people from investing in bitcoin or gold. This might be due to the priming thoughts about the currency and interest. This suggests that such logic required variable, investment, may alter one’s attitude toward investment based on their previous experiences and beliefs playing an important role in their interest in the investment regardless of persuasion route.