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dc.contributor.authorLerner, Jennifer S.
dc.contributor.authorLi, Ye
dc.contributor.authorWeber, Elke
dc.date.accessioned2012-09-27T14:09:24Z
dc.date.issued2012
dc.identifier.citationLerner, Jennifer S., Ye Li, and Elke U. Weber. 2012. The Financial Cost of Sadness. Psychological Science, published online.en_US
dc.identifier.urihttp://nrs.harvard.edu/urn-3:HUL.InstRepos:9642634
dc.description.abstractThis paper hypothesizes a phenomenon—myopic misery—in which sadness creates a myopic focus on obtaining money now versus later, increasing intertemporal discount rates and thereby producing substantial financial costs. Experiments 1-3 randomly assigned participants to a sad- or neutral-mood condition, and then offered intertemporal choices. Disgust served as a comparison condition in Experiments 1-2. Results revealed that sadness significantly increased impatience: Relative to median neutral-mood participants, median sad-mood participants accepted 13% to 34% less money today to avoid waiting three months for payment. Impatient thoughts mediated the effects. Disgusted participants were not more impatient than neutral participants, implying that the financial effects do not arise from all negative emotions. The paper concludes that myopic misery is a robust and potentially harmful phenomenon.en_US
dc.language.isoen_USen_US
dc.publisherSageen_US
dc.relation.isversionofhttp://dx.doi.org/10.1177/0956797612450302
dash.licenseOAP
dc.subjectemotionen_US
dc.subjectjudgment
dc.subjectmyopic misery
dc.subjectsadness
dc.subjectintertemporal choice
dc.subjectpresent bias
dc.subjectdecision making
dc.titleThe Financial Cost of Sadnessen_US
dc.typeResearch Paper or Reporten_US
dc.description.versionAccepted Manuscripten_US
dc.relation.journalPsychological Scienceen_US
dash.depositing.authorLerner, Jennifer S.
dc.date.available2012-09-27T14:09:24Z
dash.affiliation.other
dc.identifier.doi10.1177/0956797612450302*
dash.contributor.affiliatedLerner, Jennifer


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