Mental Accounting Matters.¶
Thaler, R. H. (1999). Mental Accounting Matters. Journal of Behavioral Decision Making, 12(3), 183-206.
Cited by¶
3 citations across 3 artifacts.
Each citation links to the sentence it supports in the citing article.
Primes¶
- Fungibility
- Money is the canonical fully-fungible substance, yet even money is partly non-fungible (mental accounting, marked bills, sanctioned wallets); commodities are fungible within a grade-and-batch class but not across; carbon credits are constructed to be fungible, but their fungibility is a regulatory artifact contested at every margin.
This sourceDocuments systematic human violations of money's fungibility — earmarking, source-dependent spending — so a gift voucher or tax refund spends unlike cash.
- Money is the canonical fully-fungible substance, yet even money is partly non-fungible (mental accounting, marked bills, sanctioned wallets); commodities are fungible within a grade-and-batch class but not across; carbon credits are constructed to be fungible, but their fungibility is a regulatory artifact contested at every margin.
- Sunk Cost and Irreversible Commitment
- Behavioral economics and finance: Escalation of commitment in investments; continuation of projects despite negative net present value; sunk-cost fallacy in asset holding and trading; persistence with losing financial positions, with mental-accounting mechanisms that Thaler (1999) traced through investor and consumer behavior.
This sourceDevelops the mental-accounting framework explaining how investors and consumers segregate past expenditures into accounts that resist closing at a loss; mechanistic basis for sunk-cost effects in financial behavior.
- Behavioral economics and finance: Escalation of commitment in investments; continuation of projects despite negative net present value; sunk-cost fallacy in asset holding and trading; persistence with losing financial positions, with mental-accounting mechanisms that Thaler (1999) traced through investor and consumer behavior.
Mechanisms¶
- Budget Floor
- Its failure modes come from the fact that money is fungible.
This sourceTreats money as normatively fungible even though people often organize it into non-fungible mental accounts.
- Its failure modes come from the fact that money is fungible.
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