AgeLab Postdoctoral Associate Martina Raue is interviewed in New York Magazine's The Cut about her research on social comparisons and savings behavior:
“We engage in upward social comparison all the time, but it’s usually an unconscious process,” says Martina Raue, a psychologist who studies decision-making at MIT. “Therefore, we usually don’t use it as a tool.”
But what if we could? That’s what Raue wanted to explore in a recent study where she told participants how their savings measured up to their peers. The results were interesting: When participants learned that their savings lagged behind that of other people similar to them, they decided to save more.
Read the full story here.