Work

Misery Is Not Miserly

Year: 2008

Type: article

Abstract: Misery is not miserly: Sadness increases the amount of money that decision makers give up to acquire a commodity. The present research investigated when and why the misery-is-not-miserly effect occurs. Drawing on William James's concept of the material self, we tested a model specifying relationships among sadness, self-focus, and the amount of money that decision makers spend. Consistent with our Jamesian hypothesis, results demonstrated that the misery-is-not-miserly effect occurs only when self-focus is high. That is, self-focus moderates the effect of sadness on spending. Moreover, mediational analyses revealed that, at sufficiently high levels, self-focus mediates (explains) the relationship between sadness and spending. Because the study used real commodities and real money, the results hold implications for everyday decisions, as well as implications for the development of theory. For example, economic theories of spending may benefit from incorporating psychological theories -- specifically, theories of emotion and the self -- into their models.

Source: Psychological Science

DOI: 10.1111/j.1467-9280.2008.02118.x

Authors: Cynthia E. Cryder, Jennifer S. Lerner, James J. Gross, Ronald E. Dahl

Institutions: Carnegie Mellon University, Harvard University, Stanford University, University of Pittsburgh

Language: English

Topic: Decision-Making and Behavioral Economics

Subfield: General Decision Sciences

Field: Decision Sciences

Domain: Social Sciences

Open Access status: green

Funder: National Institute of Mental Health

Awards: Emotion Regulation and Its Consequences, G4757833844