心理科学进展, 2019, 27(3): 406-417 doi: 10.3724/SP.J.1042.2019.00406

纪念 Richard H. Thaler 获得诺贝尔经济学奖专栏

揭秘经济管理中的行为异象:心理账户理论的应用启示

刘培, 冯一丹, 李爱梅,, 刘伟, 谢健飞

暨南大学管理学院 广州 510632

Disclosing behavioral anomalies in economic management: Implications for mental accounting theory

LIU Pei, FENG Yidan, LI Aimei,, LIU Wei, XIE Jianfei

Management School, Jinan University, Guangzhou 510632, China

通讯作者: 李爱梅, E-mail: tliaim@jnu.edu.cn.

收稿日期: 2018-04-23   网络出版日期: 2019-03-15

基金资助: 国家自然科学基金项目.  71271101
国家自然科学基金项目.  71571087
广东省自然科学基金重大项目.  2017A050000184

Received: 2018-04-23   Online: 2019-03-15

摘要

2017年Richard H. Thaler获得诺贝尔经济学奖, 其重要的研究贡献之一是催生并发展了心理账户理论。心理账户理论被广泛用于解释经济管理中的行为异象。文章以消费决策、金融管理决策两大领域的应用研究为外在逻辑, 以心理账户的设立、运算和关闭过程的特点为内在逻辑, 重点探讨了消费决策中的“标签效应”、“预算效应”、“价格幻觉”、“解耦效应”和“效用偏差”; 金融管理决策中的“粘蝇纸效应”、“薪酬感知之谜”、“税收-投资之谜”、“会计信息披露之谜”和“处置效应”十大行为异象。文章进一步提出未来可能的两个研究方向, 一是通过眼动技术和认知神经科学方法揭示心理账户影响行为决策的内在过程及神经机制; 二是将心理账户理论应用于“以小拨大”的行为助推, 助力政府公共管理和企业管理决策。

关键词: 心理账户 ; 消费决策 ; 金融管理决策 ; 行为异象 ; 助推

Abstract

In 2017, Richard H. Thaler was awarded the Nobel Prize in Economics. A key contribution towards this was his work on progressing his theory of mental accounting. Of late this theory has been used to explain some behavioral anomalies contrary to the “rational economic man” hypothesis in two major areas including consumer decision-making and financial and management decision-making. This article takes the applied research in the two fields as the external logic, and the three major process of mental accounting as the internal logic, mainly exploring ten behavioral phenomenon anomalous, including the “label effect”, “budget effect”, “price illusions”, “decoupling effect” and “utility bias” in consumer decision-making; “fly-paper effect”, the “puzzle of remuneration perception”, “puzzle of taxes and investments”, the “puzzle of accounting information disclosure” and “disposition effect” in financial and management decision making. We hope to demonstrate the latest developments in mental accounting theory. Additionally, we also discuss two possible applications for the future. Firstly, further research might also be interested in the possible internal processes and mechanisms of mental accounting and its impact on human decision-making through eye-motion tracking technology and the technology of cognitive neuroscience. Secondly, future research may be concerned with the applications of mental accounting towards nudge theory; particularly in the context of government and organizational management.

Keywords: mental accounting ; consumer decision-making ; financial and management decision-making ; behavioral anomalies ; nudge

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本文引用格式

刘培, 冯一丹, 李爱梅, 刘伟, 谢健飞. (2019). 揭秘经济管理中的行为异象:心理账户理论的应用启示. 心理科学进展, 27(3), 406-417

LIU Pei, FENG Yidan, LI Aimei, LIU Wei, XIE Jianfei. (2019). Disclosing behavioral anomalies in economic management: Implications for mental accounting theory. Advances in Psychological Science, 27(3), 406-417

1 引言

2017年10月9日, 行为经济学家理查德·泰勒(Richard H. Thaler)被授予诺贝尔经济学奖。这是继2002年丹尼尔·卡尼曼(Daniel Kahneman)之后, 又一位研究行为决策的学者获得诺贝尔经济学奖。丹尼尔·卡尼曼因为将心理学研究结合到经济学中, 提出了关于不确定条件下的人类判断和决策的“前景理论”, 摘取2002年诺贝尔经济学奖桂冠; 而泰勒则把心理学的研究发现巧妙地融入经济学的决策分析。他系统地探讨了人的有限理性、社会偏好及缺乏控制力的后果, 并展示出这些人类特质是如何影响个体决策, 以致最终影响市场效果, 从而帮助个人、机构和政府在现实的经济活动中做出更好的决策。如果说卡尼曼为人类的行为决策创立了理论基石, 那么泰勒更像一位理论与实践的“双枪手”, 一方面将心理学家提出的关于人性的现实假设在经济实践中运用得淋漓尽致, 另一方面又在经济管理实践中催生出一系列新的理论。其中, 心理账户理论(Mental Accounting Theory)便是泰勒最重要的理论贡献之一。

心理账户理论经历了三个里程碑式的发展阶段。1980年代是心理账户的概念提出和发展阶段。泰勒于1980年首次提出“心理账户”概念, 并用于解释“沉没成本”效应; Tversky和Kahneman (1981)将心理账户定义为人们在心理上对结果(尤其是经济结果)的分类记账、编码、估价和预算等过程。1990年代是理论成熟阶段。Thaler (1999)认为心理账户包括对经济行为的编辑、分类、预算以及评估。他提出心理账户包括三个重要组成部分:一是各个特定账户的分类, 涉及到账户的来源和支出, 而且不同账户的支出都会受到外显或内隐预算的控制; 二是对心理账户的评估和权衡; 三是对结果的感知和体验。依据这三个部分, 可以将心理账户分为心理账户的设立、运算和关闭三个过程。2000年代后是心理账户的广泛应用阶段。通过对近18年(2000~2018)文献的梳理, 可以发现心理账户理论在解释经济管理行为方面大放异彩, 主要应用于消费决策、金融管理决策两大领域, 并解释这两大领域中有悖于“理性经济人假设”的行为异象。这些应用研究揭示了由于心理账户及其本质特征的存在, 人们的决策行为显著偏离了理性经济人假设。

为了使读者对心理账户理论应用有更为清楚直观的认识, 文章以消费者决策、金融管理决策两大应用领域的研究为外在逻辑, 以心理账户的设立、运算和关闭三个过程的特点为内在逻辑, 系统梳理心理账户在两大领域的应用研究。此外, 以往相关的研究主要集中在该理论对经济管理行为的描述和解释功能, 未来研究可进一步利用心理账户理论预测和监控经济管理决策行为的变化, 并将心理账户理论用于“以小拨大”的行为助推, 助力政府公共管理和企业管理决策。

2 消费决策中的行为异象

心理账户理论的应用主战场之一是消费决策, 在消费者决策领域的研究硕果累累, 并且发现了很多与传统的理性经济人假说相悖的行为异象, 主要包括“标签效应”、“预算效应”、“价格幻觉”、“解耦效应”和“效用偏差”。

2.1 标签效应

我们先来看一个经典情境:约翰先生存了一笔钱准备买房, 同时他又在银行贷款一笔钱买车。他存下来的钱作为“买房资金”, 贷款的钱作为“买车资金”, 两者绝不混淆。

上述情境违背了传统经济学理论“金钱的可替代性”。现实生活中, 人们会根据财富来源、消费支出或存储方式的不同对金钱贴上不同的“标签”。研究者已经对金钱的“标签效应”做出了大量的研究, 并得出基本一致的结论。即, 人们倾向于根据自己付出的努力程度来标签金钱的来源, 并且将不同标签的金钱用于不同类型的支出, 如将自己辛苦赚取的工资用于购买实用性的产品, 而将意外获得的金钱用于享乐性消费(Milkman & Beshears, 2009)。

近年来, 越来越多的研究者发现:除了金钱来源和支出会引发“标签效应”, 人们也会根据金钱所引发的情绪和社会关系的属性不同而设立不同的标签。例如, Levav和McGraw (2009)发现当意外之财被贴上不同效价的“情绪标签”时, 消费者会有不同的行为表现。消费者更倾向于将积极情绪下获得的意外之财用于享乐消费; 而对消极情绪下获得的意外之财, 消费者更容易表现出享乐规避。李爱梅等人(2014)在验证Levav和McGraw (2009)研究发现的基础之上, 将情绪标签用于常规收入和意外之财对比研究, 结果发现常规收入不易受不同效价的情绪标签影响, 个体均倾向于享乐规避。此外, Mcgraw, Tetlock和Kristel (2003)发现象征不同社会关系的物品在交易中也存在显著差异, 消费者认为能够代表父母亲密关系的纪念品更具价值, 更不愿意出售。Reinholtz, Bartels和Parker (2015)的研究发现了特定礼品卡的“标签效应”。消费者倾向于用特定商家的礼品卡购买该商店的典型产品, 例如消费者倾向于用星巴克的礼品卡购买最具星巴克特色的咖啡(Reinholtz et al., 2015)。

