The psychological consequences of money

Department of Psychology, Florida State University, Tallahassee, Florida, United States
Science (Impact Factor: 31.48). 12/2006; 314(5802):1154-6. DOI: 10.1126/science.1132491
Source: PubMed

ABSTRACT Money has been said to change people's motivation (mainly for the better) and their behavior toward others (mainly for the worse). The results of nine experiments suggest that money brings about a self-sufficient orientation in which people prefer to be free of dependency and dependents. Reminders of money, relative to nonmoney reminders, led to reduced requests for help and reduced helpfulness toward others. Relative to participants primed with neutral concepts, participants primed with money preferred to play alone, work alone, and put more physical distance between themselves and a new acquaintance.

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    ABSTRACT: The study examines the association between subjective well-being and income, using data of 3 600 individuals from the TÁRKI Household Monitor for the year 2007. To explore this relationship, most of the relevant empirical papers use either ordinary least squares (OLS) regression or ordered probit model, but the authors follow different approaches. Comparing the results of OLS regression with quantile regression and the ordered probit model with a generalized ordered probit model, they show that more flexible techniques provide a more complete picture of the income-satisfaction relationship. According to OLS regression, income has a positive impact on satisfaction, but the quantile regression models show that this association is weaker at the upper end and stronger at the lower end of the conditional distribution of well-being. The standard ordered probit model predicts a significant positive effect for the highest satisfaction category, whereas the generalized model finds that income does not affect the probability of this highest response. In addition, the generalized ordered probit model shows a more negative effect on the lower response categories of satisfaction than the standard ordered probit model. The results suggest that higher income reduces unhappiness, but one can be satisfied without high income as well. The findings draw attention to the importance of method selection in satisfaction research.
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    The Academy of Management Annals 02/2015; DOI:10.1080/19416520.2015.1007654 · 7.33 Impact Factor
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    ABSTRACT: Mere reminders of money have been shown to cause socially ''cold'' behavior. Recent research suggests that the metaphor of ''social coldness'' is bodily grounded and thus linked to actual sensations of physical coldness. We therefore hypothesized that reminding individuals of money causes them to feel physically colder. This hypothesis was put to test in two studies, drawing on predictions from psychophysiological thermal perception. In Study 1, individuals who had been reminded of money perceived the air in the room as colder compared to a control group (an assimilation effect). Contrarily, in Study 2, they perceived water (a medium that was only momentarily experienced) as warmer compared to individuals not reminded of money (a contrast effect). Together these findings demonstrate that reminders of money cause sensations of actual physical coldness and add to the literature of both the psychological effects of money and human thermal perception. In his fairy tale ''The Cold Heart,'' Wilhelm Hauff tells the story of a man who exchanged his heart for money and a cold heart of stone. This tale reflects the popularly held belief that money and wealth change people and turn them into self-centered and socially cold individuals. Here we will argue that money does not only lead to social coldness as a vast body of literature suggests (e.g., Vohs, Mead, & Goode, 2008, 2006), but that the metaphor of money inducing a cold heart holds some literal truth in the sense that thinking about money indeed causes individuals to feel colder.

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May 27, 2014