A new exciting paper in the forthcoming Journal of Consumer Psychology makes the case that money should buy us happiness, but most people aren’t spending it right. On the edge of psychology and economics, Profs. Daniel Gilbert, Elizabeth Dunn and Timothy Wilson lay out eight principles of spending efficiently, including:
1) Buy more experiences and fewer material objects
2) Buy many small things rather than a few large things
3) Avoid extended warranties and outsized insurance plans
How about asking your students to agree or disagree with the research findings and cite specific examples.