Experimental manipulations to reduce the negative effects of money

People generally consider money a necessary evil because it invokes dual effects. On one hand, it increases people's productivity and performance, but it also decreases people's sensitivity to others. I conducted three experimental studies with an attempt to reduce the negative effects of...

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Bibliographic Details
Published inJournal of applied social psychology Vol. 43; no. 5; pp. 1104 - 1109
Main Author Yam, Kai Chi
Format Journal Article
LanguageEnglish
Published Hoboken Blackwell Publishing Ltd 01.05.2013
Wiley Subscription Services, Inc
Subjects
Money
Perceptions
Social psychology
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Summary:People generally consider money a necessary evil because it invokes dual effects. On one hand, it increases people's productivity and performance, but it also decreases people's sensitivity to others. I conducted three experimental studies with an attempt to reduce the negative effects of money. Results indicated that when money was framed as a social incentive, its negative effect was attenuated and people exerted more helping behavior in both hypothetical and real‐life scenarios. However, when a social incentive was framed in monetary terms, the negative effect of money prevailed in hypothetical but not in real‐life scenarios. Results suggested that money itself is not the root of evil or good, but rather its effects are influenced by our perceptions of its role.
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ISSN:0021-9029
1559-1816
DOI:10.1111/jasp.12075