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 Smart Data Transformation – Surfing the Big Wave
02.12.2016 | Fraunhofer-Institut für Angewandte Informationstechnik FIT

nachricht Climate change could outpace EPA Lake Champlain protections
18.11.2016 | University of Vermont

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: Novel silicon etching technique crafts 3-D gradient refractive index micro-optics

A multi-institutional research collaboration has created a novel approach for fabricating three-dimensional micro-optics through the shape-defined formation of porous silicon (PSi), with broad impacts in integrated optoelectronics, imaging, and photovoltaics.

Working with colleagues at Stanford and The Dow Chemical Company, researchers at the University of Illinois at Urbana-Champaign fabricated 3-D birefringent...

Im Focus: Quantum Particles Form Droplets

In experiments with magnetic atoms conducted at extremely low temperatures, scientists have demonstrated a unique phase of matter: The atoms form a new type of quantum liquid or quantum droplet state. These so called quantum droplets may preserve their form in absence of external confinement because of quantum effects. The joint team of experimental physicists from Innsbruck and theoretical physicists from Hannover report on their findings in the journal Physical Review X.

“Our Quantum droplets are in the gas phase but they still drop like a rock,” explains experimental physicist Francesca Ferlaino when talking about the...

Im Focus: MADMAX: Max Planck Institute for Physics takes up axion research

The Max Planck Institute for Physics (MPP) is opening up a new research field. A workshop from November 21 - 22, 2016 will mark the start of activities for an innovative axion experiment. Axions are still only purely hypothetical particles. Their detection could solve two fundamental problems in particle physics: What dark matter consists of and why it has not yet been possible to directly observe a CP violation for the strong interaction.

The “MADMAX” project is the MPP’s commitment to axion research. Axions are so far only a theoretical prediction and are difficult to detect: on the one hand,...

Im Focus: Molecules change shape when wet

Broadband rotational spectroscopy unravels structural reshaping of isolated molecules in the gas phase to accommodate water

In two recent publications in the Journal of Chemical Physics and in the Journal of Physical Chemistry Letters, researchers around Melanie Schnell from the Max...

Im Focus: Fraunhofer ISE Develops Highly Compact, High Frequency DC/DC Converter for Aviation

The efficiency of power electronic systems is not solely dependent on electrical efficiency but also on weight, for example, in mobile systems. When the weight of relevant components and devices in airplanes, for instance, is reduced, fuel savings can be achieved and correspondingly greenhouse gas emissions decreased. New materials and components based on gallium nitride (GaN) can help to reduce weight and increase the efficiency. With these new materials, power electronic switches can be operated at higher switching frequency, resulting in higher power density and lower material costs.

Researchers at the Fraunhofer Institute for Solar Energy Systems ISE together with partners have investigated how these materials can be used to make power...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

ICTM Conference 2017: Production technology for turbomachine manufacturing of the future

16.11.2016 | Event News

Innovation Day Laser Technology – Laser Additive Manufacturing

01.11.2016 | Event News

#IC2S2: When Social Science meets Computer Science - GESIS will host the IC2S2 conference 2017

14.10.2016 | Event News

 
Latest News

UTSA study describes new minimally invasive device to treat cancer and other illnesses

02.12.2016 | Medical Engineering

Plasma-zapping process could yield trans fat-free soybean oil product

02.12.2016 | Agricultural and Forestry Science

What do Netflix, Google and planetary systems have in common?

02.12.2016 | Physics and Astronomy

VideoLinks
B2B-VideoLinks
More VideoLinks >>>