Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:

 

Powerful People Are Looking Out For Their Future Selves

20.02.2013
Would you prefer $120 today or $154 in one year? Your answer may depend on how powerful you feel, according to new research in Psychological Science, a journal of the Association for Psychological Science.
Many people tend to forego the larger reward and opt for the $120 now, a phenomenon known as temporal discounting. But research conducted by Priyanka Joshi and Nathanael Fast of the University of Southern California Marshall School of Business suggests that people who feel powerful are more likely to wait for the bigger reward, in part because they feel a stronger connection with their future selves.

In the first of four experiments, the researchers randomly assigned participants to be a team manager (high-power role) or a team worker (low-power role) in a group activity. Afterwards, the participants were asked to make a series of choices between receiving $120 now or increasing amounts of money ($137, $154, $171, $189, $206, $223, and $240) in one year.

On average, low-power team workers were only willing to take the future reward if it was at least $88 more than the immediate one. High-power team managers, on the other hand, were willing to wait for future rewards that were only $52 more than the immediate one.

Joshi and Fast speculated that power holders may be willing to wait for the larger rewards because they feel more connected with their future selves, a consequence of experiencing less uncertainty about their futures along with an increased tendency to see the big picture.

In line with their hypothesis, the second experiment showed that the relationship between power and reduced temporal discounting could be explained, at least in part, by participants’ connectedness to their future selves.

A third study showed that powerful people also show this pattern with non-monetary rewards.

In the final study, Joshi and Fast took their research outside the laboratory, asking dozens of people about how powerful they feel in their everyday jobs and how much money they have socked away. After accounting for various factors including total income and socioeconomic status, the researchers found that people who felt more powerful at work and who felt more connected with their future selves had amassed greater lifetime savings.

While powerful people may feel more connected with their future selves and are therefore more likely to save money, they also tend to be overconfident decision-makers.

“It is important to foster awareness of all of power’s effects,” the researchers conclude, “otherwise, the power holder may make overly risky — albeit well-intentioned — decisions on behalf of their future self.”

For more information about this study, please contact: Priyanka D. Joshi at priyankj@usc.edu.

The APS journal Psychological Science is the highest ranked empirical journal in psychology. For a copy of the article "Power and Reduced Temporal Discounting" and access to other Psychological Science research findings, please contact Anna Mikulak at 202-293-9300 or amikulak@psychologicalscience.org.

Anna Mikulak | EurekAlert!
Further information:
http://www.psychologicalscience.org

More articles from Studies and Analyses:

nachricht Europe’s Demographic Future. Where the Regions Are Heading after a Decade of Crises
10.08.2017 | Berlin-Institut für Bevölkerung und Entwicklung

nachricht Scientists reveal source of human heartbeat in 3-D
07.08.2017 | University of Manchester

All articles from Studies and Analyses >>>

The most recent press releases about innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: Fizzy soda water could be key to clean manufacture of flat wonder material: Graphene

Whether you call it effervescent, fizzy, or sparkling, carbonated water is making a comeback as a beverage. Aside from quenching thirst, researchers at the University of Illinois at Urbana-Champaign have discovered a new use for these "bubbly" concoctions that will have major impact on the manufacturer of the world's thinnest, flattest, and one most useful materials -- graphene.

As graphene's popularity grows as an advanced "wonder" material, the speed and quality at which it can be manufactured will be paramount. With that in mind,...

Im Focus: Exotic quantum states made from light: Physicists create optical “wells” for a super-photon

Physicists at the University of Bonn have managed to create optical hollows and more complex patterns into which the light of a Bose-Einstein condensate flows. The creation of such highly low-loss structures for light is a prerequisite for complex light circuits, such as for quantum information processing for a new generation of computers. The researchers are now presenting their results in the journal Nature Photonics.

Light particles (photons) occur as tiny, indivisible portions. Many thousands of these light portions can be merged to form a single super-photon if they are...

Im Focus: Circular RNA linked to brain function

For the first time, scientists have shown that circular RNA is linked to brain function. When a RNA molecule called Cdr1as was deleted from the genome of mice, the animals had problems filtering out unnecessary information – like patients suffering from neuropsychiatric disorders.

While hundreds of circular RNAs (circRNAs) are abundant in mammalian brains, one big question has remained unanswered: What are they actually good for? In the...

Im Focus: RAVAN CubeSat measures Earth's outgoing energy

An experimental small satellite has successfully collected and delivered data on a key measurement for predicting changes in Earth's climate.

The Radiometer Assessment using Vertically Aligned Nanotubes (RAVAN) CubeSat was launched into low-Earth orbit on Nov. 11, 2016, in order to test new...

Im Focus: Scientists shine new light on the “other high temperature superconductor”

A study led by scientists of the Max Planck Institute for the Structure and Dynamics of Matter (MPSD) at the Center for Free-Electron Laser Science in Hamburg presents evidence of the coexistence of superconductivity and “charge-density-waves” in compounds of the poorly-studied family of bismuthates. This observation opens up new perspectives for a deeper understanding of the phenomenon of high-temperature superconductivity, a topic which is at the core of condensed matter research since more than 30 years. The paper by Nicoletti et al has been published in the PNAS.

Since the beginning of the 20th century, superconductivity had been observed in some metals at temperatures only a few degrees above the absolute zero (minus...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

Call for Papers – ICNFT 2018, 5th International Conference on New Forming Technology

16.08.2017 | Event News

Sustainability is the business model of tomorrow

04.08.2017 | Event News

Clash of Realities 2017: Registration now open. International Conference at TH Köln

26.07.2017 | Event News

 
Latest News

A Map of the Cell’s Power Station

18.08.2017 | Life Sciences

Engineering team images tiny quasicrystals as they form

18.08.2017 | Physics and Astronomy

Researchers printed graphene-like materials with inkjet

18.08.2017 | Materials Sciences

VideoLinks
B2B-VideoLinks
More VideoLinks >>>