I'm doing a little research paper on the effects of money on society and cognition. I don't think it is legal for me to copy the documents and paste them, but I'm willing to summarize a few key points to share with all of you. If I get into the psych doctorate program I think these studies will be a good basis for my final thesis. I would love to help pioneer psychological studies on the effects of money. I'm keeping a copy of these studies. Maybe it's alright for me to make a copy for just those that specifically ask, but I'll have to find out.
How The Brain Responds to the Destruction of Money- I think it is creative how the intro compared money to a screwdriver. They are both tools, used to obtain some means or craft. However, a screwdriver is valuable due to it's physical characteristics, while money has no true intrinsic value. This study showed groups of individuals images of actions being done to forms of paper. Some were of banknotes, while others seemingly worthless paper. Some actions were non-destructive (such as folding the object), others destructive (such as cutting the object). Though you only need a p< .05 (Pearsons correlation coefficient, in this case giving 5% error to each side of a chart or 90% accuracy) to publish most medical and psychological research, this one held at 95-99% accuracy. There was a staggering number of participants that reported (via written assessment, and fMRI scans) being uncomfortable and even quite anxious at the images of money destruction. The entire study is interesting if you have the ability to look at scholarly papers. I can't stand that you have to pay for most.
Becchio, C., Skewes, J., Lund, T. E., Frith, U., Frith, C., & Roepstorff, A. (2011). How the brain responds to the destruction of money. Journal of Neuroscience, Psychology, and Economics, 4(1), 1-10. doi:10.1037/a0022835
Activating Concept of Money Changes Behavior- Money can be a dual sided conflict. On one hand, it can inspire an individual to personal gain. On the other, those reminded of money become more solitary and care less for physical intimacy. Though having money can make some aspects of life better due to reduced stress, the desire for money was shown to be detrimental to individuals. Participants were grouped randomly into a high income and low income group. The high income were given subtle unconsious reminders constantly of money. They were less likely to help others when an actor expressed need of help or spilled something. They were also less likely to donate to charity. The small reminders of money proved a difference in behavior then those with neutral stimuli.
Vohs, K. D., Mead, N. L., & Goode, M. R. (2008). Merely activating the concept of money changes personal and interpersonal behavior. Current Directions in Psychological Science, 17(3), 208-212. doi:10.1111/j.1467-8721.2008.00576.x
The Symbolic Power of Money- It states that past studies display interesting commonalities between money, social stress, and pain. Interpersonal rejection or pain cause desire for money to increase. Handling money reduces stress and diminishes pain. Also, being reminded of spending money intensifies social distress and physical pain. This study basis just the reminders of money or loosing money on it's ability to change the intensity of a situation. The participants were not paid, but were told to think of or interact with money during the studies.
-In the first study, participants began a meet and great. After, they were separated into separate rooms. Half were told that everyone liked them and half told that everyone else didn't like them. Those that faced this social rejection drew larger coins (which was previously associated with larger desire for money) and were more likely to give up pleasurable experiences for the rest of their life for money (sunshine, beach, chocolate, etc.).
-Again with two groups, these different participant received a series of words that would make a sentence. One group received pain words, and the other cognitive words. When asked to pick which size was correct for different coins, the pain group always chose significantly larger sizes for the coins, as well as willingness to give up their most valued possessions for money.
-A third experiment again had an accepted group and rejected group, judged by a video game and if other players interacted with them. Those that were in the rejected group tested higher for self-efficacy when they were allowed to count money then those that counted plain paper. Proving self image can be altered by attaining money.
-A forth tested participants pain threshold while counting money compared to counting paper. They reported a significance in higher pain thresholds. Though the participants felt pain, those that counted money were more likely to report high pain then moderate pain compared to the money counting group.
-Another experiment asked participants to list expenditures over the past 30 days or the weather conditions over the past 30 days. Again, with the reject and accept groups, these two variable were tested in each. Those that were asked to think of their expenses took the social rejection much harder. Thoughts of gaining money had given to feelings of strength in previous tests, but thoughts of losing money here provided a feeling of weakness to participants. The feelings were significantly stronger then the group that thought about the weather.
-In experiment 6, they used the same spending money thoughts or thoughts on the weather to judge pain. As with all of these experiments, they were done with different participants to eliminate the ability of practice to change the results. Again, pain was confirmed to be significantly higher for those that had negative thoughts of spending money then those thinking of the weather.
This is a very brief summation.
Zhou, X., Vohs, K. D., & Baumeister, R. F. (2009). The symbolic power of money: Reminders of money alter social distress and physical pain. Psychological Science, 20(6), 700-706. doi:10.1111/j.1467-9280.2009.02353.x
