The terms delayed gratification, self-regulation, and self-control are often and randomly employed interchangeably. Resisting the lure of an immediate pleasure in expectation of a better payoff later is the definition of delayed gratification. It is a strong tool for mastering to live a meaningful life. It is associated with impulse control, where those with strong impulse control are often adept at delaying pleasure. Nonetheless, self-control is a technique that may be developed. Studies have demonstrated that highly successful individuals possess the capacity to delay gratification.
Patience, as defined across disciplines, is the capacity to delay pleasure. In “delay tasks,” participants choose between a less, instantly available reward and a bigger, delayed reward to evaluate their patience (Barragan-Jason et al., 2018). Nevertheless, this test of patience is limited in scope because it does not account for factors like social trust and social context that have recently been shown to influence decision-making (Barragan-Jason et al., 2018). Recent neurophysiological research has demonstrated the importance of reward appraisal in determining cognitive control (Schmidt et al., 2017). Delay duties also fail to account for situations in which one should wait without the promise of a “physical” reward (Barragan-Jason et al., 2018). These occurrences are typical in daily life experiences and frequently entail a social element.
Patience is a broader term than only deciding whether or not to wait for a higher reward. Rather, this term includes behavioral and environmental aspects that determine whether or not a person exhibits patience (Barragan-Jason et al., 2018). In this line, Barragan-Jason et al. (2017) designed the “pure waiting” (PW) task to assess children’s patient habits like being still and playing to oneself in the absence of a concrete reward. According to Barragan-Jason et al. (2018), the correlation between patient behavior in this test and performance in a delay task suggests that both measures measure the same basic processes. Children also modified their patient behaviors by keeping much more still and playing to themselves less when an investigator was present than when the investigator was away (Barragan-Jason et al., 2018). Hence, underscoring the relevance of social context in the display of patience. In conclusion, the PW task may better measure the impact of behavioral and contextual elements than classic delay tasks. It is a potential method for investigating individual differences in patience and their effects on future outcomes.
The capacity to wait for a higher reward in the future is a crucial life skill. According to Sigmund Freud’s “pleasure principle,” humans are hardwired to seek delight and avoid suffering (Haynal, 2018). Consequently, this is the reason why children need quick satisfaction. Mischel and his collaborators at Stanford University conducted a series of research on delayed gratification, which was recognized as the marshmallow experiment in the late 1960s (Nenkov, 2019). The researchers gave each four- and five-year-old preschooler a single marshmallow. They could either ring a bell at any time to alert the investigator and eat the marshmallow or wait for the experimenter to return, typically 15 minutes later, to receive an additional marshmallow. Specifically, the youngsters were required to select between a tiny instant reward and a greater benefit in the future. The “Marshmallow Experiment” findings demonstrated how difficult it is for individuals of all ages to wait for satisfaction (Nenkov, 2019). Some youngsters consumed the first marshmallow as soon as it was presented. Others made attempts to exhibit self-control but, in the end, yielded. Few youngsters were able to wait for the two marshmallow prize.
The marshmallow experiment is among the most well-known pieces of documented social science studies. Watts et al. (2018) reproduced and expanded the renowned marshmallow research. The study investigated connections between competence on a customized form of the marshmallow test and subsequent results in a broader sample of youngsters. The major objective was to quantify the relationship between delaying immediate gratification and long-term academic attainment and behavioral functioning. The study concentrated mostly on a group of children delivered to non-moms who had not completed school. They discovered that the majority of the accomplishment boost for early delay ability for children of non-degreed moms was achieved by waiting until their 20s. (Watts et al., 2018). Delay of gratification was shown to be highly linked with concurrent assessments of cognitive function, and accounting for a comprehensive measure of self-control explained only approximately a quarter of the reported effects on success. The results also show that it may be overly simplistic to see delayed gratification as an element of self-control in early childhood.
Additionally, the McKinsey Global Institute (MGI) did roughly identical research in the financial sector. MGI analyzed 615 major and midsize publicly traded U.S. organizations to determine if those that defied the urge to prioritize short-term financial success performed well over the long run (Nenkov, 2019). MGI researchers discovered that even while long-term enterprises were affected more than their short-term equivalents during the 2008–2009 financial crisis, they rebuilt more swiftly.
Larry Fink, chairman, and chief executive officer of asset management BlackRock, has always been an outspoken proponent of long-term investing for over a decade. Fink has previously emphasized the significance of long-term investments and long-term thinking in general. He views short-termism as concerned with undesirable knock-on repercussions, including climate change, unfunded pensions, and social issues. Other significant leaders, such as Berkshire Hathaway’s chairman and Chief executive officer Warren Buffett and JPMorgan Chase & Co.’s chairman and CEO Jamie Dimon, share Fink’s views (Nenkov, 2019). Last year, Buffett, probably among the most accomplished investors, partnered with Dimon to publish an opinion piece in the Wall Street Journal. They urged public corporations to cease providing quarterly earnings predictions.
In 1979, Amos Tversky and Daniel Kahneman released their ground-breaking study on risky decision-making. In this research, the authors establish prospect theory, which seeks to model how individuals make decisions in the actual world in the face of uncertain outcomes (Nenkov, 2019). This is in direct contrast to traditional economics, which says that individuals are sensible and always select the option with the maximum expected value. According to Kahneman and Tversky, the brain responds differently to possible rewards and losses (Nenkov, 2019). For instance, a one percent decline in the valuation of a portfolio is nearly twice as distressing as a one percent increase (Nenkov, 2019). The prospect theory implies that people are more inclined to react with emotions when they view their daily investment results. In the end, research indicates that humans acquire new talents through practice and iteration. If people make retirement investments and monitor the outcomes regularly, they may begin to draw erroneous inferences and make poor decisions, which may unintentionally harm their investing objectives.
Delayed gratification is a critical virtue that innovative organizations must employ. Frequently, corporations fail to see that breakthrough innovations do not automatically result in breakthrough enterprises, necessitating substantial capital far beyond the innovation itself and extensive testing on many fronts. Companies must cultivate incubation expertise if they wish to create a large number of startups based on revolutionary innovation (Norling, 2009). The inclination is to focus on one use, sell the product, and then pursue other applications successively to reduce risk. Customers may acquire essential end-use patents on new, unknown applications, thus preventing the original company from entering new markets. After discovering aspartame in 1965 as a prospective sweetener that might be utilized in various foods and beverages, G.D. Searle exhibited exceptional patience during the incubation period (Norling, 2009). The aspartame was used in ice cream, whipped toppings, cereals, fizzy beverages, powdered drinks, and sugar-replacement concentrate packages. Before a successful NutraSweet business could be established, it required 20 years to tackle the numerous technical challenges, regulatory impediments, and market constraints.
Conclusion
Delaying gratification means choosing not to give in to the allure of an instantaneous pleasure in the hope of receiving a more satisfying reward in the future. It is a powerful instrument that must be mastered in order to lead a meaningful life. It is connected to having great impulse control, and those with this trait tend to be skilled at delaying pleasure for longer periods. The marshmallow experiment is one of the most famous pieces of documented social science research ever conducted. The findings of the marshmallow experiment demonstrated how challenging it is for people of all ages to wait to feel satisfied. Future study directions, such as examining individual flexibility in patience across different social circumstances, will light the potential significance of children’s absorption of social norms in determining their future success.
References
Barragan-Jason, G., Atance, C., Kopp, L., & Hopfensitz, A. (2018). Two facets of patience in young children: Waiting with and without an explicit reward. Journal of Experimental Child Psychology, 171, 14-30.
Haynal, A. E. (2018). Mutuality. The American Journal of Psychoanalysis, 78(4), 342-349.
Nenkov, S. (2019). Short-Term Thinking is a Long-Term Problem. Worldquant Perspectives.
Norling, P. M. (2009). In innovation, is patience a virtue?. Research-Technology Management, 52(3), 18-23.
Schmidt, B., Holroyd, C. B., Debener, S., & Hewig, J. (2017). I can’t wait! Neural reward signals in impulsive individuals exaggerate the difference between immediate and future rewards.Psychophysiology, 54(3), 409-415.
Watts, T. W., Duncan, G. J., & Quan, H. (2018). Revisiting the marshmallow test: A conceptual replication investigating links between early delay of gratification and later outcomes.Psychological Science, 29(7), 1159–1177.