Readers of a certain age may remember an old Goodyear tire commercial with the tag line, “You can pay me now, or pay me later.” The applications transcend auto repair, as Shaomin Li, professor of international business at Virginia’s Old Dominion University discovered on a business trip to Taiwan.
As he was being chauffeured from one venue to the next, Professor Li noticed that his host always backed into parking lot spaces, opting for often tricky and laborious maneuvering over the simpler method of pulling straight forward. Detecting a wider pattern of behavior, Professor Li conducted his own experiment. He discovered that 88% of Chinese drivers back in when they park, in contrast to 6% of American drivers.
“All of a sudden,” recounts Professor Li, “I said, gee — isn’t this delayed gratification?”