Increasing Saving Behavior Through Age-Progressed Renderings of the Future Self
Bibliographic Data
| ID | 23321997 |
|---|---|
| Authors | Hal E Hershfield (0000-0002-1507-7022, Marketing, New York University, corresponding author), Daniel G Goldstein (0000-0002-0970-5598, Marketing, London Business School, and Principal Research Scientist, Yahoo Research, corresponding author), William F Sharpe (Stanford University, corresponding author), Jesse Fox (0000-0002-8022-4594, School of Communication, Ohio State University), Leo Yeykelis (Stanford University, corresponding author), Laura L Carstensen (0000-0002-5011-3789, Stanford University, corresponding author), Jeremy N Bailenson (0000-0003-2813-3297, Stanford University, corresponding author) |
| Year | 2011 |
| Volume | 48 |
| Issue | SPL |
| Pages | S23-S37 |
| Publication date | 2011-02-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of Marketing Research (JOURNAL) |
| Journal identifiers | ISSN: 0022-2437 • E-ISSN: 1547-7193 |
| Publisher | SAGE Publications (PUBLISHER • US) |
| DOI | 10.1509/jmkr.48.spl.s23 |
| PMID | 24634544 |
| PMCID | PMC3949005 |
| OpenAlex | W2075501719 |
| Language | EN |
| Citations received | 105 |
| References cited | 65 |
Many people fail to save what they will need for retirement. Research on excessive discounting of the future suggests that removing the lure of immediate rewards by precommitting to decisions or elaborating the value of future rewards both can make decisions more future oriented. The authors explore a third and complementary route, one that deals not with present and future rewards but with present and future selves. In line with research that shows that people may fail, because of a lack of belief or imagination, to identify with their future selves, the authors propose that allowing people to interact with age-progressed renderings of themselves will cause them to allocate more resources to the future. In four studies, participants interacted with realistic computer renderings of their future selves using immersive virtual reality hardware and interactive decision aids. In all cases, those who interacted with their virtual future selves exhibited an increased tendency to accept later monetary rewards over immediate ones.
Aesthetics · Business · Discounting · Sass · Value (mathematics) · World Wide Web · Aging and Gerontology Research · Computer Science · Decision-Making and Behavioral Economics · Psychological Well-being and Life Satisfaction · Psychology · Social Psychology
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Homuncular Flexibility
Future self‐continuity
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Virtual Superheroes
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Beyond Willpower
Nudging and Boosting
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Does Cognitive Psychology Imply Pluralism About the Self
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Let’s Talk About it
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Nudge to the future
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Newcomer calling shift
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Feeling Closer to the Future Self and Doing Better
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Out of Control
Psychological connectedness and intertemporal choice.
A Note on Measurement of Utility
Procrastination, Deadlines, and Performance
Status quo bias in decision making
Relationship of subjective and objective social status with psychological and physiological functioning
Asymptotic and resampling strategies for assessing and comparing indirect effects in multiple mediator models
Time Discounting and Time Preference
The rank-order consistency of personality traits from childhood to old age
The Stability of Vocational Interests From Early Adolescence to Middle Adulthood
The expected length of male retirement in the United States, 1850-1990
Personal Identity
An Economic Theory of Self-Control
Save More TomorrowTM
Temporal differences in trait self-ascription
On the social psychology of the psychological experiment
Social status and health
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Representations of the self in the near and distant future
Inclusion of Other in the Self Scale and the structure of interpersonal closeness
The unbearable automaticity of being
Specious reward
Heuristics and Biases in Retirement Savings Behavior
Ulysses and the Sirens
Time-inconsistent Preferences and Consumer Self-Control
The Proteus Effect
On Intertemporal Selfishness
Work or Fun? How Task Construal and Completion Influence Regulatory Behavior
A Generalizable Scale of Propensity to Plan
Opportunity Cost Neglect
Choosing Outcomes versus Choosing Products
Considering the Future
Social Class, Market Situation, and Consumers' Metaphors of (Dis)Empowerment
| Unique citing works | 105 |
|---|---|
| Citations per year | 7 |
| Citation span | 2011 - 2026 (16) |
| Citation velocity | current |
| Highly cited | Yes |
| Citation types | Neutral: 101 |