Fixed: Why Personal Finance is Broken and How to Make it Work for Everyone
by John Y. Campbell and Tarun Ramadorai · 25 Jul 2025
through social networks. 17. The failure to adjust spending across categories of expenditure when prices change in one category reflects excessively rigid thinking sometimes called “mental accounting.” One example is that when gas prices fall, spending on premium gasoline goes up—even though the grade of gas needed for a particular car
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, 274–275n12; governments curbing, 223–225; reverse mortgage lenders and, 301n37 markets, defined, 7 Markowitz, Harry, 292n11 memecoins, 197 meme-stock investing, 137, 233, 297n27 mental accounting, 281n17 Merton, Robert C., 7, 8, 265n7 Merton, Robert K., 265n7 Mian, Atif, 249 Michaud, Pierre-Carl, 22 micro-pensions, 257 Microsoft millionaires, 44, 47
Capital Ideas Evolving
by Peter L. Bernstein · 3 May 2007
matters as diversification and management of risk, at least where their houses are concerned. They tend to employ what has come to be known as “mental accounting,” which means they maintain a separate basket in their heads for their home and its mortgage, another basket for their 401(k) accounts, still another
Beyond the 4% Rule: The Science of Retirement Portfolios That Last a Lifetime
by Abraham Okusanya · 5 Mar 2018 · 130pp · 32,279 words
they always have six to 12 months’ income in cash, which is not subject to the whims of the market, is an effective ‘framing’ and ‘mental accounting’ technique to help people sleep better at night during market declines. To quote Wall Street Journal columnist Jason Zweig, when markets fall, ‘an investor who
Walk Away
by Douglas E. French · 1 Mar 2011 · 93pp · 24,584 words
pleasure or pain depending on whether the accounts are in the red or in the black.” In an article entitled “The Red and the Black: Mental Accounting of Savings and Debt” which appeared as a chapter in Exotic Preferences: Behavioral Economics and Human Motivation, the authors’ modeling predicts that most people are
The End of Money: Counterfeiters, Preachers, Techies, Dreamers--And the Coming Cashless Society
by David Wolman · 14 Feb 2012 · 275pp · 77,017 words
you to whomever you’re transacting with. A unit of account? Technically, but I don’t know anyone who uses the hundredths place in his mental accounting. Marketing types will be quick to tell you that consumers treat $2.99 differently from $3.00, but that’s because of the hypnotic power
The Paradox of Choice: Why More Is Less
by Barry Schwartz · 1 Jan 2004 · 241pp · 75,516 words
, and Status Quo Bias.” On decisions to sell stock, see T. Odean, “Are Investors Reluctant to Realize Their Losses?” On sunk costs, see R. Thaler, “Mental Accounting Matters,” and R. Thaler, “Toward a Positive Theory of Consumer Choice.” On health insurance decisions, see E. Johnson, J. Hershey, J. Mezaros, and H. Kunreuther
In Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest
by Andrew W. Lo and Stephen R. Foerster · 16 Aug 2021 · 542pp · 145,022 words
behavioralists, these apparent deviations from rationality could be attributed to investor biases, such as excessive optimism, overconfidence, overreaction, loss aversion, herding, miscalibration of probabilities, and mental accounting. There will be more on the behavioralists in chapter 9. Trying to Beat the Market Eugene Fama’s grandparents emigrated from Sicily and came to
Beyond Diversification: What Every Investor Needs to Know About Asset Allocation
by Sebastien Page · 4 Nov 2020 · 367pp · 97,136 words
returns usually coincide with high expected inflation. Some of my colleagues can effortlessly move between nominal and real returns, local and foreign returns, etc. They mentally account for spot and forward rates, interest rate differentials, and inflation differentials on the fly. I’ve been involved in global macro investing for many years
Kingdom of Olives and Ash: Writers Confront the Occupation
by Michael Chabon · 29 May 2017 · 517pp · 155,209 words
, so she had no doubt that what she heard were gunshots. As she rushed down the stairs to see what had happened, she did a mental accounting of the whereabouts of her five children. Two were still at school, two had gone to play football, and one, Ofek, had just left to
Why Stock Markets Crash: Critical Events in Complex Financial Systems
by Didier Sornette · 18 Nov 2002 · 442pp · 39,064 words
do about the actual value of what they are paying for [227, 228]. An important discovery, extending the framing principle of Kahneman and Tversky, was “mental accounting” [423, 373]. “Framing” says that the positioning of choices prejudices the outcome, an issue that received a lot of publicity in the 2000 U.S
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. presidential election. “Mental accounting” says that people draw their own frames, and that where they place the boundaries subtly affects their decisions. For instance, most people sort their money
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to $120 instead of the expected $110. They can thus spend $10 without having the impression of eating their capital, a psychological process associated with mental accounting [423, 373] (see the section titled “Behavioral Economics” in chapter 4). On the other hand, if there is not acceleration of stock market prices, capital
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of the annual Brookings-Wharton Papers on Financial Services, http://wrdsenet.wharton.upenn.edu/fic/wfic/papers/97/b6.html. 423. Thaler, R. H. (1985). Mental accounting and consumer choice, Marketing Science 4, 199–214. 424. Thaler, R. H., Editor (1993). Advances in Behavioral Finance (Russell Sage Foundation, New York). r efe
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position Long-Term Capital Future Management, 75–76 Malthus, T., 83; exponential growth model of, 361, 382 market maker, 42–44, 155 Marx, K., 83 mental accounting, 93, 375 Milgram, S., 173 MIPS (millions of instructions per second), 379–381 Moore’s law, 379 421 inde x Morgenstern, O., 84, 154 morning
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