Have you noticed that when somebody throws money into the ring that people and dynamics change? How so?
A recent study affirmed that people will wait to collect full payment for a non-consumable monetary reward than for consumable rewards such as -- beer, candy or soda.
Researchers Leonard Green, and Joel Myerson, at Washington Univer
sity in St. Louis just published a paper to show how 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. Have you found that to be the case?
The study identified factors that affect self-control that people show, both for self-control as well as for impulsive decision-making.
Participants who were given the choice between an amount of soda right away and $50 worth of soda that they would have to wait six months to get. Can you guess the results?
Most people took significantly less than $50 worth of soda now rather than wait for $50 in six months.
These finding influence even the nest eggs people either build or foolishly ignore. Are you likely to take a smaller, immediate rewards, rather than wait for larger, long-term reward that comes from say - saving for retirement?
Would this research help employers and employees to make better choices — those that lead to greater benefits in the long run?
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