A Generalizable Scale of Propensity to Plan: The Long and the Short of Planning for Time and for Money
Abstract
Planning has pronounced effects on consumer behavior and intertemporal choice. We
develop a six-item scale measuring individual differences in propensity to plan that
can be adapted to different domains and used to compare planning across domains and
time horizons. Adaptations tailored to planning time and money in the short run and
long run each show strong evidence of reliability and validity. We find that propensity
to plan is moderately domain-specific. Scale measures and actual planning measures
show that for time, people plan much more for the short run than the long run; for
money, short- and long-run planning differ less. Time and money adaptations of our
scale exhibit sharp differences in nomological correlates; short- run and long-run
adaptations differ less. Domain-specific adaptations predict frequency of actual planning
in their respective domains. A "very long-run" money adaptation predicts FICO credit
scores; low planners thus face materially higher cost of credit.
Type
Other articleSubject
self-controldecision-making
implementation intentions
psychometric
properties
wealth-accumulation
consumer-behavior
affect intensity
choice
validity
procrastination
business
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https://hdl.handle.net/10161/4139Published Version (Please cite this version)
10.1086/649907Citation
Lynch,John G., Jr.;Netemeyer,Richard G.;Spiller,Stephen A.;Zammit,Alessandra. 2010.
A Generalizable Scale of Propensity to Plan: The Long and the Short of Planning for
Time and for Money. Journal of Consumer Research 37(1): 108-128.
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