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The "Marshmallow Study" and the psychology behind financial decision-making

Dr. Samra does an interview and audience call-in segment with Michael Campbell, CKNW, about “The Marshmallow Study” and the psychology behind our financial decisions. The Marshmallow Study, conducted in 1972 by psychologist Walter Mischel of Stanford University, has been described as one of the most successful behavioural experiments. In the study, 4 year old children were offered a marshmallow…if the child could resist eating the marshmallow for 15 minutes, he/she was promised two marshmallows. The researchers analyzed how long each child resisted the temptation of eating the marshmallow, and whether or not doing so had an impact on their future success. The children who displayed the ability to delay gratification demonstrated later success on a number of important indices, including psychological adjustment, quality of interpersonal relationships, educational success, and career success.

 

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