如果说心理账户的标签效应是依据金钱的来源和支出不同分别设立账户, 以实现“专款专用”的目的。那么, 金钱的标签效应究竟在何种情况下有利于人们做出理性决策?又在何种情况下不利于人们做出理性决策呢?如何善用心理账户的标签效应引导人们理性消费?在现实中, 当人们一旦设立某个账户, 便会使个体的消费决策“师出有名”, 从而理所应当的消费; 反之, 如果没有特定的消费心理账户, 个体的消费决策行为便会相对困难。如何有意识地引导消费者设立某类心理账户, 以达到助推消费的目的, 以往的研究并没有系统涉及。未来的研究可以考虑通过设立特定的心理账户, 如环保心理账户、节能心理账户等以引导人们的消费决策行为发生改变。

2.2 预算效应

先来看一组经典情境, 并思考每个情境中A先生是否愿意购买电影票。

情境1:假设A先生周一时去观看篮球比赛, 花了50美元。请问, 他会在周末购买一张25美元的电影票吗?

情境2:假设A先生周一时交了一笔停车费, 花了50美元。请问, 他会在周末购买一张25美元的电影票吗?

结果表明情境1中A先生的购买意愿更低, 其理由是周一和周末的两笔费用都是娱乐账户, 可能超出了消费者该账户的心理预算(mental budgeting)。心理预算是指个体对分配到不同心理账户中的资源设定预算, 并对预算中的各项花费进行追踪的认知过程(李爱梅, 鹿凡凡, 2014)。研究者表明, 不同的心理账户之间的预算具有不可替代性(Thaler, 1999)。当同一个心理账户中已经出现消费和支出, 消费者随后会降低该账户消费的可能性(Sussman, Sharma, & Alter, 2015; Gruener & Hirschauer, 2016)。因此, 情境1中, 观看过篮球比赛的A先生更不倾向于在具有相同心理账户的电影票中消费。而情境2中由于停车费和电影票不属于同一心理账户, 因此停车消费不影响A先生后期电影票的消费。

心理预算广泛存在于心理账户的理论和应用研究中。心理预算通过执行自我控制功能, 促进消费者的自我管理(Thaler, 1999)。已有研究者发现, 消费者会表现出不同类型的预算偏差, 如“底部美元效应(bottom dollar effect)” (Soster, Gershoff, & Bearden, 2014)。这是指消费者在预算即将耗竭时, 对于预算内的最后一笔花费, 会体验到较强的支付痛苦和较低的购物满意度。也有一些研究者发现, 消费者在预算失败的情况下, 会表现出短期的“自我放纵效应(‘what-the-hell’ effect)” (Raghubir & Srivastava, 2009), 增加短期的冲动行为。为了探讨消费者预算偏差的影响因素, 研究者尝试从消费者的动机(Van Ittersum, Pennings, & Wansink, 2010)、消费者的收入以及闲置资金的多少(Stilley, Inman, & Wakefield, 2010)等方面作出解释。但是, 目前为止, 未有研究者对不同类型的预算偏差进行比较, 如在什么样的情况下, 消费者会表现出“底部美元效应”扮演一个“吝啬鬼”; 而在什么情况下心理预算失败, 出现“自我放纵效应”。未来研究者可以从产品特性(如产品本身的价格、产品对消费者的重要性)、消费者特征(如消费者即时的情绪)等多方面的因素考虑不同类型的预算偏差之间的差异性。

2.3 价格幻觉

先来看一组情境, 并思考A先生和B先生哪一位更快乐。

情境1:A先生在某网店购买一本书, 价格为55元, 运费8元; B先生在另一家店购买相同的书籍, 价格为63元, 包邮。

情景2:A先生以6.5折的优惠购买了9升的洗手液; B先生以相同的价格购买了6升洗手液, 并收到免费赠送的3升洗手液。

研究发现, 虽然A先生和B先生支付的最终金额相同, 但是他们的体验不同。这是因为人们在建立心理账户之后, 会对该账户进行收支权衡, 而人们评估和权衡的依据是享乐编辑原则(李爱梅, 凌文辁, 2007)。心理账户享乐编辑原则的提出为研究者和商家开启了新的思路, 发现了利用定价组合方式干预人们效用体验的方式。近年来, 商家似乎抓住了消费者内在的享乐编辑特点, 并屡屡通过各种方式制造多种“价格幻觉”, 以迎合消费者的偏好, 刺激购买。目前商家制造的价格幻觉主要包括定价策略和捆绑销售两种。

(1)定价策略

目前常见的价格呈现框架包括分离定价(partitioned pricing)和整合定价(combined pricing/ all-inclusive pricing)。分离定价是将商品的总售价分为基本价(base price)和附加价(surcharge), 基本价是所购买商品的价格, 附加价指运费、处置费、保险、税收等其他费用。整合定价是指将商品价格与附加价格两者合并, 向消费者呈现一个总的价格(Greenleaf, Johnson, Morwitz, & Shalev, 2016)。哪种定价策略更符合消费者的偏好?有学者认为分离定价更能刺激需求(Xia, Monroe, & Cox, 2004)。一方面因为, 分离定价增加了消费者对总价格的加工难度, 大多数消费者在加工两部分价格时, 会忽视附加价邮费, 从而使消费者低估购买的总成本(Albinsson, Burman, & Das, 2010); 另一方面, 消费者通过启发式来整合商品价格和运费, 先以基本商品价格作为锚, 在此基础上, 参考运费向上调整, 而这种调整往往是不充分的、幅度偏小的, 从而低估商品的总价格, 提高了商品的感知价值(Xia, Monroe, & Cox, 2004); 然而, 另一些学者认为整合定价比分离定价更具有吸引力, 会引起更高的购买意向。这些学者认为如果将商品和运费分离定价, 对于消极看待运费的消费者, 分离定价可能会降低他们的购买意愿, 而整合定价使他们不用去单独考虑邮费, 从而增加了消费意愿和购买满意度(Hamilton, Abraham, & Srivastava, 2010)。李爱梅和刘培(2018)的研究也发现凸显运费的分离定价会提高消费者的价格损失感知, 从而降低其冲动购买。

可见, 分离和整合哪一种定价策略更有效, 目前仍然存在相互矛盾的结果。研究者指出这一矛盾主要由两个因素导致。一方面, 研究者基于的理论不同, 启发式理论更加支持分离定价策略; 而基于心理账户理论的研究者相信在运费凸显的情况下, 消费者更加偏好整合定价。另一方面的原因是很多调节变量影响价格策略的偏好, 研究者发现一些重要的个体特质(如个体的认知需要、思维方式、调节定向)、附加费特征(如附加费的呈现方式、数量、凸显性)和商家特征(商家的名声)等都会影响消费者对这两种价格呈现形式的感知(Xia, Monroe, & Cox, 2004; Brown, Hossain, & Morgan, 2010; Lee, Choi, & Li, 2014; Greenleaf et al., 2016)。因此, 未来的研究在探讨产品的价格策略时, 既要关注理论之间的异同, 又要关注可能的调节因素。

(2)捆绑销售

捆绑销售主要是将多个产品整合销售, 以此给顾客制造“价格幻觉”。例如篮球比赛的季票、旅行套餐等。消费者可以选择购买组合套餐或单独购买其中一样产品, 但捆绑价一般要低于单个产品的总价。此外, “买一赠一”也属于捆绑销售中的一种。捆绑销售存在很多优势。首先, 捆绑销售整合了购买过程中的多次“损失”, 可以降低消费者价格敏感性进而增加购买可能性(Janiszewski & Cunha, 2004; Chen, Marmorstein, Tsiros, & Rao, 2012)。其次, 由于捆绑销售是一次性购买, 因此也会降低沉没成本对消费者的影响(Soman & Gourville, 2001)。研究者发现, 相比于非捆绑产品, 购买捆绑产品的消费者更愿意以更高价格购买产品(Titheesawas & Suntraruk, 2018)。

