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The relation of general and specific locus of control to intertemporal monetary choice

Plunkett, Helen Rose and Buehner, Marc J. 2007. The relation of general and specific locus of control to intertemporal monetary choice. Personality and Individual Differences 42 (7) , pp. 1233-1242. 10.1016/j.paid.2006.10.002

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We investigated the relationship between Locus of Control and discount rates for future monetary outcomes. Thirty-eight students completed delay discounting questionnaires for monetary gains and losses in personal and business scenarios. In addition, we measured Economic and Generalized Locus of Control (LOC) with Furnham’s (1986) and Rotter’s (1966) scales, respectively. Economic, but not Generalized LOC was correlated with distinct choice patterns: individuals with internal Economic LOC (E-LOC) discounted future gains and losses less steeply than individuals with external E-LOC, both in business and in personal scenarios. E-LOC appears useful in understanding intertemporal financial choices. It may also assist in the development of programs to modify impulsive choice behaviours.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Psychology
Subjects: B Philosophy. Psychology. Religion > BF Psychology
Uncontrolled Keywords: Intertemporal choice; Locus of control; Delay discounting; Financial planning; Impulsive behaviour
Publisher: Elsevier
ISSN: 0191-8869
Last Modified: 28 Sep 2020 14:29

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