Decision Making

Rich people, surrounded by other rich people, think America is richer than it really is

The Washington Post: Economic segregation has some obvious consequences for how we live. It means that poor and rich children attend different schools, that their parents shop in different stores, that their families rely on separate amenities, whether parks or transit lines or community pools. These living patterns, though, also More

At What Age Does Hard Work Add a Shine to Lousy Prizes?

Putting in a lot of effort to earn a reward can make unappealing prizes more attractive to kindergartners, but not to preschoolers, according to research published in Psychological Science, a journal of the Association for Psychological Science. The findings revealed that when 6-year-olds worked hard to earn stickers that they More

Psychology in an Economic World

Poverty, wealth, and their cognitive, emotional, and neurochemical consequences dominated the discussion in the opening integrative science symposium at ICPS. Moderated by Daniel Cervone, who co-chairs the program committee for the event that kicked off March 12 in Amsterdam, scientists representing psychology, economics, and sociology shared a wealth of research More

A luxury house

Having Wealthy Neighbors May Skew Beliefs About Overall Wealth Distribution

Wealthy people may be likely to oppose redistribution of wealth because they have biased information about how wealthy most people actually are, according to new research published in Psychological Science, a journal of the Association for Psychological Science. The findings indicate that people use their own neighborhoods and communities as More