Foundations of Economic Psychology by Kazuhisa Takemura

Author:Kazuhisa Takemura
Language: eng
Format: epub
ISBN: 9789811390494
Publisher: Springer Singapore

5.6.5.1 Interpretation of Mental Accounting Experiments (Tversky and Kahneman, 1981)

We explain experimental results on purchase decision making conducted by Tversky and Kahneman (1981) by using the model of mental rulers. Tversky and Kahneman (1981) interpret the results by using the decision frame concept as the indication that when experiment participants should consider the total expenditure, they consider decisions by using the frame for each product. We interpret the process from which this result came by using the model of mental rulers. First, the situation of this problem can be expressed as follows:Version 1 S′1 = {($125 jacket, $15 calculator, no travel), ($125 jacket, $10 calculator, 20 min of travel)}

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