从心理账户理论的角度分析, 这些“价格幻觉”实际上都是“得-失”的权衡, 最终让消费者心理上体验到更多的价值效用。捆绑销售是否一定有利于促销?还是可能引起滞销?究竟多少个产品捆绑在一起有利?相同类型的产品捆绑还是不同类型的产品捆绑?哪些消费者偏好捆绑销售哪些消费者偏好单品销售(Titheesawas & Suntraruk, 2018)?对这些问题的深入探讨将会对消费决策理论和实践产生重要影响(Li, Hardesty, & Craig, 2018)。未来的研究可以系统探讨价格的组合拆分方式, 如何影响了消费者的价格感知, 并最终影响了消费者决策行为。

2.4 解耦效应

先来看一个经典情境。

情境:A先生准备去度假, 在度假前6个月开始按月支付一定的费用; B先生购买了一台全自动洗衣机, 洗衣机到家后开始按月支付一定的费用。日常生活中这种支付与消费是分离的情况极为常见, Prelec和Loewenstein (1998)将其称为“解耦(Decoupling)”。那么, 消费与支付分离产生的“解耦效应”是如何影响消费者的行为及其决策呢?研究者运用“双通道心理账户(The Double- Entry Mental Accounting)”对这一现象进行解释(Prelec & Loewenstein, 1998; 李爱梅, 郝玫, 李理, 凌文辁, 2012)。

“双通道心理账户”提出人们在消费决策中存在两个通道, 一个通道记录了支付后从消费中获得的正效用, 另一个通道则记录了为获得收益而支付的负效用(Prelec & Loewenstein, 1998; 李爱梅 等, 2012)。双通道心理账户用两个联结系数:α系数和β系数, 来记录每次购买行为中“消费”和“支付”之间的关系。α系数指消费的快乐被付款的疼痛所降低的程度, 即快乐弱化系数; β系数指付款的疼痛被消费的快乐所降低的程度, 即疼痛钝化系数。当消费和支付在时间上分离时, 联结较弱, 且随着分离时间的增加, 联结的程度逐渐减弱。具体来说, 长时间间隔的预付(先付款后消费)使得α系数较小, 消费者淡忘支付的痛苦, 体验到更高的效用。而长时间间隔的后付(先消费后付款)使得β系数增大, 前期消费的快乐掩盖了后期支付的痛苦。信用卡支付就是典型的先消费后付款, 这种支付方式会降低消费者的支付痛苦(Thomas, Desai, & Seenivasan, 2010)。但是后付可能会引发一定的消极反应, 未付款之前消费者的痛苦程度较低, 可是在真正需要付款的时候(如信用卡还款)会感知到更大的损失感, 从而可能降低对之前消费产品的效用感知和使用率(Rietveld, 2017)。

心理账户的“解耦效应”目前广泛运用于消费过程的预付, 后付以及借贷等经济活动中。无论是预付还是后付, 都处于一种解耦状态。这时需要同时考虑α系数和β系数。由于这两个系数会随着消费和支付时间间隔的变化而变化, 因此时间间隔是一个需要考量的重要因素, 只有让消费者感受到消费的快乐掩盖支付的痛苦, 即β系数较大, α系数较小, 他们才会体验到更大的效用。

2.5 效用偏差

先看一个经典情境并思考A、B先生的快乐程度。

情境:A先生以9000美元的价格卖掉了旧车, 以33000美元的价格购买了一辆新车; B先生以9500美元的价格卖掉了旧车, 以33500美元的价格购买了一辆新车。

情境中A先生和B先生最终支付的买新车差价是相同的, 但是结果却发现B先生比A先生更快乐, 其原因是B先生获得了更大的旧车折旧价值。消费者在以旧换新的过程中, 会对旧产品心理账户的收支进行权衡, 并且更容易感知到旧产品的剩余价值, 这一现象被称之为“效用偏差”。消费者在关闭心理账户时, 会对账户状态进行评价。只有在消费者认为心理账户达到盈利状态时, 才会“心满意足”地关闭账户(Thaler, 1985)。Zhu, Chen和Dasgupta (2008)的研究发现, 较之单独购买汽车的消费者, 以旧车抵扣新车的消费者更能接受较高的新车价格。且他们在旧产品交易重要性评分上显著高于对新产品重要性的评分。这说明消费者希望心理账户以获益的形式关闭, 因此在追踪旧产品的成本和收益时力求效用最大化, 从而忽略了新产品带来的收益。

研究者发现, 旧产品心理账户的关闭受到很多因素的影响, 主要的因素为新旧产品的价值评估(Guiltinan, 2010)。然而, 研究者和商家除了考虑产品实际的价值之外, 也应该考虑旧产品的“虚拟价值”, 如旧产品引发的情绪唤醒程度。同样是上述案例, 如果C先生遇到了跟A先生相同的情况, 但是C先生的旧车是家人送给他的新婚礼物, 那么C先生更可能提高旧车的产品价值。

基于心理账户理论的三个过程, “标签效应”和“预算效应”主要体现了心理账户的第一阶段的特点。在这一阶段, 人们会根据心理账户的非替代性原则开设不同的心理账户。同时, 人们也会对不同的心理账户设立预算。“价格幻觉”和“解耦效应”主要体现了心理账户第二个阶段的特点。由于享乐编辑原则的存在, 人们在对心理账户运算的过程中会依据自己的享乐编辑进行决策, 以达到效用价值最大化。“效用偏差”则体现了心理账户的最后一个阶段, 人们在关闭账户的过程中会对账户结果状态进行感知和评估, 消费者偏好正收益的方式关闭账户, 进而可能出现非理性权衡结果。综合这些研究结果发现, 研究者不仅仅对五大消费异象进行了充分的探讨, 也对心理账户理论的过程特点在这些异象中的运用给出了充分的解释。未来的研究者可以关注以下两个方向:(1)关注与心理账户相关的特征对消费决策的影响, 如特定心理账户的凸显性, 心理账户的重要性程度等因素对消费决策的关键作用; (2)关注消费者在运用心理账户理论加工决策信息的过程中引发的其他心理因素, 对消费决策的影响, 如情绪唤醒和认知负荷程度。

3 金融管理决策中的行为异象

心理账户理论的另一个应用主战场是金融管理决策领域。传统经济学假设人是“理性”的, 然而投资管理者经常表现出一系列“非理性”的特征。基于理性人假设的传统经济学理论无法对诸多的金融管理决策行为现象进行解释。迅速崛起的行为金融学研究者从心理学的视角来理解人类的金融管理决策行为。文章系统梳理了基于心理账户过程特点为解释视角的五种行为异象:“粘蝇纸效应”、“税收-投资之谜”、“薪酬感知之谜”、“会计信息披露之谜”和“处置效应”。

3.1 粘蝇纸效应

“粘蝇纸效应” (flypaper effect)主要是与财政转移支付密切相联系的一种经济现象, 指的是上级政府的定额补助一旦被“粘”在公共产品上, 就不容易轻易改变。从理论上来说, 当政府增加财政拨款, 地方性公共产品消费会增加(如地方政府加大社区建设), 其性质和中央政府降低该地区的税收一致。然而, 实证分析表明, 增加对某地方政府的财政拨款与对该地方政府的减税相比, 上级拨款对地方政府的支出影响更大, 减税对地方政府的支出影响更小。其原因是上级拨款会“粘”在公共产品投入上, 而减税结余的资金可能会另作他用, 这就是典型的“粘蝇纸效应” (刘畅, 马光荣, 2015)。在美国资本市场中, “粘蝇纸效应”也很常见。美国资本市场主要有两种员工退休金的投资形式:一种是公司缴纳的部分由公司来决定投资对象, 而员工自己缴纳的部分让员工自主选择投资对象; 另一种是公司缴纳部分和员工自己缴纳的部分都交给员工, 让他们自主选择投资对象。研究发现不论是哪种形式, 员工都会采用分散投资的策略, 即以近似于50 : 50的方式将自主选择投资的资产平均分配于各种投资对象之间。而401K计划(401K计划始于20世纪80年代初, 是一种由雇员、雇主共同缴费建立起来的完全基金式的养老保险制度)的施行对员工的投资产生了影响(Choi, Laibson, & Madrian, 2009)。具体表现为, 如果公司在401K计划之前和之后都将退休金账户交给员工自由支配, 则员工的投资策略不会产生任何变化; 反之, 如果在401K计划实施之前公司缴纳的部分由公司进行投资(如购买本公司股票), 而在401K计划之后公司将这部分资金交给员工自由投资, 员工不会改变公司提供的这部分资金的投资方向, 仅仅自由处置自己缴纳的那部分资金。

