-
Age-Old Money Matters: Positivity in Older Adults Leads to Balanced Investments
The economic and psychological term known as “sunk-cost fallacy” is a bias that leads someone to make a decision based solely on a previous financial investment. For example, a baseball fan might attend every game of the season only because he already purchased the tickets. But not everyone would force themselves to brave the pouring rain for a single game in one season simply because they previously paid for the seats. So who is more likely to commit or avoid the sunk-cost fallacy and why?
-
The Perils of Overconfidence
Overestimating one’s abilities can have hazardous consequences. The overconfident investment banker may lose millions on a “can’t-miss” start up or a driver who’s had one too many may insist on making it home in the car. Research has backed up this notion but with one glaring problem: It relies on participants to give accurate reports of their own confidence.
-
When the Powerless Rise Up: Power Leads to Positive Action, But Only When Acquired Legitimately
In an effort to reconcile the science stating that power leads to action and lack of power leads to inhibition -- despite constant historical reminders of the powerless rising up and taking action -- new research in the June issue of Psychological Science, a journal of the Association for Psychological Science, suggests that the legitimacy of the power relationship is an important determinant of whether power leads to action. The research, led in part by Kellogg School of Management Professor Adam Galinsky, sought to determine at what point the powerless rise up and take action.
-
Study Pinpoints Strategies that Protect Older Adult’s Physical Health
In his famous poem, “Do not go gentle into that good night,” Dylan Thomas urges us to “Rage, rage against the dying of the light.” Researchers are now backing up this counsel in the lab; showing just how “raging” against threats to one’s health is critical to good health and survival in late life. The existing research on longevity supports the notion that one should become actively involved in one’s health in an effort to prevent further decline. The elderly are urged to use “active control strategies” aimed at counteracting physical threats.
-
Who Shalt Not Kill? Brain Power Leads to Level-Headedness When Faced with Moral Dilemmas
Should a sergeant sacrifice a wounded private on the battlefield in order to save the rest of his troops? Is euthanasia acceptable if it prevents needless suffering? Many of us will have to face some sort of extreme moral choice such as these at least once in our life. And we are also surrounded by less dramatic moral choices everyday: Do I buy the hybrid? Do I vote for a particular presidential candidate? Unfortunately, very little is known beyond philosophical speculation about how people understand morality and make decisions on moral issues. Past research suggests that moral dilemmas can evoke strong emotions in people and tend to override thoughtful deliberation and reasoning.
-
Having less power impairs the mind and ability to get ahead, study shows
New research appearing in the May issue of Psychological Science, a journal of the Association for Psychological Science, suggests that being put in a low-power role may impair a person’s basic cognitive functioning and thus, their ability to get ahead. In their article, Pamela Smith of Radboud University Nijmegen, and colleagues Nils B. Jostmann of VU University Amsterdam, Adam Galinsky of the Kellogg School of Management at Northwestern University, and Wilco W. van Dijk of VU University Amsterdam, focus on a set of cognitive processes called executive functions. Executive functions help people maintain and pursue their goals in difficult, distracting situations.
