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There is a fundamental principle in economics that applies to food, clothing and even all those shiny tech gadgets that start with the letter ‘‘i’’: The more of them we have, the less we value them.
But that may not be true when it comes to money.
New research from Jeffrey Pfeffer, a professor at the Stanford Graduate School of Business, and his colleagues at the University of Toronto and Renmin University of China finds that the more money people make, the more they value it.
The research, published in the journal ILRReview, examined data from a longitudinal survey known as the British Household Panel Survey, as well the results from new experiments.