The physical pain of paying
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Cognitive traps in the supermarket aisle
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Keeping up with the global Joneses
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The emotional mind and mental accounting
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YOUR GOAL
Master of The psychology of spending
nic We continue spending time or money on things we don't enjoy just because we already paid.
nic Swipe purchases into keep or toss piles to figure out what is actually worth keeping.
Loss aversion: Psychologists found that losing a twenty-dollar bill hurts twice as much as the happiness of finding a twenty-dollar bill on the street.
A cognitive bias where people categorize and treat money differently depending on its source or intended destination. In 1985, economist Richard Thaler introduced the concept to describe how people emotionally compartmentalize their money.
According to a 2011 study, what emotional benefit does 'retail therapy' provide to sad shoppers?
In the Duke University ticket study, how much did ticket owners want compared to what buyers would pay?
Which Nobel laureate coined the term 'mental accounting' to describe how we categorize money?
Which famous psychological theory by Kahneman and Tversky introduced the concept of loss aversion?
According to prospect theory, how much more intensely do we feel the pain of a loss compared to a gain?