Concepts lecture 2 Flashcards
Explain: subject well-being + name its 3 facets
Subject well-being is a broad concept of happiness/well-being that is defined by different facets such as:
1. Life satisfaction: the cognitive, global evaluation of one’s life
2. Domain satisfaction: the separate evaluation of different life domains like social relations, health, career etc.
3. Affective component: having higher positive affect (joy, pride, excitement etc.) and lower negative affect (sadness, frustration etc.)
(how) is income related to happiness?
Money seems to contribute to a certain amount of happiness as a study across countries showed that higher income is associated with higher general happiness. However, a positive correlation only exists in power nations showing that money is important to a certain extent and when someone has enough money to afford a comfortable living style more factors come at play (like level of materialism).
What are moderating factors on the relation between money and happiness?
- people who find money important might value the relation more (thus if you value money a lot, your happiness might be affected more by (not) having it)
- The more importance one attaches to money, the less life satisfaction they experience (higher importance scores on love predict higher life satisfaction)
Overall moderator is materialism: low importance on material goals affects life satisfaction way less than high importance of material goals regardless of income (however, the poor with high material goals suffer the most with regard to life satisfaction).
Explain: materialism
The level of people’s endorsement/validation of values, goals and associated beliefs that centre on the importance of acquiring money and possessions that convey status.
Measurements of materialism come down to the question how much one values possessions, different scales have been developed on this topic like Material values scale, SVS/value of life virtues and the Aspiration index.
Higher materialism/more perceived importance of money correlates with?..
More ambivalence in the sense of self-worth, lower self-concept clarity, more self-doubt, higher level of personal insecurity during childhood, lower psychological well-being, less concerned about environmental issues, less pro-sociality
Explain: priming
Activating existing associations (attitudes, believes & behaviours) related to an activated concept such as money, by e.g. making a sentence with either neutral (control) or money related (experimental) words.
Name the two outcomes of a cafe study on money priming
- Money priming makes people engage more in selfish opposed to prosocial behaviour
- Money priming makes people more focussed on productivity than on building social bonds (and caring for others)
Why do money-primed people act more selfish and less prosocial?
- Market pricing account: when money is being considered as a single yardstick and all behaviour is compared to this measure, social behaviour becomes a function of an interpersonal cost-benefit analysis. Social interactions are calculated and measured in terms of the amount of benefit they provide (social relations as a give and take: investing time in others to receive a beneficial return for the self.
- Business decision frame account: money influences the way decisions are framed. People are more likely to objectify others when performing a cost-benefit analysis (in which social relations aren’t considered as beneficial)
Explain: the market-pricing account
Market pricing account: when money is being considered as a single yardstick and all behaviour is compared to this measure, social behaviour becomes a function of an interpersonal cost-benefit analysis. Social interactions are calculated and measured in terms of the amount of benefit they provide (social relations as a give and take: investing time in others to receive a beneficial return for the self.
Explain: the business decision frame account
Business decision frame account: money influences the way decisions are framed. People are more likely to objectify others when performing a cost-benefit analysis (in which social relations aren’t considered as beneficial)
Explain: comparative discretionary income manipulating + its effects
manipulating the perception someone has of their own personal wealth.
people who perceive their personal wealth as low show a relative deprivation (resentment, ‘I don’t have what I deserve’) and a desire for more income which results in less prosocial behaviour in terms of willingness to lend money.
Manipulation (low perceived personal wealth) –> resentment (relative deprivation, is a moderator) –> Desire for more income (less charitable giving)
Explain: Endowment effect + how/with which concepts it can be explained
Endowment effects relates to the concept that owned objects are valued more (once you own an object, you value it higher). This can be explained by:
1. Loss aversion account: people are more afraid of losing something than gaining
2. Extended self effect/self serving bias: the self-concept can be extended to different objects or social entities once you own them (association between the self and an object, once you own it, it become’s part of the self)
3. Empathy gap: buyers don’t know what it means to own a certain thing, meanwhile the seller does. Therefore, there’s an empathy gap between buyers and sellers, which results in buyers underestimating the value of an object.
Explain: the extended self effect
The extended self effect or self serving bias explains how the self-concept can be extended to different objects or social entities once you own them. It shows an association between the self and an object: once you own it, it become’s part of the self.
Explain: empathy gap (related to the value of possessed item)
Empathy gap: buyers don’t know what it means to own a certain thing, meanwhile the seller does. Therefore, there’s an empathy gap between buyers and sellers, which results in buyers underestimating the value of an object.
Why are people better at remembering items they own?
Self associated objects are processed more deeply as self-relevant information engages more brain-processes and are thus remembered better (merely associating an object with the self (and not owning it) also works). This can partly be explained by the extended self effect.
