Toward a Positive Theory of Consumer Choice.¶
Thaler, R. (1980). Toward a Positive Theory of Consumer Choice. Journal of Economic Behavior & Organization, 1(1), 39-60.
Cited by¶
4 citations across 4 artifacts.
Each citation links to the sentence it supports in the citing article.
Primes¶
- Escalation of Commitment
This sourceBehavioral-economics treatment of sunk-cost and related anomalies, proposing prospect theory as a descriptive alternative to expected-utility theory. Not attached to a FACT marker.
- Lock-In
- Of the three, only lock-in correctly enters the forward decision, a separation that depends on the sunk-cost / forward-cost distinction Thaler (1980) developed in his behavioral account of consumer choice.
This sourceBehavioral-economics treatment of the sunk-cost fallacy; sharpens the distinction between irrecoverable past expenditure (correctly ignored in forward decisions) and forward-looking switching cost (correctly included), the conceptual separation that makes lock-in a forward-decision-relevant category.
- Of the three, only lock-in correctly enters the forward decision, a separation that depends on the sunk-cost / forward-cost distinction Thaler (1980) developed in his behavioral account of consumer choice.
- Opportunity Cost
- .
This sourceBehavioral-economics treatment of the sunk-cost fallacy; sharpens the distinction between irrecoverable past expenditure (correctly ignored in forward decisions) and forward-looking switching cost (correctly included), the conceptual separation that makes lock-in a forward-decision-relevant category.
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- Sunk Cost and Irreversible Commitment
- The core insight surfaces the economic vs. psychological structure of commitment: sunk costs should not rationally influence future decisions (they are already spent, independent of future choice), yet they systematically do influence behavior, a deviation from rational-actor models that Thaler (1980) introduced as a foundational anomaly in consumer choice.
This sourceBehavioral-economics treatment of the sunk-cost fallacy; sharpens the distinction between irrecoverable past expenditure (correctly ignored in forward decisions) and forward-looking switching cost (correctly included), the conceptual separation that makes lock-in a forward-decision-relevant category.
- The core insight surfaces the economic vs. psychological structure of commitment: sunk costs should not rationally influence future decisions (they are already spent, independent of future choice), yet they systematically do influence behavior, a deviation from rational-actor models that Thaler (1980) introduced as a foundational anomaly in consumer choice.
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