Ever worked tirelessly towards a goal, only to feel a strange sense of… letdown once you’re close? That’s likely the Reward Devaluation Effect kicking in. This cognitive bias, the tendency to devalue rewards one has already worked for but not yet received, can sabotage motivation and cloud our judgment. It’s time to understand how it works and how to combat it.
1. What is Reward Devaluation Effect?
Simply put, the Reward Devaluation Effect is our tendency to see a reward as less appealing after we’ve put in significant effort to obtain it, but before we actually receive it. It’s like climbing a mountain, only to question its magnificence as you approach the summit.
Psychologically, this may stem from a few sources. From an evolutionary standpoint, constantly evaluating rewards ensures we aren’t wasting energy on diminishing returns. Resources are finite, and what seems desirable in the distance might become less so as closer alternatives arise. Our brains might be preemptively preparing us for potential disappointment, minimizing the blow if the actual reward doesn’t live up to our expectations. It could also be a way of re-evaluating whether our efforts were worth it in the first place, informing future decisions.
2. Why We Fall For It
So, why do we fall for this trick of the mind? A few key factors are at play:
Anticipation vs. Reality: The anticipation phase involves a lot of imagination and idealization. We build up a perfect picture of the reward in our minds. The closer we get to the real thing, the more likely reality will fall short of our inflated expectations.
Effort Justification: We inherently want to believe our efforts are worthwhile. However, the very act of working hard can lead us to question if the reward is really worth all the sweat. This cognitive dissonance can trigger devaluation as a way to justify potential regret.
Habituation: Repeated exposure to the idea of the reward, even before receiving it, can lead to habituation. The novelty wears off, making it feel less exciting than it initially did.
Consider this: if you were offered a highly desirable job after a grueling interview process, you might initially be ecstatic. But as you prepare for your start date, you might start to focus more on potential downsides, like the longer commute or the challenging workload, diminishing your initial enthusiasm.
3. Examples in Real Life
The Reward Devaluation Effect manifests in various ways:
Hiring Decisions: After a lengthy interview process for a coveted role, a hiring manager might second-guess their top candidate, focusing on minor flaws or hesitating to offer the full salary range initially envisioned. The effort involved in finding the candidate makes them seem less “perfect” than they did at the start.
News Consumption: Imagine intensely following a political campaign. As election day nears, some people experience a drop in interest, even if their preferred candidate is likely to win. This could be the Reward Devaluation Effect at play, as the end of the campaign approaches. The anticipation fades and the reality of governance looms, potentially less exciting than the “battle.”
Health Decisions: Someone might start a strict diet and exercise regimen with great enthusiasm. But after weeks of dedication, they might become disillusioned, focusing on the sacrifices and perceived lack of rapid progress, leading them to abandon their healthy habits before seeing significant results. The hard work has made the potential reward seem less appealing.
4. Consequences of the Bias
When unchecked, the Reward Devaluation Effect can lead to:
Missed Opportunities: Undervaluing a reward can cause you to miss out on its benefits, whether it’s a job offer, a completed project, or a fulfilling relationship.
Premature Abandonment: Quitting too soon on goals because the reward seems less appealing than it did initially. This can hinder personal and professional growth.
Regret and Dissatisfaction: After giving up on something, you may later regret your decision, especially if the reward would have ultimately brought satisfaction.
Inconsistent Behavior: Bouncing between projects or ideas without truly committing, driven by a perpetual search for something that seems more appealing at the moment.
5. How to Recognize and Reduce It
Here’s how to combat the Reward Devaluation Effect:
Acknowledge the Bias: Simply knowing that this bias exists is the first step.
Revisit Initial Motivations: Ask yourself, “Why did I want this in the first place?” Remind yourself of the initial value you placed on the reward.
Focus on the Process, Not Just the End Result: Cultivate enjoyment in the journey itself. This reduces dependence on the final reward for validation.
Seek External Validation: Talk to trusted friends or mentors who can offer objective perspectives and remind you of the potential benefits.
Practice Gratitude: Actively appreciate the progress you’ve made and the resources you have available.
6. Cognitive Biases That Interact With This One
The Reward Devaluation Effect rarely operates in isolation. It often interacts with other biases, such as:
Loss Aversion: The tendency to feel the pain of a loss more strongly than the pleasure of an equivalent gain. This can magnify the devaluation effect because we might overemphasize potential downsides (losses) of the reward as we get closer to it.
The Planning Fallacy: Our tendency to underestimate the time and effort required to complete a task. This can lead to disappointment and devaluation when the actual effort required exceeds our initial expectations.
7. Conclusion
The Reward Devaluation Effect is a subtle but powerful force that can derail our efforts and cloud our judgment. By understanding its origins and recognizing its manifestations, we can take steps to counteract its negative influence. Remember, the road to success is rarely a straight line of unadulterated enthusiasm. Embrace the dips, revisit your motivations, and trust that the reward, in its true form, is often worth the effort.
Challenge: This week, identify a goal you’re working towards. When you start feeling the devaluation effect creeping in, pause, and ask yourself: “What specific benefits did I originally expect from achieving this goal? Are those benefits still valid, even if my initial enthusiasm has waned?” This simple question can help you stay on track and reap the rewards you deserve.