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People are More Likely to Return a Lost Wallet if it Contains Money, Shows Study

Raising the financial stakes strengthens the effect

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wallets
Wallets like these, with cash, a key, a grocery list and business cards, were used to determine honesty. VOA

What would you do if you found a lost wallet? New research suggests that your answer may depend on what you find inside.

In 38 out of the 40 countries studied, people were more likely to return a lost wallet if it contained money. The finding, which goes against existing models of human behavior, could help policymakers find ways to encourage people to be more honest in social and business settings.

Economic models predict that people are more likely to be dishonest if there’s money on the line. Financial self-interest isn’t the only important factor, though. The new study suggests that it’s also important for people to see themselves as honest.

Self-interest versus self-image

In order to investigate how self-interest and self-image interact in the real world, a research team led by Alain Cohn of the University of Michigan used a classic moral dilemma: finding a lost wallet.

wallets, money
The average percentage of wallets returned jumped from 61 percent to 72 percent when the amount of money was increased. Pixabay

The researchers turned in 17,303 “lost wallets” to employees at public places like banks, theaters and post offices in 355 cities spread across 40 countries. The transparent plastic showcased the contents: business cards, a grocery list and a key. In addition to those personal items, some wallets contained money, $13.45 in local currency, adjusted for the country’s purchasing power, and others contained none.

The researchers tallied the number of wallets returned and investigated whether the people who received them were less likely to return them if they contained money, as expected.

“To our surprise, the answer is overwhelmingly no,” Cohn said in a teleconference.

Money made a difference

In nearly all of the countries studied, people were more likely to return a lost wallet that contained money than one that didn’t. Participants in Switzerland and Norway were most likely to reach out to the owner, and those in China and Morocco were least likely, but the trend persisted across the globe. On average, the return rate rose from 40 percent when the wallet didn’t contain money to 51 percent when it did.

Raising the financial stakes strengthens the effect.

In the U.S., U.K. and Poland, the researchers increased the amount of money from $13.45 to $94.15. With even more to gain from dishonesty, people were more likely to return the lost wallet. The average percentage of wallets returned jumped from 61 percent to 72 percent when the amount of money was increased.

wallets, money
Financial self-interest isn’t the only important factor. Pixabay

“While the results were initially surprising to us, we were not the only ones who did not anticipate this pattern,” Cohn said.

The researchers asked economists and non-economists to predict the outcome of the study. Both groups incorrectly predicted that the more money the wallet contained, the less likely the participants would be to return it.

Although the respondents believed that people were more likely to keep lost wallets that contained money, another group surveyed felt that the more money they found in a lost wallet, the more it would feel like stealing if they kept it.

“The evidence suggests that people tend to care about the welfare of others and they have an aversion to seeing themselves as a thief,” Cohn said.

Selfless tendencies

Do people think only of themselves when considering a dishonest act, or do they think of others as well? To test this, the researchers removed the keys from some of the wallets in the U.S., U.K. and Poland and found that the average return rate was 9.2 percent higher when the wallets contained a key.

Since the key is valuable to the wallet owner but not the wallet finder, an increase in the return rate for wallets with a key shows that people consider how others may be harmed by their dishonesty.

wallets, money
“The evidence suggests that people tend to care about the welfare of others and they have an aversion to seeing themselves as a thief,” Cohn said. Pixabay

While other studies have shown that people weigh the monetary rewards against the damage done to their self-image when acting dishonestly, this is the first field study to show that this is a global phenomenon.

“It’s so much work to run a study across so many national cultures and with so many observations. This is not an easy thing to pull off and to do it in such a controlled, really well-organized way, this is really something,” said Nina Mazar, a professor of marketing at Boston University who was not involved in the study.

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In the case of a lost wallet, the right thing to do is clear. Most scenarios aren’t so obvious, though, and researcher Cohn suggests that a next step could be to study cases “where perhaps it’s less clear whether doing the wrong thing is actually being seen as wrong.”

The study underscores the importance of self-image concerns in decision making, and exploring the more nuanced situations can help researchers understand why people choose to act dishonestly, which can help policymakers encourage civic honesty around the world. (VOA)

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Influencers on Instagram Can Now Earn from ads on IGTV Content

Instagram brings video ads for creators to make money directly from their content on Live and IGTV

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Instagram
Instagram lets content creators earn from IGTV videos. Pixabay

Facebook-owned Instagram is rolling out new tools for creators to make money directly from their content on Live and IGTV by bringing video ads to the platform as per Technology News.

To begin with, the ads will only appear when people click to watch IGTV videos from previews in their feed, and the initial round of ads will be vertical videos up to 15 seconds long.

Instagram will share at least 55 per cent of the revenue from these ads with creators, which would motivate more influencers to create material for IGTV.

“Starting next week, we are introducing ads in IGTV, our long-form video destination. We want to support creators’ investment in IGTV by sharing advertising revenue with them,” Instagram said in a statement on Wednesday.

In addition to ads, Instagram would also roll out ‘badges’ next month that can be purchased by subscribers from their favorite creators.

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Instagram will share at least 55 per cent of the revenue from these ads with creators. Pixabay

Badges will appear next to a person’s name throughout the live video.

Also Read: 80% Maharashtra School Students Don’t Report Cybercrimes: Survey

“Fans who have purchased badges in Live will stand out in the comments and unlock additional features, including placement on a creator’s list of badge holders and access to a special heart,” said the company.

Badges will roll out to a few countries in the coming months, including the US, the UK, Brazil, Germany, France, Italy, Turkey, Spain and Mexico. (IANS)

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Top Tips Landlords Should Know

No matter what you might believe, landlords insurance is mandatory.