对于这一现象, Choi等人(2009)运用心理账户理论加以解释。他们指出员工倾向于将公司提供的投资资金与员工自己的投资资金看作是不同的账户。即使401K计划改变公司提供资金的投资形式, 由于不同账户之间具有不可替代性, 公司投资的资金仍然不影响员工的资金投资, 最终员工仍然按照自己所持有的资金进行投资配置。

但是也有研究未发现“粘蝇纸效应”, Agnew和Szykman (2005)发现信息量较少的情况下, 投资者更有可能表现出理性的投资决策, “粘蝇纸效应”更不可能发生。Dvorak和Hanley (2010)发现相比于专家, 新手更可能出现“粘蝇纸效应”。多数研究者从经济学角度或者客观环境因素的角度探讨“粘蝇纸效应” (Fafchamps, McKenzie, Quinn, & Woodruff, 2014)。很少有研究者关注与心理账户有关的因素或者投资者的心理因素对这一效应的影响。如当公司提供的资金更加凸显或者更容易唤醒投资者的认知和情绪状态时, 投资者更不容易忽略这部分资金, “粘蝇纸效应”更不容易出现。

3.2 薪酬感知之谜

薪酬问题是公司管理中十分重要的问题。怎样设计薪酬结构, 以使得员工感知到最大的效用, 这已经成为众多企业者越来越关注的问题。当下的企业在薪酬设计过程中越来越趋于多样化, 包括基本工资、养老保险、住宿福利等多种。贺伟、龙立荣和赵海霞(2011)将多样化的薪酬类别分为4种薪酬心理账户, 即工资、奖金、法定社保和企业福利。

那么, 不同的薪酬心理账户会引起员工怎样的心理感知?贺伟等人(2011)通过对10家企业共338名员工的主观薪酬感知和客观薪酬数据的收集, 结果发现, 员工的薪酬感知出现了心理折扣现象。相比于工资、奖金和法定社保三类薪酬心理账户, 员工对企业福利薪酬心理账户的心理折扣效应最大。这一现象也得到了其他研究者的印证(李爱梅, 凌文辁, 2009; Dzuranin, Randolph, & Stuart, 2013)。为什么员工对于工资、奖金与企业福利等不同心理账户的心理感知不同呢?究其根本是心理账户的作用。尽管一些物品奖励在效用上可看作“获得”, 但物品价值函数与现金价值函数在人们心中的走向并不一致。具体表现为:金额较低时, 物品价值函数高于现金价值函数; 而随着金额的增大, 等额现金的“价值”就逐渐超过物品。这其中有一个交叉点的存在, 企业管理者可以以物品和现金的等额点为依据, 巧妙变换福利发放形式以提高福利发放效果。除金额大小之外, 其他因素也可能会影响员工的薪酬感知, 例如高成就动机的员工可能更喜欢升职奖励, 低成就动机的员工可能更喜欢金钱奖励。不仅如此, 研究者也要关注不同的奖励形式对员工的工作绩效有何影响, Jeffrey和Adomdza (2010)发现非现金奖励会增加员工的工作绩效, 未来的研究者应该关注哪一种非现金奖励形式最能促进员工的绩效和工作态度。

3.3 税收-投资之谜

在经济管理中, 研究者广泛关注税收对个体和企业投资行为的影响(Falsetta & Tuttle, 2011; Fahr, Janssen, & Sureth-Sloane, 2014)。Falsetta和Tuttle (2011)通过两个实验探讨了税收和投资之间的关系, 实验一中他们将被试随机分入退税组和纳税组。退税和纳税由被试掷骰子来随机决定。如果骰子正面朝上, 被试收到2美元的退税; 如果反面朝上, 被试需要缴纳2美元的税款。之后被试需要对当前所持有的一只价值为5美元的股票进行投资决策, 决定继续持有或者立即卖出这只股票。被试也被明确告知:该股票预期的未来价值(4.5美元)低于当前的价值。结果发现, 当被试纳税时更容易表现出风险寻求, 而当被试收到退税时更容易风险规避。实验二中, 他们通过控制被试先前的投资结果, 继续深入探讨税收状态对股票投资决策的影响。结果仍然发现, 无论先前的投资结果是收益还是损失, 人们当前的投资结果仍然只受到税收状态的影响(与实验一的结果一致)。

这种由税收状态引起的风险投资偏好与理性决策行为是相悖的(Mehrmann, & Sureth-Sloane, 2017)。Falsetta和Tuttle (2011)基于心理账户理论对这一现象进行解释。他们认为人们倾向于将税收和投资看作是一个组合心理账户, 并且持续评估该账户的获益-损失的平衡状态。这种平衡状态导致投资者表现出不同的风险偏好。当投资者相信股票和税收这一整合心理账户偏向“损失”时, 投资者会表现出更大的风险偏好, 即更可能持有可能亏损的股票; 而当投资者认为这一整合心理账户更偏向“获得”时, 就会表现出更强的风险规避, 即愿意卖出可能亏损的股票。

税收研究中还有一个重要的领域是人们的避税行为, 以往的研究者多关注人们的避税程度和偏好的避税方式(Boylan & Sprinkle, 2001; Fochmann & Wolf, 2016), 很少有研究者关注避税行为对投资者投资偏好的影响。根据心理账户的编码原则, 人们更可能将避税所得的资金看作是一种“意外之财”, 投资者更可能会表现出风险寻求行为。未来的研究可以进一步聚焦税收方式对投资决策行为的影响。

3.4 会计信息披露之谜

公司的会计信息披露是指股票发行公司按照国家和证券交易所的规定, 公开企业重要信息, 以有益于投资者进行判断的一种行为。公司在进行信息披露的时候会存在很多非理性的行为, 如公司在报告会计信息的时候, 会根据实际情况的不同而提供不同的财务列表方式或者盈余预测信息(Hirst, Koonce, & Venkataraman, 2007; Bonner, Clor-Proell & Koonce, 2014; Shanti et al., 2016)。Bonner等人(2014)通过实验研究验证了公司财务总监对财务列报方式的选择偏好。在他们的实验中, 被试被随机分入公司财务获益组和损失组。获益组的被试会看到两种财务呈报的方式:A:公司收益70000美元(整合列报); B:公司某个项目收益1000000美元同时另一个项目损失930000美元(分项列报); 同样损失组的被试也收到两种不同的列报形式:A:公司损失930000美元(整合列报); B:公司某个项目损失1000000美元同时另一个项目收益70000美元。结果发现在获益组, 多数被试选择形式A; 而损失组, 多数被试选择形式B。Shanti等人(2016)也发现, 当会计信息本身反映的是收益时(或好消息时), 管理者会分项列报会计信息; 当会计信息本身反映的是损失时(或坏消息时), 管理者更倾向于选择加总方式列报会计信息。这种列报方式符合人们对心理账户的享乐编辑原则。管理者在信息披露之前会对各个账户的状态进行评估, 如果发现多个账户处于损失的状态, 就会采用加总列报的方式以降低人们对公司会计信息的损失感知, 相反, 如果评估的结果是收益的状态, 那么分项列报会计信息更能增加人们对公司的收益感知。

3.5 处置效应

“处置效应” (disposition effect)是指投资者倾向于过早地卖掉盈利的股票而较长时间持有亏损的股票(Shefrin & Statman, 1985)。从理性的角度分析, 投资者是否该持有某支股票的标准应该是该股票的成长潜力, 而不是该股票目前盈利与否。事实上很多投资者卖掉手上已经盈利的股票, 继续持有已经亏损的股票, 这显然受到了股票心理账户的盈亏影响。在美国资本市场中, 股票资本所得税是个人所得税中的一部分, 这种股票资本所得税有两个显著特征。第一, 亏损的股票无需纳税。如果投资者在12月31号之前卖掉亏损的股票, 亏损部分不但不需要缴税, 还可以在个人其他年收入中抵扣相应纳税所得额。因此理性的投资者应该及时卖掉亏损的股票, 这样投资者可以享受股票亏损节税的收益。第二, 股票资本所得税率有长短期之分。股票资本所得短期税率(1年以内)一般为普通的个人所得税, 依据所得额的大小而定, 但是税率一般比长期税率高; 而股票资本所得长期税率(1年以上)最低可以低至5%。如果投资者是理性的, 他们应该及时卖掉亏损的股票并更长期地持有盈利的股票, 这样可以为投资者带来税收上的收益。然而, 真实情况却是更多的投资者出现了“处置效应”。

