title: Overearning.
abstract: High productivity and high earning rates brought about by modern technologies make it possible for people to work less and enjoy more, yet many continue to work assiduously to earn more. Do people overearn--forgo leisure to work and earn beyond their needs? This question is understudied, partly because in real life, determining the right amount of earning and defining overearning are difficult. In this research, we introduced a minimalistic paradigm that allows researchers to study overearning in a controlled laboratory setting. Using this paradigm, we found that individuals do overearn, even at the cost of happiness, and that overearning is a result of mindless accumulation--a tendency to work and earn until feeling tired rather than until having enough. Supporting the mindless-accumulation notion, our results show, first, that individuals work about the same amount regardless of earning rates and hence are more likely to overearn when earning rates are high than when they are low, and second, that prompting individuals to consider the consequences of their earnings or denying them excessive earnings can disrupt mindless accumulation and enhance happiness.
authors.affiliation: Booth School of Business, University of Chicago, IL 60637, USA. chris.hsee@chicagobooth.edu
authors.forename: Christopher K
authors.initials: CK
authors.lastname: Hsee
authors.forename: Jiao
authors.initials: J
authors.lastname: Zhang
authors.forename: Cindy F
authors.initials: CF
authors.lastname: Cai
authors.forename: Shirley
authors.initials: S
authors.lastname: Zhang
mesh_terms: D000328:Adult; D001290:Attitude; D004651:Employment / Q000191:economics / Q000523:psychology*; D005260:Female; D006240:Happiness; D006801:Humans; D007182:Income; D008297:Male; D014937:Work / Q000191:economics / Q000523:psychology*; D055815:Young Adult
keywords: decision making; earning cap; happiness; heuristics; medium maximization; overearning; overworking; subjective well-being; workaholism