Money Imbued With Essence: How We Preserve, Invest, and Spend Inherited Money

Orit E. Tykocinski · Thane S. Pittman

7 citations0/0 files storedBasic and Applied Social Psychology

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Decision-Making and Behavioral Economics Death, Funerary Practices, and Mourning Death Anxiety and Social Exclusion

Abstract

The unique nature of inherited money is reflected in financial decisions concerning such bequests. A legacy originates in somber circumstances and bears the distinctive characteristics of the deceased. In four experiments and a survey among inheritors we found that people tended to preserve the inheritance; participants were reluctant to spend the legacy on hedonic goods or risk it by investing in the stock market. Inheritors with a close relationship with the deceased were more likely to seek uses congenial to the personality and the values of the departed. The results are discussed in terms of magical thinking and coping with bereavement.

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1958The psychology of interpersonal relations.1958The Psychology of Interpersonal Relations.1984Choices, values, and frames.2013Choices, Values, and Frames 1985Mental Accounting and Consumer Choice 2008Mental Accounting and Consumer Choice 1999Mental accounting matters 1981An Economic Theory of Self-Control

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