Hirshleifer (2001)运用心理账户理论对这一效应进行解释。由于人们在账户关闭时会对账户状态进行评估和感知, 只有在账户盈利的状态下, 人们才会心甘情愿地关闭账户。损失股票会引起投资者的损失感知, 因此投资者更倾向于继续持有亏损的股票, 而收益股票则会引起盈利的感受, 故投资者更愿意抛出收益股票。之后很多研究者也从心理账户的角度探讨了“处置效应” (Locke & Mann, 2005; Lim, 2006)。研究者还发现除了在证券市场存在处置效应, 商品房市场也存在处置效应(Einiö, Kaustia, & Puttonen, 2008)。Einiö等人(2008)利用赫尔辛基1987~2003年公寓交易数据发现, 商品房市场中的价格与销量正相关, 并且有很多投资者都在略高于公寓原始买价的价位上出售公寓。

然而研究者仍然对“处置效应”这一现象的确定性存在争议, 因为也有一些研究者发现了处置效应的对立面——“反处置效应(reverse-disposition effect)”。现有的研究多数关注对处置效应的内在机制进行解释, 很少有研究者解释为何会出现两种相反的现象。Chang, Solomon和Westerfield (2016)尝试从投资者认知失调的角度进行解释, 他们认为当投资者表现出明显的认知失调时, 投资者更容易对个人股票表现出处置效应, 而对公共基金表现出反处置效应。未来的研究者可以尝试从投资者的认知因素和心理状态理解这两种对立的现象。

依据心理账户的三个过程, 在心理账户设立阶段, 由于投资管理者会依据心理账户的非替代性建立不同的账户, 因此可能出现“粘蝇纸效应”和“薪酬感知之谜”; 在心理账户的运算阶段, 由于投资者和员工会依据享乐编辑原则对心理账户进行评估和权衡, 因此可能表现出“税收-投资之谜”和“会计信息披露之谜”; 而在心理账户的关闭阶段, 投资者和管理者为求以盈利的状态关闭心理账户, 所以更有可能表现出“处置效应”。心理账户理论在金融管理决策领域得到了充分的应用, 但是该领域仍然有一些问题需要进一步解决:(1)研究者对多数行为异象存在质疑, 部分研究者验证了这些行为异象, 有些研究者的研究结果却不支持这些行为异象(Chang et al., 2016)。未来的研究者可以采用多种方法(如实验法、客观数据法)进一步验证这些行为异象是否存在; (2)很多因素会影响投资管理者的决策。以往的研究者多关注资产本身特征, 很少有研究者从心理学的角度探讨认知因素、情绪因素和个体特征对投资管理决策的影响, 未来的研究者可以加强这部分实证研究; (3)心理账户在设立的过程中会建立预算。在金融管理决策领域, 目前还没有研究者关注心理预算对投资管理者的决策影响。在消费决策领域研究者发现消费者在预算失败后会出现两种可能的决策方式:降低购买或增加短期消费(Raghubir & Srivastava, 2009; Soster et al., 2014)。那么投资管理者在预算失败后, 是否也会出现相同的效应?未来的研究者可以关注这一领域。

心理账户理论被广泛应用到消费决策、金融管理决策两大领域, 用来解释理性经济人假说无法合理解释的行为现象。但是这些现象较为零散, 缺乏统一的整合。本文基于心理账户理论的过程机制, 将这些领域中表现出的行为异象进行区分和整合。依据心理账户的三个重要部分(Thaler, 1999), 我们将心理账户分为三个重要的阶段。第一是心理账户的设立, 在这一阶段, 人们会依据资金的来源和支出的不同划分不同的账户并分别建立预算。这一过程主要体现了心理账户的非替代性和心理预算的内在特点; 第二个阶段是心理账户的运算, 在这一阶段, 人们会对心理账户进行评估和权衡。这一阶段主要体现的是心理账户享乐编辑的内在特点。最后一个阶段是心理账户的关闭, 涉及到人们对决策结果的感知和评价。研究者利用心理账户的过程特点对消费决策、金融管理决策中的众多行为异象进行解释。这些行为异象与心理账户理论过程的对应关系如表1所示。

表1   心理账户的运作过程与经济管理中行为异象的关系

心理账户的过程 消费决策 金融管理决策
1. 心理账户的设立 标签效应
预算效应
粘蝇纸效应
薪酬感知之谜
2. 心理账户的运算 价格幻觉
解耦效应
税收-投资之谜
会计信息披露之谜
3. 心理账户的关闭 效用偏差 处置效应

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5 研究展望

虽然心理账户已经被广泛应用到消费决策、金融管理决策中, 并解释了许多与经济人理性假说相悖的行为异象。但是以往的研究主要集中在该理论对经济管理决策行为的描述和解释功能, 未来的研究者应该着重探讨心理账户影响决策的加工过程以及神经机制, 以揭示心理账户影响行为决策的内在过程及其机制; 另一方面, 心理账户对于经济管理决策行为的影响不应仅仅停留于描述与解释功能, 应该运用心理账户理论预测和控制经济行为的发生及方向, 因此, 如何利用心理账户“以小拨大”助推社会发展, 将成为一个极具潜力的研究方向。

5.1 眼动追踪技术对心理账户加工过程的检验

越来越多的研究者关注心理账户理论在实践中的应用, 但大多数相关研究利用的是实验法、问卷调查或经验测试等来检验心理账户引发的决策结果, 很少有研究者关注心理账户影响决策的具体加工过程。只有正确理解心理账户影响决策的具体加工过程, 才更能准确预测人们的决策结果和决策后感知, 甚至可以帮助商家和企业更好地干预个体的决策过程。为了探讨心理账户具体的加工过程, 眼动技术是必不可少的一种方法。眼动技术(Eye-movement technique)是对眼动轨迹的记录。眼动技术可以同时记录多个数据如注视点、注视时间和次数、眼跳距离、瞳孔大小等, 通过对这些数据的分析, 可以很好地探究个体的内在认知过程。目前只有很少的研究者利用眼动技术探测心理账户影响决策的加工机制。如Shavit, Giorgetta, Shani和Ferlazzo (2010)使用眼动仪来探究个体金融决策, 通过监测投资者在投资任务中对不同信息(获利、损失、绝对价值变化、百分比变化等)的注视时间, 揭示心理账户和损失厌恶背后的过程机制; Kovacheva和Inman (2014)运用眼动追踪技术探索消费者在“心理预算”状况下关注店内非计划购买商品的情况。由于心理账户理论的复杂性和广泛性, 目前对心理账户影响决策加工过程的探究仍然是冰山一角, 未来研究可以大力关注这一方面。

5.2 心理账户影响决策的神经机制

研究者开始关注心理账户影响决策的神经机制。潘孝富、王昭静、高飞和徐莹(2014)从脑电层面发现了人们对辛苦所得与意外之财两种收入来源的金钱存在不同的脑加工机制。当资金来源属于辛苦所得时, P3成分处于激活状态; 而意外之财与LPC这一成分联系更加紧密。P3成分的激活可能与个体情绪唤醒度及内在动机编码有关, 而LPC成分与记忆相关的积极情绪唤醒度有关(Schacht & Sommer, 2009)。这说明金钱的来源会引发消费者不同的情绪唤醒。为了更进一步验证心理账户影响决策的脑机制, 未来研究者可以关注与情绪密切相关的额脑区如杏仁核和脑岛(Feinstein, Adolphs, Damasio, & Tranel, 2011)。虽然有一些研究存在, 仍然有很多相关的问题未得到解决, 如是否可以通过脑区的激活程度来检验账户之间的非替代性?心理账户“得失编码原则”的神经机制是什么, 在脑区中又是怎样体现的呢?等等。因此未来研究可以利用ERP、fMRI等相关技术探讨心理账户影响决策的神经机制。

