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An example of mental accounting is people's willingness to pay more for goods when using credit cards than if they are paying with cash. [1] This phenomenon is referred to as payment decoupling. Mental accounting (or psychological accounting ) is a model of consumer behaviour developed by Richard Thaler that attempts to describe the process ...
Attribution (psychology) – Process by which individuals explain causes of behavior and events; Black swan theory – Theory of response to surprise events; Chronostasis – Distortion in the perception of time; Cognitive distortion – Exaggerated or irrational thought pattern; Defence mechanism – Unconscious psychological mechanism
In the 1992 Disney film Aladdin, the titular character, upon freeing the Genie from the lamp, uses reverse psychology to trick the Genie into freeing him from the Cave of Wonders, without using one of his three wishes to do so. A popular example of reverse psychology in media is the release of Queen's hit song "Bohemian Rhapsody". Upon release ...
Selective exposure is a theory within the practice of psychology, often used in media and communication research, that historically refers to individuals' tendency to favor information which reinforces their pre-existing views while avoiding contradictory information.
Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory.
In accounting, a basis of accounting is a method used to define, recognise, and report financial transactions. [1] The two primary bases of accounting are the cash basis of accounting, or cash accounting, method and the accrual accounting method. A third method, the modified cash basis, combines elements of both accrual and cash accounting.
A prominent example of this is heuristic-based voting. According to the theory of bounded rationality, individuals have limited time, information, and cognitive resources to make decisions. In the context of voting, this means that most voters cannot realistically gather and process all available information about candidates, issues, and policies.
Reconciliation in accounting is not only important for businesses, but may also be convenient for households and individuals. It is prudent to reconcile credit card accounts and checkbooks on a regular basis, for example. This is done by comparing debit card receipts or check copies with a person's bank statements. Benefits of reconciling: