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2019 | OriginalPaper | Buchkapitel

5. Mental Accounting and Framing: Framework of Decisions in Consumer Price Judgment

verfasst von : Kazuhisa Takemura

Erschienen in: Foundations of Economic Psychology

Verlag: Springer Singapore

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Abstract

In decision making in economic behavior, information about price and quality is compiled and evaluated. This chapter focuses on the psychology behind price judgment. How do people organize and understand information such as prices psychologically? The concept of mental accounting is relevant to answer this question. This chapter addresses phenomena related to mental accounting. The problem of mental accounting is also closely related to the concepts of psychological purse and mental ruler. Furthermore, the concepts of mental accounting, psychological purse, and mental ruler can be interpreted as a manifestation of a phenomenon called “framing” in decision making. In this chapter, the problems of mental accounting and framing are interpreted especially by using the mental ruler model.

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Vorheriges Kapitel Nonlinear Utility Theory and Prospect Theory: Eliminating the Paradoxes of Linear Expected Utility Theory

Nächstes Kapitel Multi-attribute Decision Making Process in Economic Behavior: Process Tracking of Decision Making and Computer Simulation

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Titel: Mental Accounting and Framing: Framework of Decisions in Consumer Price Judgment
verfasst von: Kazuhisa Takemura
Verlag: Springer Singapore
Buch: Foundations of Economic Psychology
Print ISBN: 978-981-13-9048-7

Electronic ISBN: 978-981-13-9049-4

Copyright-Jahr: 2019
DOI: https://doi.org/10.1007/978-981-13-9049-4_5