Why do we think others are in it for the money, but we’re in it for the experience?
Extrinsic Incentive Bias
, explained.What is Extrinsic Incentive Bias?
The extrinsic incentive bias relates to the tendency to attribute other people’s motives to extrinsic incentives, such as job security or high wages, rather than intrinsic ones, such as learning new things or building a new skill.
Where it occurs
People can be cynical. We often don’t assume the noblest of motivations for other individuals. We assume everyone on Wall Street is driven by money, that all politicians are drawn to power, and people on social media are all out for likes.
If you were to ask people about their motivations, however, their answers would paint a different picture than the extrinsic incentives many have presumed to be the primary factor. Bankers say they are fascinated by markets, politicians want to feel good about making a difference, and people like to share photos on Facebook for the social connection with others.
