Rational economics doesn't always govern how we make decisions about our money in the real world. As part of our series Brain Drain with Marketplace’s Wealth and Poverty desk, we're exploring the ways in which our minds are rigged to cost us money.
The third topic of our series: Money priming. That is, how subtle exposure to the concept of money can influence our behaviors.
When we're exposed to money — even fake money or reminders of money — our behavior changes. Many studies show that people become less socially sensitive when exposed to reminders of the idea of money. They also work longer and harder on difficult tasks. Kathleen Vohs teaches marketing at the University of Minnesota's Carlson School of Management. She studies the psychology of money and tells us about some of her favorite experiments.
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