Behavioral economics
DOI:
https://doi.org/10.61173/ngh7fq54Keywords:
behavioral economics, decision-making, rationality, bounded rationality, biases, risk preferences1 what is mental accounting?Abstract
Behavioral economics has emerged as a prominent field within economics, providing valuable insights into the
decision-making processes of individuals and the implications of their behavior on economic outcomes. This paper
aims to present a comprehensive summary of key theories and concepts in behavioral economics, shedding light on the
fundamental principles that underlie human decision-making.
References
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[2] Heath, Chip. “Escalation and de-escalation of commitment in response to sunk costs: The role of budgeting in mental accounting.” Organizational behavior and human decision processes 62, no. 1 (1995): 38-54.
[3] Thaler, Richard H. “Mental accounting matters.” Journal of Behavioral Decision Making 12, no. 3 (1999): 183-206.
[4] Kivetz, R. Advances in Research on Mental Accounting and Reason-Based Choice. Marketing Letters 10, 249–266 (1999)
[5] Thaler, Richard. “Mental Accounting and Consumer Choice.” Marketing Science 4, no. 3 (1985): 199–214.
[6] Thaler, Richard & Johnson, Eric. (1990). Gambling With the House Money and Trying to Break Even: The Effects of Prior Outcomes on Risky Choice. Management Science. 36. 643-660.
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