The Financial Costs of Sadness

Psychological Science

Volumn 24, Issue 1, 2013, Pages 72-79

  Lerner, Jennifer S ^a   Li, Ye ^b   Weber, Elke U ^b  

^a HARVARD UNIVERSITY   (United States)

^b Och Spine at New York Presbyterian Hospitals   (United States)

Author keywords

decision making; emotion; intertemporal choice; judgment; myopic misery; present bias; sadness

Indexed keywords

EID: 84872309448     PISSN: 09567976     EISSN: 14679280     Source Type: Journal    
DOI: 10.1177/0956797612450302     Document Type: Article

References (42)

1. Alloy L. B.,Abramson L. Y.Judgment of contingency in depressed and nondepressed students: Sadder but wiser?.Journal of Experimental Psychology: General. 1979;108:441-485.
2. Andreoni J.,Sprenger C.Risk preferences are not time preferences.American Economic Review. in press;:.
3. Chabris C.,Laibson D.,Morris C.,Schuldt J.,Taubinsky D.Individual laboratory-measured discount rates predict field behavior.Journal of Risk and Uncertainty. 2008;37:237-269.
4. Cialdini R. B.,Darby B. L.,Vincent J. E.Transgression and altruism: A case for hedonism.Journal of Personality and Social Psychology. 1973;9:502-516.
5. Clark M. S.,Isen A. M.Cognitive social psychology. Hastorf A. H.Isen A. M., ed. New York, NY: Elsevier; 1982:73-108.
6. Coleridge S. T.The rime of the ancient mariner. London, England: Sampson Low, Son & Co; 1857:.
7. Cryder C. E.,Lerner J. S.,Gross J. J.,Dahl R. E.Misery is not miserly: Sad and self-focused individuals spend more.Psychological Science. 2008;19:525-530.
8. Ellsworth P. C.,Scherer K. R.Handbook of affective sciences. Davidson R. J.Scherer K. R.Goldsmith H. H., ed. New York, NY: Oxford University Press; 2003:572-595.
9. Forgas J. P.Mood and judgment: The affect infusion model (AIM).Psychological Bulletin. 1995;117:39-66.
10. Frederick S.,Loewenstein G.,O'Donoghue T.Time discounting and time preference: A critical review.Journal of Economic Literature. 2002;40:351-401.
11. Gross J. J.,Levenson R. W.Emotion elicitation using films.Journal of Cognition & Emotion. 1995;9:87-108.
12. Ifcher J.,Zarghamee H.Happiness and time preference: The effect of positive affect in a random-assignment experiment.American Economic Review. 2011;101:3109-3129.
13. James W.Principles of psychology: Vol. 1. New York, NY: Holt; 1890:.
14. Johnson E. J.,Häubl G.,Keinan A.Aspects of endowment: A query theory of value construction.Journal of Experimental Psychology: Learning, Memory, and Cognition. 2007;33:461-474.
15. Kahneman D.Thinking, fast and slow. New York, NY: Farrar Straus & Giroux; 2011:.
16. Keltner D.,Ellsworth P. C.,Edwards K.Beyond simple pessimism: Effects of sadness and anger on social perception.Journal of Personality and Social Psychology. 1993;64:740-752.
17. Keltner D.,Lerner J. S.The handbook of social psychology. 2011). Emotion. In GilbertD.FiskeS.LindsayG. (Eds.), The handbook of social psychology (5th ed., Vol. 1, pp. 312-347). New York, NY: McGraw Hill.Gilbert D.Fiske S.Lindsay G., ed. New York, NY: McGraw Hill; 2011:312-347.
18. Kirby K. N.,Petry N. M.,Bickel W. K.Heroin addicts have higher discount rates for delayed rewards than non- drug-using controls.Journal of Experimental Psychology: General. 1999;128:78-87.
19. Kovalchik S.,Camerer C. F.,Grether D. M.,Plott C. R.,Allman J. M.Aging and decision-making: A comparison between neurologically healthy elderly and young individuals.Journal of Economic Behavior & Organization. 2005;58:79-94.
