A psychological perspective on money

Abstract

A thriving field of inquiry, the psychological science of money has recently witnessed an upsurge in research attention. In the present volume, we bring together and integrate a number of theoretical perspectives on the question of ‘how does money affect people’s mind, brain, and behavior?’ Importantly, we go beyond previous reviews by zooming in on the biological and psychological processes—triggered by money—that shape people’s experiences and behavior. Three central topics, which recur throughout the volume, are as follows: First, researchers have studied the time course by which the human mind processes money, identifying a crude and quick processing stage that occurs directly after money-related stimuli are perceived. Second, researchers have studied the biological underpinnings of money, pinpointing the role of the reward circuit (e.g., the ventral striatum) in processing money. Third, researchers have studied how money inputs into meaning-making processes that help people to make sense of the situation they find themselves in. Classic and recent insights are discussed in the context of each of these themes, with a special focus on the link between money and behavioral outcomes (e.g., performance, decisions, cooperation). As such, the present volume works towards a broad, yet process-oriented understanding of the impact of money on human action.