Featured Research

from universities, journals, and other organizations

Powerful people are looking out for their future selves

Date:
February 19, 2013
Source:
Association for Psychological Science
Summary:
Would you prefer $120 today or $154 in one year? Your answer may depend on how powerful you feel, according to new research.

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.

Related Articles


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."


Story Source:

The above story is based on materials provided by Association for Psychological Science. Note: Materials may be edited for content and length.


Journal Reference:

  1. P. D. Joshi, N. J. Fast. Power and Reduced Temporal Discounting. Psychological Science, 2013; DOI: 10.1177/0956797612457950

Cite This Page:

Association for Psychological Science. "Powerful people are looking out for their future selves." ScienceDaily. ScienceDaily, 19 February 2013. <www.sciencedaily.com/releases/2013/02/130219161254.htm>.
Association for Psychological Science. (2013, February 19). Powerful people are looking out for their future selves. ScienceDaily. Retrieved October 25, 2014 from www.sciencedaily.com/releases/2013/02/130219161254.htm
Association for Psychological Science. "Powerful people are looking out for their future selves." ScienceDaily. www.sciencedaily.com/releases/2013/02/130219161254.htm (accessed October 25, 2014).

Share This



More Mind & Brain News

Saturday, October 25, 2014

Featured Research

from universities, journals, and other organizations


Featured Videos

from AP, Reuters, AFP, and other news services

Academic Scandal Shocks UNC

Academic Scandal Shocks UNC

AP (Oct. 23, 2014) A scandal involving bogus classes and inflated grades at the University of North Carolina was bigger than previously reported, a new investigation found. (Oct. 23) Video provided by AP
Powered by NewsLook.com
Working Mother Getaway: Beaches Turks & Caicos

Working Mother Getaway: Beaches Turks & Caicos

Working Mother (Oct. 22, 2014) Feast your eyes on this gorgeous family-friendly resort. Video provided by Working Mother
Powered by NewsLook.com
What Your Favorite Color Says About You

What Your Favorite Color Says About You

Buzz60 (Oct. 22, 2014) We all have one color we love to wear, and believe it or not, your color preference may reveal some of your character traits. In celebration of National Color Day, Krystin Goodwin (@kyrstingoodwin) highlights what your favorite colors may say about you. Video provided by Buzz60
Powered by NewsLook.com
First-Of-Its-Kind Treatment Gives Man Ability To Walk Again

First-Of-Its-Kind Treatment Gives Man Ability To Walk Again

Newsy (Oct. 21, 2014) A medical team has for the first time given a man the ability to walk again after transplanting cells from his brain onto his severed spinal cord. Video provided by Newsy
Powered by NewsLook.com

Search ScienceDaily

Number of stories in archives: 140,361

Find with keyword(s):
Enter a keyword or phrase to search ScienceDaily for related topics and research stories.

Save/Print:
Share:

Breaking News:

Strange & Offbeat Stories


Health & Medicine

Mind & Brain

Living & Well

In Other News

... from NewsDaily.com

Science News

Health News

Environment News

Technology News



Save/Print:
Share:

Free Subscriptions


Get the latest science news with ScienceDaily's free email newsletters, updated daily and weekly. Or view hourly updated newsfeeds in your RSS reader:

Get Social & Mobile


Keep up to date with the latest news from ScienceDaily via social networks and mobile apps:

Have Feedback?


Tell us what you think of ScienceDaily -- we welcome both positive and negative comments. Have any problems using the site? Questions?
Mobile: iPhone Android Web
Follow: Facebook Twitter Google+
Subscribe: RSS Feeds Email Newsletters
Latest Headlines Health & Medicine Mind & Brain Space & Time Matter & Energy Computers & Math Plants & Animals Earth & Climate Fossils & Ruins