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Effort for payment. A tale of two markets.

Publication ,  Journal Article
Heyman, J; Ariely, D
Published in: Psychological science
November 2004

The standard model of labor is one in which individuals trade their time and energy in return for monetary rewards. Building on Fiske's relational theory (1992), we propose that there are two types of markets that determine relationships between effort and payment: monetary and social. We hypothesize that monetary markets are highly sensitive to the magnitude of compensation, whereas social markets are not. This perspective can shed light on the well-established observation that people sometimes expend more effort in exchange for no payment (a social market) than they expend when they receive low payment (a monetary market). Three experiments support these ideas. The experimental evidence also demonstrates that mixed markets (markets that include aspects of both social and monetary markets) more closely resemble monetary than social markets.

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Published In

Psychological science

DOI

EISSN

1467-9280

ISSN

0956-7976

Publication Date

November 2004

Volume

15

Issue

11

Start / End Page

787 / 793

Related Subject Headings

  • Socioeconomic Factors
  • Social Behavior
  • Psychological Theory
  • Motivation
  • Humans
  • Experimental Psychology
  • Employment
  • Attitude
  • 52 Psychology
  • 1702 Cognitive Sciences
 

Citation

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Heyman, J., & Ariely, D. (2004). Effort for payment. A tale of two markets. Psychological Science, 15(11), 787–793. https://doi.org/10.1111/j.0956-7976.2004.00757.x
Heyman, James, and Dan Ariely. “Effort for payment. A tale of two markets.Psychological Science 15, no. 11 (November 2004): 787–93. https://doi.org/10.1111/j.0956-7976.2004.00757.x.
Heyman J, Ariely D. Effort for payment. A tale of two markets. Psychological science. 2004 Nov;15(11):787–93.
Heyman, James, and Dan Ariely. “Effort for payment. A tale of two markets.Psychological Science, vol. 15, no. 11, Nov. 2004, pp. 787–93. Epmc, doi:10.1111/j.0956-7976.2004.00757.x.
Heyman J, Ariely D. Effort for payment. A tale of two markets. Psychological science. 2004 Nov;15(11):787–793.
Journal cover image

Published In

Psychological science

DOI

EISSN

1467-9280

ISSN

0956-7976

Publication Date

November 2004

Volume

15

Issue

11

Start / End Page

787 / 793

Related Subject Headings

  • Socioeconomic Factors
  • Social Behavior
  • Psychological Theory
  • Motivation
  • Humans
  • Experimental Psychology
  • Employment
  • Attitude
  • 52 Psychology
  • 1702 Cognitive Sciences