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2003•Unpublished venueRequires access

Mental Accounting and the Absent-minded Driver

Itzhak Gilboa, Eva Gilboa‐Schechtman

Open publisher page 5 citations

Abstract

Abstract The term ‘mental accounting’ refers to a variety of phenomena in which money is non-fungible. Since the pioneering works of Kahneman, Tversky, and Thaler (Kahneman and Tversky, 1979, 1984; Tversky and Kahneman, 1981; and Thaler, 1980, 1985) it has become abundantly clear that people do not treat all dollars alike. Rather, people manage different accounts in their minds, in which money has origins and goals that cannot be ignored when this money is spent.

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What this paper is about

Abstract The term ‘mental accounting’ refers to a variety of phenomena in which money is non-fungible. Since the pioneering works of Kahneman, Tversky, and Thaler (Kahneman and Tversky, 1979, 1984; Tversky and Kahneman, 1981; and Thaler, 1980, 1985) it has become abundantly clear that people do not treat all dollars alike. Rather, people manage different accounts in their minds, in which money has origins and goals that cannot be ignored when this money is spent.

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Available abstract

Abstract The term ‘mental accounting’ refers to a variety of phenomena in which money is non-fungible. Since the pioneering works of Kahneman, Tversky, and Thaler (Kahneman and Tversky, 1979, 1984; Tversky and Kahneman, 1981; and Thaler, 1980, 1985) it has become abundantly clear that people do not treat all dollars alike. Rather, people manage different accounts in their minds, in which money has origins and goals that cannot be ignored when this money is spent.

Key concepts: Mental accounting, Prospect theory, Variety (cybernetics), Economics, Positive economics, Psychology, Actuarial science, Microeconomics

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