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Related Concept Videos

Counterfactual Thinking01:19

Counterfactual Thinking

Counterfactual thinking is a cognitive process wherein individuals mentally reconstruct alternative versions of past events, often beginning with “what if” or “if only.” This reflective mechanism plays a significant role in shaping emotional experiences and guiding future behavior. Though typically triggered by unfavorable or unexpected outcomes, counterfactual thinking can also emerge in mundane, everyday decisions and experiences, revealing its deep entrenchment in human cognition.Types of...
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Information is everywhere and its presentation—such as how and when items are presented—can impact our perceptions and decisions surrounding the info. This broad concept umbrellas framing effects—influences that occur due to the way information is framed in its appearance, whether it’s purely the order or the specific wording of a message. Let’s take a look at numerous ways in which two versions of something can objectively say the same thing, yet we respond in different ways based on the...
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The self-concept encompasses individuals' beliefs about themselves, structured through cognitive frameworks known as self-schemas. These schemas function as mental representations of specific traits or behaviors, influencing how self-relevant information is perceived, processed, and remembered. For example, individuals who are schematic for body weight are more likely to interpret routine experiences—such as dining out or shopping—through the lens of that trait. Conversely, those aschematic for...
Self-Schemas02:16

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In general, a schema is a mental construct consisting of a cluster or collection of related concepts (Bartlett, 1932). There are many different types of schemata, and they all have one thing in common: schemata are a method of organizing information that allows the brain to work more efficiently. When a schema is activated, the brain makes immediate assumptions about the person or object being observed.
The Sense of Self: Reflected Self-Appraisal and Social Comparison02:57

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According to Charles Cooley, we base our image on what we think other people see (Cooley 1902). We imagine how we must appear to others, then react to this speculation. We don certain clothes, prepare our hair in a particular manner, wear makeup, use cologne, and the like—all with the notion that our presentation of ourselves is going to affect how others perceive us. We expect a certain reaction, and, if lucky, we get the one we desire and feel good about it. But more than that, Cooley...
Self-Discrepancy Theory02:45

Self-Discrepancy Theory

One influential perspective on what motivates people's behavior is detailed in Tory Higgin's self-discrepancy theory (Higgins, 1987). He proposed that people hold disagreeing internal representations of themselves that lead to different emotional states.

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The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies
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Future self-continuity: how conceptions of the future self transform intertemporal choice.

Hal E Hershfield1

  • 1New York University, USA. h-ersnerhershfield@kellogg.northwestern.edu

Annals of the New York Academy of Sciences
|October 26, 2011
PubMed
Summary
This summary is machine-generated.

Longer lifespans require long-term financial planning. Viewing your future self positively and realistically encourages better saving habits for a secure retirement.

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Area of Science:

  • Behavioral Economics
  • Psychology
  • Decision Science

Background:

  • Increasing global life expectancy necessitates long-term financial planning.
  • Many individuals face undersaving for retirement, risking their preretirement standard of living.
  • Previous research on intertemporal choice focused on present vs. future rewards.

Purpose of the Study:

  • To review theoretical and empirical work on how self-perception over time influences decision-making.
  • To explore the psychological factors affecting long-term financial choices.
  • To understand how individuals make choices benefiting their future selves.

Main Methods:

  • Literature review of theoretical and empirical studies.
  • Analysis of research on intertemporal choice and self-perception.
  • Synthesis of findings on the impact of future self-continuity and vividness.

Main Results:

  • Perceptions of the future self significantly impact decision-making.
  • When the future self is perceived as similar, vivid, and positive, individuals are more willing to make beneficial long-term choices.
  • This contrasts with traditional models focusing solely on reward timing.

Conclusions:

  • Shifting focus to self-perception over time offers new insights into long-term decision-making.
  • Positive and realistic views of the future self can promote better financial planning and saving behaviors.
  • Understanding psychological factors is crucial for addressing undersaving and ensuring retirement security.