Waiting For The Pay Off: Psychologists Show That 'Money Changes Everything'
It's been said by everyone from Cyndi Lauper to Alex Rodriguez that "money changes everything." Now psychologists at Washington University in St. Louis have
published a paper to support that claim. Studying delayed gratification
and risk, the psychologists found that people are more likely to wait on
collecting full payment for a non-consumable monetary reward than they
are for any of three consumable rewards — beer, candy and soda.
Leonard Green, Ph.D., professor of psychology, and Joel Myerson,
Ph.D., research professor of psychology, in Arts & Sciences at
Washington University, along with their graduate students, Daniel D.
Holt and Sara J. Estle, study the effect that delay to receipt of a
reward has on the subjective value of that reward. Their research looks at factors that affect the degree of
self-control that people exercise, both the factors that increase the
degree of self-control and those that increase impulsive
decision-making.