E. Brandstatter et H. Brandstatter, WHATS MONEY WORTH - DETERMINANTS OF THE SUBJECTIVE VALUE OF MONEY, Journal of economic psychology, 17(4), 1996, pp. 443-464
This study with 181 subjects, 79 women and 102 men, randomly chosen fr
om the local area of Upper Austria, is aimed at two major questions, (
a) whether or not the validity of Stevens' power function can be repli
cated (Galanter, 1990) for money utility scaling, and (b) which of thr
ee possible determinants (monthly net income, attitudes towards money
and money handling, and personality traits, i.e.: the combination of e
xtroversion x emotional stability) influence the subjective value of m
oney. To answer the first question we employed magnitude production me
thods, and for the second question we made use of LISREL analyses. The
results of magnitude production do not support the validity of Steven
s' power function for money utility scaling. The LISREL model reveals
that the subjective value of money is dependent on monthly net income
and on attitudes towards money, but not on the personality pattern of
emotional stability and extroversion.