The Psychological Meaning of Money

Zaleśkiewicz, Tomasz; Gąsiorowska, Agata; Vohs, Kathleen D.

doi:10.1002/9781118926352.ch7

Cited by 20 publications

(27 citation statements)

References 45 publications

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“…Specifically, people in monetary markets tend to apply an economic mindset, thereby focusing on themselves and showing reduced other-oriented behavior (e.g. Mead & Stuppy, 2014;Zaleskiewicz et al, 2017). As a result, money dampens mind perception and perspective-taking (Van Laer et al, 2013;Wang & Krumhuber, 2017;Wang & Krumhuber, 2018), making people less empathetic and compassionate (Ma-Kellams & Blascovich, 2013;Molinsky et al, 2012).…”

Section: Discussionmentioning

confidence: 99%

“…If money encourages people to focus on self-gain (e.g. Mead & Stuppy, 2014;Zaleskiewicz et al, 2017), contribution rates should be lower in the money than candy condition. This should be the case in particular when facing happy and sad targets, given the reduced intention for social closeness.…”

Section: The Present Researchmentioning

confidence: 99%

“…As a result, it facilitates self-serving but impairs other-oriented behaviors (e.g. Kasser, 2016;Zaleskiewicz, Gasiorowska, & Vohs, 2017). The second aim of this research, therefore, was to study whether money as a transaction medium moderates perceivers' responses to an interaction partner's expressed emotion.…”

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confidence: 99%

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The interpersonal effects of emotions in money versus candy games

Wang

Krumhuber

Gratch

2018

Journal of Experimental Social Psychology

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Emotional expressions significantly influence perceivers' behavior in economic games and negotiations. The current research examined the interpersonal effects of emotions when such information cannot be used to guide behavior for increasing personal gain and when monetary rewards are made salient. For this, a one-shot Public Goods Game (Studies 1, 2, and 3) and Dictator Game (Studies 4 and 5) were employed, in which the dominant strategy to maximize personal payoff is independent from the counterplayers' intention signaled through their facial expressions (happiness, sadness, and anger). To elicit a monetary mindset, we used money (vs. candy) as the mode of exchange in the games with (Studies 1 and 2) or without (Studies 3, 4, and 5) additional contextual framing (i.e. Wall Street Game vs. Community Game). Across five studies (N = 1211), participants were found to be more generous towards happy and sad targets compared to angry ones. Such behavioral response based on emotional information was accounted for by the trait impressions (i.e. likability, trustworthiness) formed of the counterplayer. This effect was significantly reduced when money acted as the mode of exchange, thereby making participants focus more on their selfgain. Together, the findings extend previous work by highlighting the social functional role of emotions in human exchange and its moderation by money as a transaction medium.

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Section: Discussionmentioning

confidence: 99%

Section: The Present Researchmentioning

confidence: 99%

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The interpersonal effects of emotions in money versus candy games

Wang

Krumhuber

Gratch

2018

Journal of Experimental Social Psychology

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“…One conceivable-but in our view unlikely-alternative explanation of the relation between the market mindset and utilitarian choices is based on the fact that market relationships are in most cases associated with money, and that the link between market relationships and utilitarian choices is only another expression of the widely known money priming effect (Vohs , Mead, & Goode, 2006;Zaleskiewicz et al, 2018). Indeed, prior research demonstrated that participants primed with money were more focused on numbers or calculative thinking than those not primed with money (Kouchaki, Smith-Crowe, Brief, & Sousa, 2013;Su & Gao, 2014).…”

Section: E Xperimentmentioning

confidence: 92%

“…In this method, participants are presented with pictures exhibiting different types of social relations and are asked to answer several related questions. Our aim was to create a manipulation method that would be: (a) as abstract as possible (this is why we decided to use priming based on pictures, and not on language as in Zhang & Xin, 2019); (b) free of any cultural or demographical associations (silhouettes presented in the pictures do not represent specific gender, age, culture, or other features); and (c) different from money priming methods used previously by other authors (for reviews see Vohs, 2015;Zaleskiewicz, Gasiorowska, & Vohs, 2018), because the market mindset, even if closely related to money, is a concept that goes beyond it and covers various aspects of exchange-type relationships (Clark & Mills, 1993, 2012. As we will show in more detail later in this article, manipulation checks suggest that this method of activating the market mindset is highly effective.…”

