This chapter discusses the proofs coming from behavioural economics that consumer financial behaviour is not as rational as was assumed earlier, and evidence drawn from the field of social cognition showing that many human behaviours (including financial behaviour) are automatic in nature and that the motives underpinning them are often unconscious. This economic perspective assumes that human behaviours are rational. Together, the findings indicate an integrative relationship between primary and secondary incentives and potentially dissociable influences in modulating motivational value, while informing hypotheses regarding candidate neural mechanisms.įinancial behaviours like saving, spending, insuring, or borrowing are very often explained by the level of a person’s income. A follow-up experiment replicated the predictive power of motivation ratings even when only appetitive liquids were used, suggesting that ratings reflect idiosyncratic subjective values of, rather than categorical differences between, the liquid incentives. Self-report motivation ratings predicted behavioral performance above and beyond experimental effects. Aversive liquid feedback counteracted monetary reward effects in low monetary reward trials, particularly in a subset of participants who tended to avoid responding under these conditions. In the first experiment, monetary rewards combined additively with appetitive liquid feedback to improve subject task performance. Critically, the symbolic meaning of the liquid was held constant (indicating successful reward attainment), while liquid valence was blocked. We introduce a novel task paradigm, in which participants perform cued task-switching for monetary rewards that vary parametrically across trials, with liquid incentives serving as post-trial performance feedback. The current study examines the combined effects of monetary and liquid incentives on cognitive processing, and whether appetitive and aversive incentives have distinct influences. However, few studies have explicitly examined whether and how different incentives are integrated in terms of their motivational influence. It is unequivocal that a wide variety of incentives can motivate behavior. © 2014 Springer Science+Business Media New York.
Finally, several concrete strategies for making purchases most likely to lead to success on this goal are identified, including purchasing experiences over possessions, spending pro-socially, and making meaningful purchases. In each case, particular attention is paid to the psychological forces that influence the ultimate goal underlying any act of spending: happiness. Additionally, given how fundamental choice is to the act of spending money, factors that influence the decision-making process are discussed, including the role that comparative processes and expectations play in the process of making decisions and evaluating their outcomes. To that end, the emotions involved in spending money before, during, and after the money changes hands are explored, including the role of anticipated and anticipatory emotions, different orientations to the gains and losses inherent in an act of spending, and the process of hedonic adaptation. This chapter discusses the psychological research related to the act of spending money, with the aim of understanding the underlying psychological processes involved.
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