Extrinsic value orientation and affective forecasting: overestimating the rewards, underestimating the costs.

We examined affective forecasting errors as a possible explanation of the perennial appeal of extrinsic values and goals. Study 1 found that although people relatively higher in extrinsic (money, fame, image) compared to intrinsic (growth, intimacy, community) value orientation (REVO) are less happy, they nevertheless believe that attaining extrinsic goals offers a strong potential route to happiness. Study 2's longitudinal experimental design randomly assigned participants to pursue either 3 extrinsic or 3 intrinsic goals over 4 weeks, and REVO again predicted stronger forecasts regarding extrinsic goals. However, not even extrinsically oriented participants gained well-being benefits from attaining extrinsic goals, whereas all participants tended to gain in happiness from attaining intrinsic goals. Study 3 showed that the effect of REVO on forecasts is mediated by extrinsic individuals' belief that extrinsic goals will satisfy autonomy and competence needs. It appears that some people overestimate the emotional benefits of achieving extrinsic goals, to their potential detriment.