Erik Bijleveld · Henk Aarts Editors The Psychological Science of Money The Psychological Science of Money Erik Bijleveld (cid:129) Henk Aarts Editors The Psychological Science of Money Editors Henk Aarts Erik Bijleveld Department of Psychology Behavioural Science Institute Utrecht University Radboud University Nijmegen Utrecht , The Netherlands Nijmegen , The Netherlands Department of Psychology Utrecht University Utrecht, The Netherlands ISBN 978-1-4939-0958-2 ISBN 978-1-4939-0959-9 (eBook) DOI 10.1007/978-1-4939-0959-9 Springer New York Heidelberg Dordrecht London Library of Congress Control Number: 2014943644 © Springer Science+Business Media New York 2014 T his work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifi cally the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfi lms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifi cally for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. T he use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specifi c statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com) Contents Part I An Introduction to the Science of Money 1 A Psychological Perspective on Money ................................................. 3 Erik Bijleveld and Henk Aarts 2 Money: Metaphors and Motives ............................................................ 21 Stephen E.G. Lea and Paul Webley 3 Materiality, Symbol, and Complexity in the Anthropology of Money .................................................................................................. 37 Taylor C. Nelms and Bill Maurer Part II Dealing with Money: Biological and Cognitive Mechanisms 4 Conscious and Unconscious Infl uences of Money: Two Sides of the Same Coin? ................................................................. 73 Rémi L. Capa and Ruud Custers 5 The (Relative and Absolute) Subjective Value of Money .................... 93 Eva C. Buechel and Carey K. Morewedge 6 Financial Decision Making Across Adulthood ..................................... 121 Gregory R. Samanez-Larkin, Todd A. Hagen, and Daniel J. Weiner 7 Motivation and Cognitive Control: Going Beyond Monetary Incentives ............................................................................... 137 Marie K. Krug and Todd S. Braver 8 Pathological Gambling: Who Gains from Others’ Losses? ................ 163 Ronen Huberfeld and Pinhas N. Dannon v vi Contents Part III Dealing with Money: Meaning-Making Processes 9 The Psychology of Getting Paid: An Integrated Perspective .............. 189 Arlen C. Moller and Edward L. Deci 10 The Psychological Science of Spending Money .................................... 213 Travis J. Carter 11 Two Sides of the Same Coin: Money Can Promote and Hinder Interpersonal Processes ..................................................... 243 Nicole L. Mead and Anika Stuppy Index ................................................................................................................. 263 Contributors Henk Aarts Department of Psychology , Utrecht University , Utrecht , The Netherlands Erik Bijleveld Behavioural Science Institute , Radboud University Nijmegen , Nijmegen , The Netherlands Department of Psychology, Utrecht University, Utrecht, The Netherlands Todd S. Braver Department of Psychology , Washington University in Saint Louis , Saint Louis , MO , USA Eva C. Buechel M arketing Department, Moore School of Business, University of South Carolina, Columbia, SC, USA Rémi L. Capa INSERM U1114, Department of Psychiatry, University of Strasbourg, CHR Hôpital Civil, Strasbourg Cedex, France Travis J. Carter Department of Psychology , Colby College , Waterville , ME , USA Ruud Custers Department of Cognitive, Perceptual and Brain Sciences , University College London , London , UK Pinhas N. Dannon Beer Yaakov Mental Health and Rehabilitation Center , Sackler School of Medicine, Tel Aviv University , Beer Yaakov , Israel Edward L. Deci D epartment of Clinical and Social Sciences in Psychology, University of Rochester , Rochester , NY , USA Todd A. Hagen Department of Psychology , Yale University , New Haven , CT , USA Ronen Huberfeld Beer Yaakov Mental Health and Rehabilitation Center, Sackler School of Medicine, Tel Aviv University, Beer Yaakov, Israel Marie K. Krug Department of Psychology , Washington University in Saint Louis , Saint Louis , MO , USA vii viii Contributors Stephen E.G. Lea Department of Psychology , University of Exeter , United Kingdom Bill Maurer Institute for Money, Technology and Financial Inclusion , University of California , Irvine , CA , USA Nicole L. Mead Rotterdam School of Management , Erasmus University , Rotterdam , The Netherlands Arlen C. Moller Department of Psychology , Illinois Institute of Technology , Chicago , IL , USA Carey K. Morewedge School of Management , Boston University , Boston , MA , USA Taylor C. Nelms Institute for Money, Technology and Financial Inclusion , University of California , Irvine , CA , USA Gregory R. Samanez-Larkin Department of Psychology , Yale University , New Haven , CT , USA Anika Stuppy Rotterdam School of Management , Erasmus University , Rotterdam , The Netherlands Paul Webley School of Oriental and African Studies (SOAS) , University of London , London , UK Daniel J. Weiner Department of Psychology , Yale University , New Haven , CT , USA Part I An Introduction to the Science of Money