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Friday, 24 May 2013

A Strange Money Attitude

There is a strange money attitude that many people have--many more than you might expect. It is the desire that one's neighbors make less money. Well, to be generous we could say that the desire is to make more money than one's neighbors, but that would be quite the truth, at least according to the research done.
You see, it may seem strange, and like many people we might deny this feeling, but most people would rather be richer than the people around them than have more money themselves. This requires a short explanation that start with a question: Which situation would you rather have for yourself, an income of $50,000 per year while everyone around you made $25,000, or $100,000 annual income with everyone around you making $250,000? For the sake of these hypothetical examples we assume that the prices of products and services are the same in both scenarios.
Here is the amazing truth: When researchers in the field of behavioral economics ask this question, most people prefer the first option over the second. In case you didn't get that, most humans would prefer being poorer as long as their neighbors were even poorer than them