5.3 基于心理账户理论开展“以小拨大”助推研究

目前, “助推” (nudge)一词在行为经济学领域尤为热门。理查德·泰勒和卡斯·桑斯坦(2008)在《助推——如何做出有关健康、财富与幸福的最佳决策》一书中把助推定义为“在选择框架的任何一方面都不采用强制的方式, 而是以一种预言的方式改变人们的选择或者改变他们的经济动机及行为”。理查德·泰勒(2016)指出, 因为人们都是普通人, 不是理性的经济人, 所以人们都会犯一些错误。但是即使会犯错误, 人们仍然享受自己做决定的感觉。因此如何利用一种方法在不明显逼迫个体的情况帮助其降低错误成了至关重要的一点。助推就能实现这样的目标, 因为助推正是利用一些看似无关的、无强制性的因素来影响决策者的行为, 使其做出更有利的决策。

目前国内外只有少许的研究关注心理账户的助推研究。Sussman等人(2015)利用心理账户的预算机制改变选择框架, 从而影响人们的捐赠行为。他们发现, 当在捐赠指示语上标示“每年仅有一次捐赠”, 人们捐赠的意愿和金额远高于以“一年一度的捐赠”来标示的情况。Dew, Sarasathy, Read和Wiltbank (2009)利用心理账户的损益运算规则发现了税收变化的方向(增、减)和实施时间(逐渐实施、立刻完全实施)对纳税人行为的影响。相对于立刻完全实施减税, 逐渐实施减税政策会更大程度地增加投资行为; 而相对于立刻完全实施增税, 逐渐实施增税政策会更大程度地降低投资行为。李爱梅和刘培(2018)利用产品的定价策略来改变消费者的冲动购买, 从而助推理性消费。可见心理账户理论具有丰富的内涵, 未来可以在更多的领域进行助推。例如, 在助推储蓄时, 可以提示人们设立特定心理账户, 如奖金账户、纪念日账户等, 这样可以增加人们的储蓄金额。

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财政转移支付会产生“粘蝇纸效应”吗?——来自断点回归的新证据

经济学报, 2( 1), 25-46.

URL     [本文引用: 1]

本文利用1994年对国家级贫困县划分的自然实验,运用断点回归(regression discontinuity design)的方法,在考虑转移支付内生性问题的因果推论框架下,使用1999—2009年县级面板数据,对中国财政转移支付造成"粘蝇纸效应"的大小重新进行估计。实证研究的结果表明,财政转移支付确实能够产生"粘蝇纸效应"。对于本文的研究样本,一般性转移支付占GDP的比重每提高1%,财政支出占GDP的比重平均将提高1.5%;专项转移支付占GDP的比重每提高1%,财政支出占GDP的比重平均将提高3.0%。在转移支付总量不变的前提下,提高一般性转移支付比重、压缩专项转移支付比重不会造成地方政府规模膨胀。

潘孝富, 王昭静, 高飞, 徐莹 . ( 2014).

辛苦所得与意外所得的非理性消费偏差: 基于IAT检测和ERP证据

心理科学进展, 22( 4), 596-605.

[本文引用: 1]

Because of their different weight in people's mind, various sources of wealth can lead to diverse attitudes and ways of consumption. By carrying out a series of experiments, predecessors have found out that windfall gains are spent more readily than hard-earned money. Base on the theory of implicit social cognition and mental account, use the implicit association test (IAT) and ERP technology to explore the difference made on people's mind by windfall gains and hard-earned gains, thus give an indirect test for its implicit attitudes and brain processing mechanism. The IAT result shows that windfall gains is more closely connected with easy consumption, while hard-earned money is more closely connected with the difficult consumption, which verifies the predecessors' conclusion in the implicit level; The ERP technology also found hard-earned money and windfall gains may base on different brain processing mechanism, and reflected in P3 and LPC composition, P3 could be the direct ERP’ components which reflects the hard-income group’s preference to consumer consumption patterns, while LPC components reflects people’s preference to consumption under an accidental income condition.

Agnew J.R., & Szykman L.R . ( 2005).

Asset allocation and information overload: The influence of information display, asset choice, and investor experience

Journal of Behavioral Finance, 6( 2), 57-70.

URL     [本文引用: 1]

This paper examines whether information overload might partially explain why defined contribution plan participants tend to follow the "path of least resistance" (Choi et al. [2002]) In two experiments, we test how three common differences among defined contribution plans (the number of investment choices offered, the similarity of the choices, and the display of the choices) lead to varying degrees of information overload and the probability of opting for the default. Notably, we control for the financial aptitude of each individual. The findings suggest that the success of certain plan features depends strongly on the financial background of the participant. We find that low-knowledge individuals opt for the default allocation more often than high-knowledge individuals (experiment 1: 20% versus 2%). The results emphasize the importance of plan design, especially the selection of plan defaults, and the need to improve the financial literacy of participants.

Albinsson P. A., Burman B., & Das N . ( 2010).

Price surcharge and the effects of construal level

Journal of Applied Business and Economics, 11( 4), 56-69.

[本文引用: 1]

Bonner S. E., Clor-Proell S. M., & Koonce L . ( 2014).

Mental accounting and disaggregation based on the sign and relative magnitude of income statement items

Accounting Review, 89( 6), 2087-2114.

[本文引用: 2]

Boylan S.J., & Sprinkle G.B . ( 2001).

Experimental evidence on the relation between tax rates and compliance: The effect of earned vs. endowed income

Journal of the American Taxation Association, 23( 1), 75-90.

[本文引用: 1]

Brown J., Hossain T., & Morgan J . ( 2010).

Shrouded attributes and information suppression: Evidence from the field

Quarterly Journal of Economics, 125( 2), 859-876.

URL     [本文引用: 1]

We use field and natural experiments in online auctions to study the revenue effect of varying the level and disclosure of shipping charges. Our main findings are (1) disclosure affects revenues—for low shipping charges, a seller is better off disclosing; and (2) increasing shipping charges boosts revenues when these charges are hidden. These results are not explained by changes in the number of bidders.

Chang T. Y., Solomon D. H., & Westerfield M. M . ( 2016).

Looking for someone to blame: Delegation, cognitive dissonance, and the disposition effect

The Journal of Finance, 71( 1), 267-302.

URL     [本文引用: 2]

No abstract is available for this item.

Chen H., Marmorstein H., Tsiros M., & Rao A. R . ( 2012).

When more is less: The impact of base value neglect on consumer preferences for bonus packs over price discounts

Journal of Marketing, 76( 4), 64-77.

URL     [本文引用: 1]

The interpretation of a percentage change often hinges on the base value to which it is attached. The authors identify a tendency among consumers to neglect bas

Choi J. J., Laibson D., & Madrian B. C . ( 2009).

Mental accounting in portfolio choice: Evidence from a flypaper effect

American Economic Review, 99( 5), 2085-2095.

URL     PMID:20027235      [本文引用: 2]

Consistent with mental accounting, we document that investors sometimes choose the asset allocation for one account without considering the asset allocation of their other accounts. The setting is a firm that changed its 401(k) matching rules. Initially, 401(k) enrollees chose the allocation of their own contributions, but the firm chose the match allocation. These enrollees ignored the match allocation when choosing their own-contribution allocation. In the second regime, enrollees simultaneously selected both accounts' allocations, leading them to mentally integrate the two. Own-contribution allocations before the rule change equal the combined own- and match-contribution allocations afterwards, whereas combined allocations differ sharply across regimes.

Dew N., Sarasathy S., Read S., & Wiltbank R . ( 2009).

Affordable loss: Behavioral economic aspects of the plunge decision

Strategic Entrepreneurship Journal, 3( 2), 105-126.

URL     [本文引用: 1]

Affordable loss involves decision makers estimating what they might be able to put at risk and determining what they are willing to lose in order to follow a course of action. Using the entrepreneur's new venture plunge decision, this article combines insights from behavioral economics to develop a detailed analysis of the affordable loss heuristic. Specifically, we develop propositions to explain how individuals: (1) decide what they can afford to lose; and (2) what they are willing to lose in order to plunge into entrepreneurship. The article also discusses the implications of affordable loss for the economics of strategic entrepreneurship. Copyright 2009 Strategic Management Society.

Dvorak T.& Hanley H. ( 2010).

Financial literacy and the design of retirement plans

The Journal of Socio- Economics, 39( 6), 645-652.