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landlords house ownership
Fortunately, there are so many things that landlords can do in order to make their job easier. Pixabay

A landlord’s job is much more complicated than what you might initially imagine. There are so many things that have to be done and it is very difficult to take care of everything when the managed property is large. Fortunately, there are so many things that landlords can do in order to make their job easier. Deacon.co.uk offers the following tips that should always be known. 

Get Landlords Insurance

No matter what you might believe, landlords insurance is mandatory. Remember that regular home insurance is not valid when the property is rented out. Specialist insurance is necessary to protect both the tenants and you. 

Loss Of Rent Coverage

We live in very tough times because of the covid-19 pandemic but this is not the first time the real estate injury was hit. This is why there are many different insurance policies in place to protect owners, tenants and landlords. One of the very important policies is the loss of rent coverage. This protects by offering income whenever properties are uninhabitable. 

landlords house ownership
No matter what you might believe, landlords insurance is mandatory. Pixabay

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You can also consider the use of tenant default insurance. This protects rental income in the event that tenants do not manage to pay rent. What is really important is to talk with the letting agent in order to make sure that tenant default cover is offered. This might be in place and you are not aware of it. Also, it is possible that the coverage does not apply. As an example, if the policy requires the presence of tenant reference check and it was not done, compensation is not offered. 

Liability Insurance

Liability insurance for landlords protects them if there are compensation claims that are made by visitors or tenants for damage or injury caused while on the property. For instance, this is a policy that activates when an individual trips over a carpet and ends up injured. Never underestimate what accidents can happen without any prior signs of danger. You are liable if accidents happen on your property and there could have been anything you could have done to avoid it. 

Rebuild Value

The property is insured for an amount. This amount is based on property rebuild value, which means how much it costs to rebuild everything from zero, including materials and labour. The rebuild value should never be calculated based on market value. Surveyors need to be consulted in order for a proper rebuilding value to be estimated. Alternatively, the insurer most likely has contact with such surveyors and can be contacted. 

landlords house ownership
Liability insurance for landlords protects them if there are compensation claims that are made by visitors or tenants for damage or injury caused while on the property. Pixabay

Always Protect The Property

Landlords have to do all that is necessary to protect the property. This includes tasks like installing smoke detectors, window locks, door locks, and security alarms. You need to protect the property and the tenants. Also, when you show proof that you took steps to protect the rental property, insurance policies are cheaper.

Also Read- Travel Insurance Misconceptions You Should Not Believe

Final Thoughts

Landlords have a lot of work to do in order to protect the property and all the tenants. It is very difficult to keep up with all the laws that change more often than imagined. However, it is a necessity. 

[Disclaimer: The article published above promotes links of commercial interests.]

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Travel Insurance Misconceptions You Should Not Believe

The problem is that travel insurance is not properly understood by many.

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travel insurance
Travel insurance is a lot more than just health insurance. Pixabay

Travel insurance is very important for every single person that wants to be guaranteed proper emergency care in the event something goes wrong. Based on the policy that is bought, this can include coverage for lost luggage, scuba diving injuries, hiking falls or even the need to cut trips short because of family emergencies. 

The problem is that travel insurance is not properly understood by many. A lack of knowledge led to numerous misconceptions. The most common ones are presented by insure4retirement.co.uk below. 

Does Travel Insurance Just Mean Health Insurance?

The insurance is a lot more than just health insurance. There is a clear medical component included when faced with accidental injuries or sudden illnesses. At the same time though, travel insurance covers trip interruptions, gear theft, trip cancellation, and even emergency transportation when it is required. 

travel insurance
With proper research, you can choose a reputable travel insurance company. Pixabay

It Is Possible To Choose What Doctor To Go To

Travel insurance does not cover health insurance and should never be seen as being that. It is meant to cover emergencies that were unexpected, like popping eardrums or breaking a leg. With travel insurance, you are covered but you cannot choose what doctor you go to. When you make this choice, you forego travel insurance and you have to pay for everything. 

Is Credit Card Protection Enough?

Credit cards offer highly limited protection. There are some that will cover lost funds if the card was stolen and some medical procedures might be included. However, the protection that you get is never actually enough to deal with serious situations. When something is covered, the limit is usually very low. At the end of the day, you are the one that has to pay the money difference. 

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You should never rely on the coverage offered by your credit card, except for the stolen items. 

The Way In Which Travel Insurance Works

When a serious medical emergency happens and overnight hospitalization is needed or you need emergency repatriation, emergency assistance has to be contacted. Arrangements can be made immediately and costs can be approved. With other situations though, like an admission to a hospital for a minor injury, reimbursement needs to be claimed from the insurer. 

travel insurance
Travel insurance is very important for every single person that wants to be guaranteed proper emergency care in the event something goes wrong. Pixabay

Payment is made out of your pocket and then documentation is submitted to your travel insurance company. Always keep the entire documentation and file necessary police reports. All the receipts need to be saved. No travel insurance company can reimburse people based on your word. 

All Travel Insurance Companies Simply Want Profits

When you look online for reviews about travelling insurance, you quickly figure out that most are negative. This is because of two things:

Also Read- A Beginner’s Guide to Building Credit

  • People do not read the entire contract and end up thinking that they are covered for things that they are not. 
  • People tend to write reviews only when something bad happens and they do not do the same when the experience is a positive one. 

With proper research, you can choose a reputable travelling insurance company. It is not as difficult as you might initially think. You just need to be patient and compare all available options so you can make an informed choice. 

[Disclaimer: The article published above promotes link(s) of commercial interests.]