Mental accounting, heuristics, and the second‐best: Solving the calculator‐jacket puzzle
<div><p>This paper conceives mental accounting along Kahneman's “mental economy,” specifically as a heuristic. This mental‐accounting‐as‐heuristic conception allows us to solve the calculator‐jacket puzzle. The opportunity cost of time is not constant but roughly varies with the var...
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2024
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| _version_ | 1864513519865561088 |
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| author | Elias L. Khalil (20518877) |
| author_facet | Elias L. Khalil (20518877) |
| author_role | author |
| dc.creator.none.fl_str_mv | Elias L. Khalil (20518877) |
| dc.date.none.fl_str_mv | 2024-02-20T03:00:00Z |
| dc.identifier.none.fl_str_mv | 10.1002/mde.4135 |
| dc.relation.none.fl_str_mv | https://figshare.com/articles/journal_contribution/Mental_accounting_heuristics_and_the_second_best_Solving_the_calculator_jacket_puzzle/25449433 |
| dc.rights.none.fl_str_mv | CC BY 4.0 info:eu-repo/semantics/openAccess |
| dc.subject.none.fl_str_mv | Commerce, management, tourism and services Strategy, management and organisational behaviour Mental accounting heuristics mental economy calculator-jacket puzzle decision maker (DM) |
| dc.title.none.fl_str_mv | Mental accounting, heuristics, and the second‐best: Solving the calculator‐jacket puzzle |
| dc.type.none.fl_str_mv | Text Journal contribution info:eu-repo/semantics/publishedVersion text contribution to journal |
| description | <div><p>This paper conceives mental accounting along Kahneman's “mental economy,” specifically as a heuristic. This mental‐accounting‐as‐heuristic conception allows us to solve the calculator‐jacket puzzle. The opportunity cost of time is not constant but roughly varies with the variation of the item's value. As the value of the item rises, the decision maker (DM) should be more attentive. However, the measurement of the opportunity cost of time at each point of purchase is cognitively costly. To reduce such cost, the DM adopts a heuristic, the item's price itself, as a rough proxy of the varying opportunity cost of time.</p><p> </p></div><h2>Other Information</h2> <p> Published in: Managerial and Decision Economics<br> License: <a href="http://creativecommons.org/licenses/by/4.0/" target="_blank">http://creativecommons.org/licenses/by/4.0/</a><br>See article on publisher's website: <a href="https://dx.doi.org/10.1002/mde.4135" target="_blank">https://dx.doi.org/10.1002/mde.4135</a></p> |
| eu_rights_str_mv | openAccess |
| id | Manara2_550bc6ae850dcb520d83e716b40c73cb |
| identifier_str_mv | 10.1002/mde.4135 |
| network_acronym_str | Manara2 |
| network_name_str | Manara2 |
| oai_identifier_str | oai:figshare.com:article/25449433 |
| publishDate | 2024 |
| repository.mail.fl_str_mv | |
| repository.name.fl_str_mv | |
| repository_id_str | |
| rights_invalid_str_mv | CC BY 4.0 |
| spelling | Mental accounting, heuristics, and the second‐best: Solving the calculator‐jacket puzzleElias L. Khalil (20518877)Commerce, management, tourism and servicesStrategy, management and organisational behaviourMental accountingheuristicsmental economycalculator-jacket puzzledecision maker (DM)<div><p>This paper conceives mental accounting along Kahneman's “mental economy,” specifically as a heuristic. This mental‐accounting‐as‐heuristic conception allows us to solve the calculator‐jacket puzzle. The opportunity cost of time is not constant but roughly varies with the variation of the item's value. As the value of the item rises, the decision maker (DM) should be more attentive. However, the measurement of the opportunity cost of time at each point of purchase is cognitively costly. To reduce such cost, the DM adopts a heuristic, the item's price itself, as a rough proxy of the varying opportunity cost of time.</p><p> </p></div><h2>Other Information</h2> <p> Published in: Managerial and Decision Economics<br> License: <a href="http://creativecommons.org/licenses/by/4.0/" target="_blank">http://creativecommons.org/licenses/by/4.0/</a><br>See article on publisher's website: <a href="https://dx.doi.org/10.1002/mde.4135" target="_blank">https://dx.doi.org/10.1002/mde.4135</a></p>2024-02-20T03:00:00ZTextJournal contributioninfo:eu-repo/semantics/publishedVersiontextcontribution to journal10.1002/mde.4135https://figshare.com/articles/journal_contribution/Mental_accounting_heuristics_and_the_second_best_Solving_the_calculator_jacket_puzzle/25449433CC BY 4.0info:eu-repo/semantics/openAccessoai:figshare.com:article/254494332024-02-20T03:00:00Z |
| spellingShingle | Mental accounting, heuristics, and the second‐best: Solving the calculator‐jacket puzzle Elias L. Khalil (20518877) Commerce, management, tourism and services Strategy, management and organisational behaviour Mental accounting heuristics mental economy calculator-jacket puzzle decision maker (DM) |
| status_str | publishedVersion |
| title | Mental accounting, heuristics, and the second‐best: Solving the calculator‐jacket puzzle |
| title_full | Mental accounting, heuristics, and the second‐best: Solving the calculator‐jacket puzzle |
| title_fullStr | Mental accounting, heuristics, and the second‐best: Solving the calculator‐jacket puzzle |
| title_full_unstemmed | Mental accounting, heuristics, and the second‐best: Solving the calculator‐jacket puzzle |
| title_short | Mental accounting, heuristics, and the second‐best: Solving the calculator‐jacket puzzle |
| title_sort | Mental accounting, heuristics, and the second‐best: Solving the calculator‐jacket puzzle |
| topic | Commerce, management, tourism and services Strategy, management and organisational behaviour Mental accounting heuristics mental economy calculator-jacket puzzle decision maker (DM) |