When we’re young and believe we have a long future ahead, the authors found, we prefer extraordinary experiences outside the realm of our day-to-day routines. But when we’re older and believe that our time is limited, we put more value on ordinary experiences, the stuff of which our daily lives are made.
Why? For young people trying to figure out who they want to become, extraordinary experiences help establish personal identities and are therefore prized, said Amit Bhattacharjee, the lead author of the study and a visiting assistant professor of marketing at Dartmouth College. As people become more settled, ordinary experiences become central to a sense of self and therefore more valued. ...
This is consistent with studies by Laura Carstensen, a professor of public policy and psychology at Stanford University, which posit that older adults’ sense that time is limited alters their emotional perspective, causing them to invest energy in what is most meaningful to them.
--Judith Graham, NYT, on diminishing returns to novelty