A Psychological Perspective on Money

Chapter

Abstract

A thriving field of inquiry, the psychological science of money has recently witnessed an upsurge in research attention. In the present volume, we bring together and integrate a number of theoretical perspectives on the question of ‘how does money affect people’s mind, brain, and behavior?’ Importantly, we go beyond previous reviews by zooming in on the biological and psychological processes—triggered by money—that shape people’s experiences and behavior. Three central topics, which recur throughout the volume, are as follows: First, researchers have studied the time course by which the human mind processes money, identifying a crude and quick processing stage that occurs directly after money-related stimuli are perceived. Second, researchers have studied the biological underpinnings of money, pinpointing the role of the reward circuit (e.g., the ventral striatum) in processing money. Third, researchers have studied how money inputs into meaning-making processes that help people to make sense of the situation they find themselves in. Classic and recent insights are discussed in the context of each of these themes, with a special focus on the link between money and behavioral outcomes (e.g., performance, decisions, cooperation). As such, the present volume works towards a broad, yet process-oriented understanding of the impact of money on human action.

References

  1. Balleine, B. W., & Dickinson, A. (1998). Goal-directed instrumental action: Contingency and incentive learning and their cortical substrates. Neuropharmacology, 37, 407–419.PubMedCrossRefGoogle Scholar
  2. Beck, S. M., Locke, H. S., Savine, A. C., Jimura, K., & Braver, T. S. (2010). Primary and secondary rewards differentially modulate neural activity dynamics during working memory. PLoS One, 5, e9251.PubMedCentralPubMedCrossRefGoogle Scholar
  3. Bijleveld, E., Custers, R., & Aarts, H. (2012). Human reward pursuit: From rudimentary to higher-level functions. Current Directions in Psychological Science, 21, 194–199.CrossRefGoogle Scholar
  4. Blakemore, S. J., & Robbins, T. (2012). Decision-making in the adolescent brain. Nature Neuroscience, 15, 1184–1191.Google Scholar
  5. Bless, H., Fiedler, K., & Strack, F. (2004). Social cognition: How individuals construct social reality. East Sussex, England: Psychology Press.Google Scholar
  6. Breland, K., & Breland, M. (1961). The misbehavior of organisms. American Psychologist, 16, 681–684.CrossRefGoogle Scholar
  7. Buechel, E. C., & Morewedge, C. K. (2014). The (relative and absolute) subjective value of money. In E. Bijleveld & H. Aarts (Eds.), The psychological science of money. New York: Springer.Google Scholar
  8. Capa, R. L., Bouquet, C. A., Dreher, J.-C., & Dufour, A. (2013). Long-lasting effects of performance-contingent unconscious and conscious reward incentives during cued task-switching. Cortex, 49, 1943–1954.PubMedCrossRefGoogle Scholar
  9. Capa, R. L., & Custers, R. (2014). Conscious and unconscious influences of money: Two sides of the same coin? In E. Bijleveld & H. Aarts (Eds.), The psychological science of money. New York: Springer.Google Scholar
  10. Carter, T. J. (2014). The psychological science of spending money. In E. Bijleveld & H. Aarts (Eds.), The psychological science of money. New York: Springer.Google Scholar
  11. Custers, R., & Aarts, H. (2010). The unconscious will: How the pursuit of goals operates outside of conscious awareness. Science, 329, 47–50.PubMedCrossRefGoogle Scholar
  12. Deci, E. L., Koestner, R., & Ryan, R. M. (1999). A meta-analytic review of experiments examining the effects of extrinsic rewards on intrinsic motivation. Psychological Bulletin, 125, 627–668.PubMedCrossRefGoogle Scholar
  13. Deci, E. L., & Ryan, R. M. (1985). Intrinsic motivation and self-determination in human behavior. New York: Plenum.CrossRefGoogle Scholar
  14. Dehaene, S., Changeux, J.-P., Naccache, L., Sackur, J., & Sergent, C. (2006). Conscious, preconscious, and subliminal processing: A testable taxonomy. Trends in Cognitive Sciences, 10, 204–211.PubMedCrossRefGoogle Scholar
  15. Furnham, A., & Argyle, M. (1998). The psychology of money. East Sussex, England: Psychology Press.Google Scholar