URL     [本文引用: 1]

We design and administer a financial literacy test tailored to a specific defined contribution plan. We find that participants show fairly good knowledge of the basic mechanics of the plan, but are unable to differentiate among various investment options. Knowledge is particularly low among women, low income and low education employees. We also find some evidence that personal contributions lead to more knowledge. These results support plan designs that have few investment options and encourage personal contributions.

Dzuranin A. C., Randolph D., & Stuart N. V . ( 2013).

Doing more with less: Using noncash incentives to improve employee performance

Journal of Corporate Accounting & Finance, 24( 5), 75-80.

URL     [本文引用: 1]

Employees will usually say they would prefer cold cash rather than a noncash incentive. Interestingly, however, when employee productivity is evaluated using cash incentives versus noncash incentives, noncash incentives have proven to be effective at improving performance and employee satisfaction. This article discusses the issues and provides several broad suggestions for successful noncash incen-tive programs. 2013 Wiley Periodicals, Inc.

Einiö M., Kaustia M., & Puttonen V . ( 2008).

Price setting and the reluctance to realize losses in apartment markets

Journal of Economic Psychology, 29( 1), 19-34.

URL     [本文引用: 2]

Using data on all real estate transactions in the greater Helsinki area during 1987 2003 (about 80,000 apartment transactions with capital gains available), we find substantial support for loss realization aversion. Further, a disproportionate number of sales occurred exactly at the original purchase price. Reluctance to realize losses is weaker with pricier apartments, seasoned sellers, and apartments that are likely bought for investment purposes. Mortgage down payment requirements are unlikely to fully explain the results. On the whole the results are consistent with loss aversion and mental accounting.

Fafchamps M., McKenzie D., Quinn S., & Woodruff C . ( 2014).

Microenterprise growth and the flypaper effect: Evidence from a randomized experiment in Ghana

Journal of Development Economics, 106, 211-226.

URL     [本文引用: 1]

61We gave cash and in-kind grants to microenterprises in urban Ghana.61For women with subsistence enterprises, we find no increase in profits.61For women with larger businesses, only in-kind grants increase profits.61The results for men also suggest lower cash impact, though this result is less robust.

Fahr R., Janssen E., & Sureth-Sloane C. ( 2014.

Can tax rate increases foster investment under entry and exit flexibility? -Insights from an economic experiment

WU International Taxation Research Paper Series . Available at SSRN:

URL     [本文引用: 1]

Falsetta D.& Tuttle B. , ( 2011).

Transferring risk preferences from taxes to investments

Contemporary Accounting Research, 28( 2), 472-486.

URL     [本文引用: 3]

ABSTRACT Prior studies demonstrate that tax considerations can influence a taxpayer investment decisions. By itself, this is not very surprising because the investment decisions in these studies resulted in either increasing or decreasing the tax refund or tax payment. The aim of the present study is to re-examine this relationship in order to isolate the possible psychological effects of year-end tax position. We do this by controlling the economic tax consequences of the investment decisions and by relying on theories of mental accounting for our predictions. Results of two experiments demonstrate that taxpayers are psychologically more likely to hold stocks when they owe a tax payment than when they receive a tax refund, despite the absence of economic tax consequences. Furthermore, this behavior generalizes to stocks with gains and to stocks with losses. The results are consistent with a mental accounting application of prospect theory in which risk preferences in one area (taxes) can potentially influence risk preferences in other areas (investments).

Feinstein J. S., Adolphs R., Damasio A., & Tranel D . ( 2011).

The human amygdala and the induction and experience of fear

Current Biology, 21( 1), 34-38.

URL     PMID:21167712      [本文引用: 1]

http://linkinghub.elsevier.com/retrieve/pii/S0960982210015083

Fochmann M.& Wolf N. , ( 2016).

Mental accounting in tax evasion decisions--An experiment on underreporting and overdeducting

Retrieved from

URL     [本文引用: 1]

Greenleaf E. A., Johnson E. J., Morwitz V. G., & Shalev E . ( 2016).

The price does not include additional taxes, fees, and surcharges: A review of research on partitioned pricing

Journal of Consumer Psychology, 26( 1), 105-124.

URL     [本文引用: 2]

In the past two decades, pricing research has paid increasing attention to instances where a product's price is divided into a base price and one or more mandat

Gruener S.& Hirschauer N. ,( 2016).

An experimental investigation of mental accounting in environmental economics

International Journal of Agricultural Resources, Governance and Ecology, 12( 1), 18-26.

[本文引用: 1]

Guiltinan J. ( 2010).

Consumer durables replacement decision- making: An overview and research agenda

Marketing Letters, 21( 2), 163-174.

URL     [本文引用: 1]

This paper reviews recent scholarship on the topic of consumer durables replacement behavior. Much of this research demonstrates the value of expanding a rational consumer decision-making perspective on replacement decisions to accommodate insights from consumer behavior. These insights are especially relevant for understanding voluntary replacement decisions that are not motivated strictly by economic trade-offs. Unfortunately, while broad in scope, this scholarship is limited in depth, and lacks a comprehensive model for portraying the relationships among the constructs that have been examined. This paper attempts to integrate the existing research base by offering a framework for conceptualizing the replacement decision process. Additionally, a suggested research agenda for validating and clarifying the hypothesized relationships in the framework is presented.

Hamilton R. W., Abraham A. T., & Srivastava J . ( 2010).

When should you nickel-and-dime your customers?

MIT Sloan Management Review, 52( 1), 59-67.

[本文引用: 1]

Hirshleifer D. ( 2001).

Investor psychology and asset pricing

The Journal of Finance, 56( 4), 1533-1597.

URL     [本文引用: 1]

The basic paradigm of asset pricing is in vibrant flux. The purely rational approach is being subsumed by a broader approach based upon the psychology of investors. In this approach, security expected returns are determined by both risk and misvaluation. This survey sketches a framework for understanding decision biases, evaluates the a priori arguments and the capital market evidence bearing on the importance of investor psychology for security prices, and reviews recent models.

Hirst D., Koonce L., & Venkataraman S . ( 2007).

How disaggregation enhances the credibility of management earnings forecasts

Journal of Accounting Research, 45( 4), 811-837.

URL     [本文引用: 1]

An important problem facing managers is how to enhance the credibility, or believability, of their earnings forecasts. In this paper, we experimentally test whether a characteristic of a management earnings forecast-namely, whether it is disaggregated-can affect its credibility. We also test whether disaggregation moderates the rela between managerial incentives and forecast credibility. Disaggregated forecasts include an earnings forecast as well as forecasts of other key line items comprising that earnings forecast. Our results indicate that disaggregated forecasts are judged to be more credible than aggregated ones and that disaggregation works to counteract the effect of high incentives. We also develop and test an original model that explains how disaggregation positively impacts three factors that, in turn, influence forecast credibility: perceived precision of management's beliefs, perceived clarity of the forecast, and perceived financial reporting quality. We show that forecast disaggregation works to remedy incentive problems only via its effect on perceived financial

Janiszewski C.& Cunha Jr M. , ( 2004).

The influence of price discount framing on the evaluation of a product bundle

Journal of Consumer Research, 30( 4), 534-546.

URL     [本文引用: 1]

Bundle offers consisting of two or more products often include a price discount. The impact of the price discount on the perceived attractiveness of the bundle has been shown to depend on which product is discounted. It has been argued that discounts are more effective when they are assigned to the product that will receive the most weight in the overall evaluation of the bundle. We propose that the perceived value of the discount may also depend on a referent specific to each product. Six studies are used to provide evidence that (1) price discount framing effects can be explained by reference dependence and (2) that reference dependence and product importance independently contribute to price discount framing effects.

Jeffrey S.A., & Adomdza G.K . ( 2010).

Incentive salience and improved performance

Human Performance, 24( 1), 47-59.

URL     [本文引用: 1]

Using data from 441 call center employees at a large North American financial services firm, we studied how the frequency of thinking about an incentive available for performance led to increased output on an important performance metric. We find that people think more frequently about noncash tangible incentives (merchandise and travel) than cash incentives and that as the frequency of thought increases, performance increases. This leads to a larger performance boost for tangible incentives compared to a cash incentive of equal purchasing power. These results show an additional benefit from the use of tangible incentives and help answer the question regarding the psychological processes which make incentives motivating.

Kovacheva A., & Inman J.J . ( 2014).

