Chapter 7: The psychological meaning of money Flashcards
What is the economists view of money? (3)
Money serves as a medium for exchange
Money is a way to store wealth and value
Money has only instrumental value
What is the psychologists view on money? (2)
Money has emotional and social meanings - It can activate feelings - Active motivations - Compensate for self-esteem Change norms within interpersonal relations
Why was barter most likely very annoying?
Barter depends on a double coincidence of wants.
(1) People must recognize each others needs first
(2) People agree that what the other party is offering is what they desire
Most likely a very time-consuming and frustrating process
What is priming?
priming is unconscious activation of social knowledge structures or mental representations related to specific ideas, objects or concepts used as primes
What is the most common method to asses if money primes the concept of money
WORD_K stem completion task –> priming successful if participants use more money related words (CO_ _ ) could be coin, cord or coal
What can be said about the relationship between money, focus on the self, own goals and agency? (5)
(1) Money enhances agency, gives them the believe they can achieve their goals.
(2) Money makes people more concentrated on hard work
(3) Money priming increases self-control
(4) In summary: money is a cue for agency, hard work, goal attainment and perseverance, self-focus and egocentrism
(5) Also for little kids between 4-6!! more persistence in impossible tasks
What can be said about the relationship between money and communal relations (4)?
(1) Money is associated with independence and autonomy to such a strong extent that it impairs communal behaviour. After primed, people are less willing to help
(2) Priming money decreases generosity
(3) Money might lead to indifference to other people, mostly because the self-focus and autonomy coming after priming is contractidcting with caring about others
(4) Money priming causes individuals to view themselves in a less relational matter
What can be said about money and values, ethics, and morals? (3)
(1) People with money express stronger intention to behave in an unethical way as well as engage in more immoral behaviour
(2) Higher social class predicts increase unethical behavior
(3) Women with more money more often reported thoughts of divorce
What is the difference between clean and dirty money?
Clean money = straight from the government treasury or bank
Dirty = money that might have a conquered past such as being handled by shady characters
Name 4 effects of clean vs dirty money
(1) People reminded of clean money cooperated mor in a pruners dilemma game and divided money more fairly
(2) Particppants were more likely to reject unfair offers when presented clean money
(3) People reminded of dirty money showed signs of more greed and selfishness in their choices
(4) Vendors with dirty money were more likely to cheat customers by giving them less then what they paid