20. Laibson D.Golden eggs and hyperbolic discounting.Quarterly Journal of Economics. 1997;112:443-477.
21. Lerner J. S.,Keltner D.Beyond valence: Toward a model of emotion-specific influences on judgement and choice.Cognition & Emotion. 2000;14:473-493.
22. Lerner J. S.,Keltner D.Fear, anger, and risk.Journal of Personality and Social Psychology. 2001;81:146-159.
23. Lerner J. S.,Small D. A.,Loewenstein G.Heart strings and purse strings: Carryover effects of emotions on economic decisions.Psychological Science. 2004;15:337-341.
24. Loewenstein G.,Prelec D.Anomalies in intertemporal choice: Evidence and an interpretation.Quarterly Journal of Economics. 1992;107:573-597.
25. Loewenstein G.,Read D.,Baumeister R.Time and decision: Economic and psychological perspectives on intertemporal choice. New York, NY: Russell Sage Foundation Press; 2003:.
26. McClure S. M.,Laibson D. I.,Loewenstein G.,Cohen J. D.Separate neural systems value immediate and delayed monetary rewards.Science. 2004;306:503-507.
27. Meier S.,Sprenger C.Present-biased preferences and credit card borrowing.American Economic Journal: Applied Economics. 2010;2:193-210.
28. Mischel W.,Ayduk O.,Berman M. G.,Casey B. J.,Gotlib I. H.,Jonides J.,Shoda Y."Willpower" over the life span: Decomposing self-regulation.Social Cognitive and Affective Neuroscience. 2011;6:252-256.
29. Mischel W.,Ebbesen E. B.Attention in delay of gratification.Journal of Personality and Social Psychology. 1970;16:329-337.
30. O'Donoghue T.,Rabin M.Doing it now or later.American Economic Review. 1999;89:103-124.
31. Parfit D.Reasons and persons. Oxford, England: Oxford University Press; 1984:.
32. Park J.,Banaji M. R.Mood and heuristics: The influence of happy and sad states on sensitivity and bias in stereotyping.Journal of Personality and Social Psychology. 2000;78:1005-1023.
33. Pyone J. S.,Isen A. M.Positive affect, intertemporal choice, and levels of thinking: Increasing consumers' willingness to wait.Journal of Marketing Research. 2011;48:532-543.
34. Raghunathan R.,Pham M. T.All negative moods are not equal: Motivational influences of anxiety and sadness on decision making.Organizational Behavior and Human Decision Processes. 1999;79:56-77.
35. Read D.,Read N. L.Time discounting over the lifespan.Organizational Behavior and Human Decision Processes. 2004;94:22-32.
36. Rozin P.,Haidt J.,McCauley C. R.Handbook of emotions. Lewis M.Haviland J., ed. New York, NY: Guilford Press; 1993:575-595.
37. Schwarz N.,Clore G. L.Mood, misattribution, and judgments of well-being: Informative and directive functions of affective states.Journal of Personality and Social Psychology. 1983;45:513-523.
38. Shrout P. E.,Bolger N.Mediation in experimental and nonexperimental studies: New procedures and recommendations.Psychological Methods. 2002;7:422-445.
39. Small D. A.,Lerner J. S.,Fischhoff B.Emotion priming and attributions for terrorism: Americans' reactions in a national field experiment.Political Psychology. 2006;27:289-298.
40. Thaler R. H.,Shefrin H. M.An economic theory of self-control.Journal of Political Economy. 1981;89:392-406.
41. Thaler R. H.,Sunstein C. R.Nudge: Improving decisions about health, wealth, and happiness. New York, NY: Penguin; 2008:.
42. Weber E. U.,Johnson E. J.,Milch K. F.,Chang H.,Brodscholl J. C.,Goldstein D. G.Asymmetric discounting in intertemporal choice: A query-theory account.Psychological Science. 2007;18:516-523.