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What is Mental Accounting in Consumer Behavior about?

This document summarizes a paper that develops a new model of consumer behavior combining cognitive psychology and economics called mental accounting. It proposes that consumers evaluate outcomes using a value function that is concave for gains and convex for losses. Outcomes are valued either jointly or separately based on four principles. An experiment supports these principles. It also introduces the concepts of reference price based on expectations and transaction utility from a "deal" in addition to ac

Author

Anonymous LVKwIAe

Language

EN