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Windfalls of Time and Money: Effects on Wellbeing and Decision-Making

  • Author(s): West, Colin
  • Advisor(s): DeVoe, Sanford E
  • et al.
Abstract

This dissertation investigates how people respond to windfalls of time and money. From vacations and outsourcing, to bonuses and commissions – individuals and organizations frequently experience windfalls of time and money. These moments of temporary abundance provide a critical window into human psychology. I focus on these moments and what they reveal about psychological wellbeing and economic decision-making. In Chapter 1, I investigate the psychological benefits of providing people with large, unexpected windfalls of time or money. In Chapter 2, I examine how experiencing episodic financial windfalls can shape intertemporal preferences – trade-offs between smaller immediate rewards and larger delayed rewards. In Chapter 3, I investigate how people make decisions about whether to spend or save a financial windfall.

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