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Self-Regulation and Spending Evidence from Impulsive and Compulsive Buying
| Content Provider | Semantic Scholar |
|---|---|
| Author | Faber, Ronald J. Vohs, Kathleen D. |
| Copyright Year | 2016 |
| Abstract | C ontrolling the self is a crucial aspect of human life, with researchers unearthing even more situations in which selfregulation and the executive function serve to guide people in their behavioral choices (Baumeister & Vohs, 2003; Higgins, 1996). One area that has begun to receive attention in the selfregulation literature is buying impulses and decisions (Baumeister, 2002). In Western society, people are constantly encountering tempting products, goods, or services that they may elect to acquire. If the economic crisis of 2008–2009 has highlighted anything, it is that regardless of what people may wish to believe, they clearly cannot have it all. A conflict between “having now” versus “having later” requires the person to engage in selfregulation. Selfregulation has been characterized as having three component parts: (1) establishing a goal; (2) engaging in actions that lead to obtaining this goal; and (3) monitoring progress toward the goal (Baumeister & Vohs, 2003). For example, one may set a goal of putting at least $50 a week into savings. To achieve this goal, the person may need to cut back on spending, while monitoring whether the savings that result from these behaviors meet the goal. If not, further cutbacks are enacted and more assessments are made until finally the goal of saving $50 a week is reached. Unfortunately, selfregulation efforts are not always successful. Baumeister and Heatherton (1996) identified three causes of selfcontrol failure (1) conflicting goals; (2) failure to track one's own behavior; and (3) depletion of the resources that permit selfcontrol to operate. From our perspective, purchasing behaviors can both contribute to the failure to exert selfregulation and be a response to such failures. Certainly, most people have numerous goals or plans that compete for their financial resources. People may save for a house; their children's education; retirement; a vacation; a particular good, such as a couch or new car; or any of a number of other things. |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | https://carlsonschool.umn.edu/file/82226/download?token=e4NCoG0o |
| Alternate Webpage(s) | http://carlsonschool.umn.edu/file/82226/download?token=4F3O_7Jt |
| Alternate Webpage(s) | https://carlsonschool.umn.edu/file/82226/download?token=4F3O_7Jt |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
