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Investing in oneself: How closeness to one's future self impacts intertemporal choice

Posted on:2011-11-11Degree:Ph.DType:Dissertation
University:Columbia UniversityCandidate:Milch, Kerry FischerFull Text:PDF
GTID:1445390002956789Subject:Psychology
Abstract/Summary:
Feeling a sense of connection with one's future self has been shown to correspond to less temporal discounting, or greater patience (Bartels & Rips, 2010; Ersner-Hershfield, Garton, Ballard, Samanez-Larkin, & Knutson, 2009). The current research examines the malleability of perceptions of closeness to future self, the conditions under which feeling close to a future self will affect temporal discounting, and the different ways of feeling close to a future self and their impact on discounting. In Study 1, social distance to future self is manipulated, and feeling close to a future self is shown to be distinct from feeling positive about a future self. Additionally, perceived closeness -- not positivity -- towards future self is shown to matter more for intertemporal allocation decisions. In Study 2, the framing of a resource (money) to be allocated between now and later is manipulated. There is a main effect of resource frame: participants in the pro-save frame, which emphasizes the importance of saving, discount less than participants in the pro-spend frame, which emphasizes the transformative power of money. In addition, there is a Perceived Closeness x Resource Frame interaction effect. In the pro-save frame, perceived closeness does not impact discounting. However, in the pro-spend frame, participants discount less when they feel close to their future selves. Although these participants have read about the benefits of spending money to become a desired future self, when they feel close to their future selves (i.e., when they nearly are the desired future self), they choose to receive more money later instead of a smaller sum immediately. For Studies 3a and 3b, a scale (Expectations and Experiences with Change) was developed to measure different dimensions of feeling close to a future self. Responsibility to future self is shown to be uniquely important to intertemporal choice. Taken together, the results of these four studies suggest that perceived closeness to future self can lead to less discounting, but only in certain circumstances (e.g., in a "pro-spend" frame, or when "feeling close" means "feeling a sense of obligation" to a future self).
Keywords/Search Tags:Future self, Feeling, Closeness, Frame, Discounting, Intertemporal, Shown
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