The concept of 'mental accounting' explains why we treat mon... - Richard Thaler

"The concept of 'mental accounting' explains why we treat money differently depending on its source or intended use."

Richard Thaler Money

Economist Psychologist American Born 1945 (age 81)

More from Richard Thaler

"Mental accounting is how people organize, evaluate, and process financial activities."

"People are not always rational. We make systematic mistakes."

"The most important thing to realize is that we are all irrational some of the time."

"Behavioral economics is the study of human choice."

"Money is important, but it's not everything"

"Money doesn't buy happiness, but it buys things that make you forget you're unhappy."

"Money isn't everything."

"Money is meaningless without purpose."