Money Can Inspire Effort More Easily than Insight
Cash is only an effective incentive for certain types of tasks.
Money Can Inspire Effort More Easily than InsightA long line can make you wonder about, and want, whatever is at the front of it. But the experience of waiting in that long line can make you want it even more.
Ayelet Fishbach, Jeffrey Breakenridge Keller Professor of Behavioral Science and Marketing at Chicago Booth, and then–Booth PhD student Minjung Koo, now an assistant professor at Sungkyunkwan University, look at lines from the psychological viewpoint, and say that people learn something about the value of products as they wait for them.
In several field studies in cafés and amusement parks, Fishbach finds that if there’s someone behind you in line, you will feel the product you’re waiting for is more valuable, and you’ll like it more. She says that’s because you feel you’ve invested time and effort to get the product, and people generally like things that they worked hard to get.
Minjung Koo and Ayelet Fishbach, “A Silver Lining of Standing in Line: Queuing Increases Value of Products,” Journal of Market Research, August 2010.
Cash is only an effective incentive for certain types of tasks.
Money Can Inspire Effort More Easily than InsightChicago Booth’s Richard H. Thaler and Harvard’s Steven Pinker discuss whether people behave irrationally, and if so, why.
How Irrational Are We?Adopting a “no pain, no gain” approach to emotionally challenging experiences can confer benefits.
Why Making Yourself Uncomfortable Can Be MotivatingYour Privacy
We want to demonstrate our commitment to your privacy. Please review Chicago Booth's privacy notice, which provides information explaining how and why we collect particular information when you visit our website.