Results for 'Dražen Prelec'

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  1. A response to Prelec.Luc Bovens - 2013 - In Adam Oliver (ed.), Essays in Behavioural Public Policy. Cambridge University Press. pp. 228-33.
    At the heart of Drazen Prelec’s chapter is the distinction between outcome utility and diagnostic utility. There is a particular distinction in the literature on causal networks (Pearl 2000), namely the distinction between observing and intervening, that maps onto Prelec’s distinction between diagnostic and outcome utility. I will explore the connection between both frameworks.
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  2. Self-control and loss aversion in intertemporal choice.Marcus Selart, Niklas Karlsson & Tommy Gärling - 1997 - Journal of Socio-Economics 26 (5):513-524.
    The life-cycle theory of saving behavior (Modigliani, 1988) suggests that humans strive towards an equal intertemporal distribution of wealth. However, behavioral life-cycle theory (Shefrin & Thaler, 1988) proposes that people use self-control heuristics to postpone wealth until later in life. According to this theory, people use a system of cognitive budgeting known as mental accounting. In the present study it was found that mental accounts were used differently depending on if the income change was positive or negative. This was shown (...)
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  3. The role of mental accounting in everyday economic decision making.Tommy Gärling, Niklas Karlsson & Marcus Selart - 1999 - In Peter Juslin & Henry Montgomery (eds.), Judgment and Decision Making: Neo-Brunswikian and Process-Tracing Approaches. Erlbaum. pp. 199-218.
    Mental accounting is a concept associated with the work of Richard Thaler. According to Thaler, people think of value in relative rather than absolute terms. They derive pleasure not just from an object’s value, but also the quality of the deal – its transaction utility (Thaler, 1985). In addition, humans often fail to fully consider opportunity costs (tradeoffs) and are susceptible to the sunk cost fallacy. Why are people willing to spend more when they pay with a credit card than (...)
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