Pella Chronicle

CNHI/Southeast Iowa

December 31, 2012

Slate: Vow to do less, not more

(Continued)

NEW YORK —

The time-scarce contestants played the Feud with greater focus, throwing out more answers and getting more correct responses per second. They were exhibiting the tunnel-vision brought on by scarcity. But a funny thing happened when the experimenters introduced the opportunity to borrow against future rounds, at a usurious interest rate of one second now in exchange for two seconds in subsequent rounds. The time-scarce, focused as they were on the round in progress, were much more likely to borrow. Introducing the possibility of borrowing resulted in lower scores for the time-poor overall — the seconds they borrowed in desperation during early rounds resulted in very short times later on, so short that it hindered their performance rather than helping it.

The Feud contestant who shortsightedly undermines his future by trading two future seconds for one second in the present helps to illustrate the mindset of a person making a decision when faced with scarcity. A time-starved person rushes to meet deadlines without taking the time to order his affairs for the future, and thus sinks further and further behind. And the further behind he falls (on time or money) the more his mind wanders away from what he should be thinking about, like his long-term finances or his crammed calendar, and back to the mess of the present.

When you think about the distracting and sometimes paralyzing effects of scarcity in this way, you can appreciate how someone living paycheck-to-paycheck and intent on paying this month's rent and utilities may end up so focused on this immediate goal that he digs a deeper financial hole, by taking out payday loans or otherwise mortgaging the future. The stresses of scarcity leave insufficient energy and attention to make sensible long-run decisions. Essentially, Mullainathan and Shafir argue that the poor aren't necessarily impoverished simply because they make bad financial decisions. Rather, it's the stresses of poverty that lead to bad financial decision-making in the first place. And again, the same goes for the time-deprived: Harried people make bad decisions about their time because they're so starved for it.

Text Only
CNHI/Southeast Iowa
  • Dangerous Darkies Logo.png Redskins not the only nickname to cause a stir

    Daniel Snyder has come under fire for refusing to change the mascot of his NFL team, the Washington Redskins. The Redskins, however, are far from being the only controversial mascot in sports history.  Here is a sampling of athletic teams from all areas of the sports world that were outside the norm.

    July 28, 2014 3 Photos

  • 'Rebel' mascot rising from the dead

    Students and alumni from a Richmond, Va.-area high school are seeking to revive the school's historic mascot, a Confederate soldier known as the "Rebel Man," spurring debate about the appropriateness of public school connections to the Civil War and its icons.

    July 28, 2014

  • Fast food comes to standstill in China

    The shortage of meat is the result of China's latest food scandal, in which a Shanghai supplier allegedly tackled the problem of expired meat by putting it in new packaging and shipping it to fast-food restaurants around the country

    July 28, 2014

  • wd saturday tobias .jpg Stranger’s generosity stuns Ohio veteran

    Vietnam War veteran David A. Tobias was overwhelmed recently when a fellow customer at an OfficeMax store near Ashtabula, Ohio paid for a computer he was purchasing.

    July 28, 2014 1 Photo

  • Screen Shot 2014-07-28 at 1.33.11 PM.png VIDEO: High-dive accident caught on tape

    A woman at a water park in Idaho leaped off a 22-foot high dive platform, then tried to pull herself back up with frightening results. Fortunately, she escaped with only a cut to her finger.

    July 28, 2014 1 Photo

  • CATS-DOGS281.jpg Where cats are more popular than dogs in the U.S.-and all over the world

    We all know there are only two types of people in the world: cat people and dog people. But data from market research firm Euromonitor suggest that these differences extend beyond individual preferences and to the realm of geopolitics: it turns out there are cat countries and dog countries, too.

    July 28, 2014 1 Photo

  • How spy agencies keep their 'toys' from law enforcement

    A little over a decade ago, federal prosecutors used keystroke logging software to steal the encryption password of an alleged New Jersey mobster, Nicodemo Scarfo Jr., so they could get evidence from his computer to be used at his trial.

    July 25, 2014

  • Russia's war on McDonald's takes aim at the Filet-o-Fish

    Russia said earlier this week that it had no intention of answering Western sanctions by making it harder for Western companies to conduct business in Russia.
    But all bets are off, apparently, when you threaten the Russian waistline.

    July 25, 2014

  • cleaning supplies Don't judge mothers with messy homes

    I was building shelves in my garage when a neighbor girl, one of my 4-year-old daughter's friends, approached me and said, "I just saw in your house. It's pretty dirty. Norah's mommy needs to clean more."

    July 25, 2014 1 Photo

  • Taking a look at Iowa's rural bridges and roads

    OSKALOOSA — National statistics indicate that Iowa roads and bridges are in desperate need of repair.According to the Rural Connections: Challenges and Opportunities in America’s Heartland report, 22 percent of Iowa’s rural bridges are deficient.Maha

    July 25, 2014

Features
Facebook
AP Video
Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming UN Security Council Calls for Gaza Cease-fire Traditional African Dishes Teach Healthy Eating 13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Obituaries