A Research Agenda for Economic Psychology
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A Research Agenda for Economic Psychology

Edited by Katharina Gangl and Erich Kirchler

This book presents state of the art reviews on classical and novel research fields in economic psychology. Internationally acknowledged experts and the next generation of younger researchers summarize the knowledge in their fields and outline promising avenues of future research. Chapters include fundamental as well as applied research topics such as the psychology of money, experience-based product design and the enhancement of financial capabilities. The book is targeted particularly towards researchers and advanced students looking to update their knowledge and refresh their thinking on future research developments.
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Chapter 4: Role of ‘owned’ money and rational spending

Jashim Khan and Gary Rivers

Abstract

Despite evidence that payment modes can influence spending behaviours, researchers have yet to rationalize how payment modes influence rational or a-rational spending. Evidently, payment modes serve as repositories or ‘stores of value’ and transactions involve ownership transfers of the ‘representative’ or ascribed values. This chapter examines the relationship between positive emotions to forms of owned money and overall grocery spending by examining (a) the mediating role of social gratification and money management and (b) the moderating role of sense of ownership and awareness of spending with payment modes. The data collection involved gathering data on the perceptions of payment mode (PPM) scale among 385 participants from Christchurch, New Zealand. Non-probability criterion-based purposive sampling was utilized. Results revealed social gratification and money management as influential mediators effecting positive emotions towards cash-based payment on rational spending. The sense of ownership and awareness of spending with payment modes moderated the mediated relationship. The studies offer empirical support to explain why sense of ownership and physicality of payment modes influences rational spending, while providing practitioners and consumer researchers with new insight into processes that underlie the concept of ‘owned’ money’

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