Articlegreen2018

Perspectives on mental accounting: An exploration of budgeting and investing

76 citations0/0 files storedFinancial Planning Review

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Decision-Making and Behavioral Economics Financial Literacy, Pension, Retirement Analysis Financial Literacy and Behavior

Abstract

This article provides an overview of recent advances in the literature on mental accounting within the context of consumer financial decision‐making. We first discuss the categorization process that underlies mental accounting and the methods people use to categorize funds. We then highlight some of the notable work that examines how mental accounting influences budgeting, spending, and investment decisions. The article concludes by proposing an agenda for future research, focusing on current gaps in our knowledge and promising areas to explore.

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References

1979Prospect Theory: An Analysis of Decision under Risk 1980Toward a positive theory of consumer choice 1985Mental Accounting and Consumer Choice 1998Are Investors Reluctant to Realize Their Losses?1985The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence 1999Mental accounting matters 1990Gambling with the House Money and Trying to Break Even: The Effects of Prior Outcomes on Risky Choice 1981An Economic Theory of Self-Control

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2021Impact of Financial Literacy and Behavioural Biases on Investment Decision-making 2023Impact of financial literacy, mental budgeting and self control on financial wellbeing: Mediating impact of investment decision making 2019Choice Simplification: A Theory of Mental Budgeting and Naive Diversification*2023Effects of mental accounting on purchase decision processes: A systematic review and research agenda 2020Assisting mental accounting using smartphones: Increasing the salience of credit card transactions helps consumer reduce their spending

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