  16. Graeber, D. (2011). Debt: The first 5,000 years. New York: Melville House.Google Scholar
  17. Huberfeld, R., & Dannon, P. N. (2014). Pathological gambling: Who gains from others’ losses? In E. Bijleveld & H. Aarts (Eds.), The psychological science of money. New York: Springer.Google Scholar
  18. Kahneman, D., & Frederick, S. (2002). Representativeness revisited: Attribute substitution in intuitive judgment. In T. Gilovich, D. Griffin, & D. Kahneman (Eds.), Heuristics of intuitive judgment: Extensions and applications. New York: Cambridge University Press.Google Scholar
  19. Kassam, K. S., Morewedge, C. K., Gilbert, D. T., & Wilson, T. D. (2011). Winners love winning and losers love money. Psychological Science, 22, 602–606.PubMedCrossRefGoogle Scholar
  20. Krug, M. K., & Braver, T. S. (2014). Motivation and cognitive control: Going beyond monetary incentives. In E. Bijleveld & H. Aarts (Eds.), The psychological science of money. New York: Springer.Google Scholar
  21. Kuhnen, C. M., & Knutson, B. (2005). The neural basis of financial risk taking. Neuron, 47, 763–770.PubMedCrossRefGoogle Scholar
  22. Lea, S. E. G., & Webley, P. (2006). Money as tool, money as drug: The biological psychology of a strong incentive. Behavioral and Brain Sciences, 29, 161–209.PubMedGoogle Scholar
  23. Lea, S. E. G., & Webley, P. (2014). Money: Metaphors and motives. In E. Bijleveld & H. Aarts (Eds.), The psychological science of money. New York: Springer.Google Scholar
  24. Marden, J. H. (1984). Remote perception of floral nectar by bumblebees. Oecologia, 64, 232–240.CrossRefGoogle Scholar
  25. Mead, N. L., & Stuppy, A. (2014). Two sides of the same coin: Money can promote and hinder interpersonal processes. In E. Bijleveld & H. Aarts (Eds.), The psychological science of money. New York: Springer.Google Scholar
  26. Moller, A., & Deci, E. L. (2014). The psychology of getting paid: An integrated perspective. In E. Bijleveld & H. Aarts (Eds.), The psychological science of money. New York: Springer.Google Scholar
  27. Nelms, T. C., & Maurer, B. (2014). Materiality, symbol and complexity in the anthropology of money. In E. Bijleveld & H. Aarts (Eds.), The psychological science of money. New York: Springer.Google Scholar
  28. Osborne, J. L., & Williams, I. H. (2001). Site constancy of bumble bees in an experimentally patchy habitat. Agriculture, Ecosystems & Environment, 83, 129–141.CrossRefGoogle Scholar
  29. Robinson, T. E., & Berridge, K. C. (2008). Review. The incentive sensitization theory of addiction: Some current issues. Philosophical Transactions of the Royal Society of London. Series B, Biological Sciences, 363, 3137–3146.PubMedCentralPubMedCrossRefGoogle Scholar
  30. Ryan, R. M., & Deci, E. L. (2000). Self-determination theory and the facilitation of intrinsic motivation, social development, and well-being. American Psychologist, 55, 68–78.PubMedCrossRefGoogle Scholar
  31. Samanez-Larkin, G. R., Hagen, T. A., & Weiner, D. J. (2014). Financial decision making across adulthood. In E. Bijleveld & H. Aarts (Eds.), The psychological science of money. New York: Springer.Google Scholar
  32. Vohs, K. D., Mead, N. L., & Goode, M. R. (2006). The psychological consequences of money. Science, 314, 1154–1156.PubMedCrossRefGoogle Scholar
  33. Vohs, K. D., Mead, N. L., & Goode, M. R. (2008). Merely activating the concept of money changes personal and interpersonal behavior. Current Directions in Psychological Science, 17, 208–212.CrossRefGoogle Scholar
  34. Weatherford, J. M. (1997). The history of money. New York: Random House.Google Scholar
  35. Zedelius, C. M., Veling, H., Custers, R., Bijleveld, E., Chiew, K. S., & Aarts, H. (2014). A new perspective on human reward research: How consciously and unconsciously perceived reward information influences performance. Cognitive, Affective & Behavioral Neuroscience.Google Scholar

Copyright information

© Springer Science+Business Media New York 2014

Authors and Affiliations

  1. 1.Behavioural Science InstituteRadboud University NijmegenNijmegenThe Netherlands
  2. 2.Department of PsychologyUtrecht UniversityUtrechtThe Netherlands

Personalised recommendations