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Article Title: Re-Examining the Experiential Advantage in Consumption: A Meta-Analysis and Review Publication: Journal of Consumer Research Authors: Evan Weingarten, Joseph K. Goodman Citation: Weingarten, E., & Goodman, J. K. (2020). Re-examining the experiential advantage in consumption: A meta-analysis and review. Journal of Consumer Research, 47 (6), 855–877. https://doi.org/10.1093/jcr/ucaa047 Premise Previous research has demonstrated that consumers experience an experiential advantage when they buy experiences rather than material goods. The authors (Weingarten & Goodman, 2020) completed …
Always Say No? Always Say Yes? Which Is It? Warren Buffet is cited for the wisdom that “the difference between successful people and really successful people is that really successful people say no to almost everything.” Over the years I’ve heard any number of snippets of advice from Mr. Buffet and I have to concede that I usually find myself nodding in agreement with his folksy, common-sense perspective. It’s hard to argue with his …
I recently had a conversation with my teenage daughter where we had reason to consider the financial situation of an elderly couple that are family friends. My daughter became aware that this family had an (undisclosed) amount of money to live on for the rest of their lives, and that was it. She made an off-hand remark that “they have that amount of money to live on, and that’s it? That would stink.” This …
Let’s Agree to Disagree Agreeableness is a personality trait that is often overlooked or misunderstood when managing our financial lives. The field of personality psychology generally recognizes five primary personality traits that are understood to form the basic foundation of individual personality (often referred to as “the Big Five” or “OCEAN model”). These include openness to experience, extroversion, conscientiousness, neuroticism, and agreeableness. Here we take a closer look at the last trait, agreeableness. We …
Financial psychology is the study and application of psychological theories, methods, and practices in the areas of personal finance and financial services. The field takes into account two areas. First, financial psychology includes how we relate to and make decisions about money. In other words, financial psychology includes what psychologists refer to as “individual differences” in money-related behaviors and decisions. Second, financial psychology covers the client-advisor relationship, that is, the application of psychology in …