Mental accounting and consumer choice¶
Thaler, R. (1985). Mental accounting and consumer choice. Marketing Science, 4(3), 199-214.
Cited by¶
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Primes¶
- Sunk Cost and Irreversible Commitment
- It also enables reasoning about optionality: decisions made with knowledge of sunk-cost effects should preserve exit options and avoid irreversible commitment, reducing the magnitude of sunk costs that accumulate over time, a treatment Thaler (1985) develops within his mental-accounting framework for transaction utility and bygones.
This sourceDevelops mental-accounting model in which transactions are evaluated in segregated accounts; provides framework for reasoning about commitment, flexibility, and the optionality value of avoiding sunk-cost lock-in.
- It also enables reasoning about optionality: decisions made with knowledge of sunk-cost effects should preserve exit options and avoid irreversible commitment, reducing the magnitude of sunk costs that accumulate over time, a treatment Thaler (1985) develops within his mental-accounting framework for transaction utility and bygones.
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