Section: Theoretical Contribution and Review Of The Studiesmentioning

confidence: 99%

Market mindset impacts moral decisions: The exposure to market relationships makes moral choices more utilitarian by means of proportional thinking

Zaleśkiewicz

Gąsiorowska

Kuźmińska

et al. 2020

Euro J Social Psych

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We show that exposure to market relationships increases people's tendency to make utilitarian moral choices by means of proportional thinking-the definitional feature of the market mindset. In Experiment 1, participants primed with market relationships made more utilitarian choices in both the trolley and the footbridge dilemmas. In Experiment 2, priming market mindset led to more utilitarian moral choices and to greater focus on the proportion of survivors to victims. Experiment 3 showed that the effect of market mindset on utilitarian choices held only when the numbers of potential deaths and saved lives were clearly specified. A preregistered Experiment 4 demonstrated that the motivation to use proportional thinking mediates the relationship between market mindset and making utilitarian choices. Experiment 5, also preregistered, showed that the main effect we demonstrated is not due to suppressed emotions and that proportional thinking increases utilitarian choices as part of a broader orientation on rationality. K E Y W O R D S market mindset, moral choices, proportional thinking, utilitarian choices | 1501 MARKET MINDSET IMPACTS MORAL DECISIONS directed towards calculating and acting in accord with ratios or rates (Fiske, 2004; Rai & Fiske, 2011). 1.1 | Moral judgment and choice: Utilitarianism versus deontology When investigating moral judgment and decision-making, both philosophy and psychology often refer to the dual-process approach (Greene, 2007, 2014). This framework differentiates between deontology, which states that morality of an action depends on the intrinsic nature of human actions regardless of their consequences (Kant, 1785/1959) and utilitarianism or consequentialism, which implies that morality of different actions is determined by their outcomes (Mill, 1861/1998). Proponents of the utilitarian position argue that moral decision-making should always lead to the best overall consequences for all concerned (Conway, Goldstein-Greenwood, Polacek, & Greene, 2018). Even though the tension between these two approaches has, for many years, been at the heart of the philosophical debate, it is also of great importance from the standpoint of social psychology (Bartels, 2008; Greene, 2007). It concerns not only rather abstract and rare dilemmas such as whether to kill one person in order to save several others (Thomson, 1976), but also more practical, daily-life problems such as whether to fire a small group of workers during a recession to lower costs and save jobs for a larger group of employees. Several years ago, Greene, Sommerville, Nystrom, Darley, and Cohen (2001) proposed a theoretical model that aimed to explain why, in some situations, people employ deontological reasoning, while in others they turn towards the utilitarian orientation (see

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Purchasing social attention by tipping: Materialism predicts online tipping in live‐streaming platform through self‐enhancement motive

Niu

Chen

et al. 2021

J of Consumer Behaviour

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Online tipping, or virtual gift-giving, on live-streaming platforms is an increasingly common consumer behavior in cyberspace. Perplexingly, when live-stream viewership itself is free, viewers voluntarily spend money to buy virtual gifts and send them to their preferred streamers. The present study aimed to examine the motivational mechanism underlying these voluntary tipping behaviors from the perspectives of materialism and self-enhancement. By a representative online survey (N = 1224), we found that participants' materialist beliefs were positively associated with both the likelihood and the amount of online tipping, and the self-enhancement motive could significantly mediate this association; furthermore, streamer endorsement could moderate the link between the self-enhancement motive and tipping amount. These findings suggest that materialist beliefs and downstream self-related motivations are among the main driving forces for online tipping. The present results extended previous research on materialism by testing its effects in a newly emerging online consumer behavior and providing direct evidence for the moderation role of the "symbolic-ness" of materialist behaviors. Practical implications for live-streaming platforms, educators and policymakers, such as introducing tipping amount caps, were also discussed.

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The Psychological Meaning of Money

Cited by 20 publications

References 45 publications

The interpersonal effects of emotions in money versus candy games

The interpersonal effects of emotions in money versus candy games

Market mindset impacts moral decisions: The exposure to market relationships makes moral choices more utilitarian by means of proportional thinking

Purchasing social attention by tipping: Materialism predicts online tipping in live‐streaming platform through self‐enhancement motive

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