Shopper eye-cue: Understating the in-store decision process with field eye- tracking data

ACR North American Advances . 146-150.

URL     [本文引用: 1]

Lee K., Choi J., & Li Y. J . ( 2014).

Regulatory focus as a predictor of attitudes toward partitioned and combined pricing

Journal of Consumer Psychology, 24( 3), 355-362.

URL     [本文引用: 1]

Partitioned pricing is a widely used pricing strategy, but little is known about the buyer characteristics that influence its effectiveness. The current research contributes to the pricing literature by investigating the impact of regulatory focus on the perceived attractiveness of partitioned and combined pricing. In four studies, we hypothesized and found support for the idea that promotion focused individuals perceive partitioned prices to be more attractive than combined prices, while prevention focused individuals do not differentiate between the two pricing types. Our results also show that regulatory focus influences consumers' information processing style, which in turn leads to important differences in attitudes towards partitioned and combined pricing. Specifically, promotion focused consumers are more likely to engage in global processing and global processing is linked to preferences for partitioned (versus combined) prices.

Levav J., & McGraw A.P . ( 2009).

Emotional accounting: How feelings about money influence consumer choice

Journal of Marketing Research, 46( 1), 66-80.

URL     [本文引用: 2]

Mental accounting posits that people track their expenditures using cognitive categories or "mental accounts." The authors propose that this cognitive process can be complemented by an approach that examines how feelings about a sum of money, or the money's "affective tag," influence its consumption. When people receive money under negative circumstances, this tag can include a negative affect component, which people aim to reduce by engaging in strategic consumption. The authors investigate two such strategies, laundering and hedonic avoidance, and demonstrate their effect on consumption of windfalls. The authors find that people avoid spending their negatively tagged money on hedonic expenditures and prefer to make utilitarian or virtuous expenditures to reduce, or "launder," their negative feelings about the windfall. The authors call this tagging process and strategic consumption "emotional accounting."

Li W., Hardesty D. M., & Craig A. W . ( 2018).

The impact of dynamic bundling on price fairness perceptions

Journal of Retailing and Consumer Services, 40, 204-212.

[本文引用: 1]

Lim S.S . ( 2006).

Do investors integrate losses and segregate gains? Mental accounting and investor trading decisions

Journal of Business, 79( 5), 2539-2573.

URL     [本文引用: 1]

I test whether investors’ trading decisions are influenced by their preferences for framing gains and losses. I find that investors are more likely to bundle sales of losers than sales of winners on the same day, consistent with the hedonic editing hypothesis (Thaler ) that individuals prefer integrating losses and segregating gains. In addition, the extent to which mixed sales of winners and losers are consistent with the hedonic editing hypothesis is greater than what would be expected under random sales of stocks. These results suggest that mental accounting is likely to play a significant role in investors’ trading decisions.

Locke P.R., & Mann S.C . ( 2005).

Professional trader discipline and trade disposition

Journal of Financial Economics, 76( 2), 401-444.

URL     [本文引用: 1]

Recent evidence indicates irrational behavior among retail investors. They hold onto losses and sell winners in a manner consistent with the disposition effect. Market professionals often use the term “discipline” to indicate trading strategies that minimize potential behavioral influences. We investigate the nature of trading discipline and whether professional traders are able to avoid the costly irrational behaviors found in retail populations. The full-time traders in our sample hold onto losses significantly longer than gains, but we find no evidence of costs associated with this behavior. The successful floor futures traders in our sample exhibit trading behavior characterized as rational and disciplined. Moreover, measures of relative trading discipline have predictive power for subsequent trading success.

McGraw A. P., Tetlock P. E., & Kristel O. V . ( 2003).

The limits of fungibility: Relational schemata and the value of things

Journal of Consumer Research, 30( 2), 219-229.

URL     [本文引用: 1]

Four experiments test predictions on endowment and mental accounting effects of a theoretical perspective that stresses the symbolic‐relational significance for consumer transactions and that posits the placement of qualitative boundaries on fungibility. Although people accepted proposals to buy objects acquired in market‐pricing relationships as routine, the same proposals in communal‐sharing, authority‐ranking, and equality‐matching relationships triggered distress and erratically high dollar valuations. Symbolic ownership history also moderated valuations in a purely market setting, and the effects of symbolic‐relational source of income extended even to spending decisions. Examination of the model’s ordinal predictions revealed stronger effects for equality‐matching than for authority‐ranking relationships.

Mehrmann A.& Sureth-Sloane C. , ( 2017).

Tax loss offset restrictions and biased perception of risky investments

Arqus Discussion Paper, 222, Arbeitskreis Quantitative Steuerlehre (arqus), Berlin.

URL     [本文引用: 1]

We investigate how tax loss offset restrictions affect an investor's evaluation of risky investments under bounded rationality. We analytically identify behavioral tax effects for different levels of loss offset restrictions, tax rate and prospect theoretical biases (loss aversion, probability weighting and reference dependence) and find tax loss offset restrictions significantly bias investor perception, even more heavily than the tax rate. If loss offset restrictions are rather generous, investors are very loss averse or assign a huge weight to loss probabilities, taxation is likely to increase the preference value of risky investments (behavioral tax paradox). Surprisingly, the identified significant perception biases of tax loss offset restrictions occur under both high and low tax rates and thus are relatively insensitive to tax rate changes. Finally, we identify huge differences in behavioral tax effects across countries indicating that tax loss offset restrictions crucially determine the perceived tax quality of a country for risky investments. Our analysis is relevant for policy makers discussing future tax reforms as well as for investors assessing risky investment opportunities.

Milkman K.L., & Beshears J. ,( 2009).

Mental accounting and small windfalls: Evidence from an online grocer

Journal of Economic Behavior & Organization, 71( 2), 384-394.

URL     [本文引用: 1]

We study the effect of small windfalls on consumer spending decisions by comparing the purchases online grocery customers make when redeeming $10-off coupons with the purchases they make without coupons. Controlling for customer fixed effects and other variables, we find that grocery spending increases by $1.59 when a $10-off coupon is redeemed. The extra spending associated with coupon redemption is focused on groceries that a customer does not typically buy. These results are consistent with the theory of mental accounting but are not consistent with the standard permanent income or lifecycle theory of consumption. While the hypotheses we test are motivated by mental accounting, we also discuss some alternative psychological explanations for our findings.

Prelec D.& Loewenstein G. , ( 1998).

The red and the black: Mental accounting of savings and debt

Marketing Science, 17( 1), 4-28.

URL     [本文引用: 3]

In the standard economic account of consumer behavior the cost of a purchase takes the form of a reduction in future utility when expenditures that otherwise could have been made are forgone. The reality of consumer hedonics is different. When people make purchases, they often experience an immediate pain of paying, which can undermine the pleasure derived from consumption. The ticking of the taxi meter, for example, reduces one's pleasure from the ride. We propose a "double-entry" mental accounting theory that describes the nature of these reciprocal interactions between the pleasure of consumption and the pain of paying and draws out their implications for consumer behavior and hedonics. A central assumption of the model, which we call prospective accounting, is that consumption that has already been paid for can be enjoyed as if it were free and that the pain associated with payments made prior to consumption (but not after) is buffered by thoughts of the benefits that the payments will finance. Another important concept is coupling, which refers to the degree to which consumption calls to mind thoughts of payment, and vice versa. Some financing methods, such as credit cards, tend to weaken coupling, whereas others, such as cash payment, produce tight coupling. Our model makes a variety of predictions that are at variance with economic formulations. Contrary to the standard prediction that people will finance purchases to minimize the present value of payments, our model predicts strong debt aversion-that they should prefer to prepay for consumption or to get paid for work after it is performed. Such pay-before sequences confer hedonic benefits because consumption can be enjoyed without thinking about the need to pay for it in the future. Likewise, when paying beforehand, the pain of paying is mitigated by thoughts of future consumption benefits. Contrary to the economic prediction that consumers should prefer to pay, at the margin, for what they consume, our model predicts that consumers will find it less painful to pay for, and hence will prefer, flat-rate pricing schemes such as unlimited Internet access at a fixed monthly price, even if it involves paying more for the same usage. Other predictions concern spending patterns with cash, charge, or credit cards, and preferences for the earmarking of purchases. We test these predictions in a series of surveys and in a conjoint-like analysis that pitted our double-entry mental accounting model against a standard discounting formulation and another benchmark that did not incorporate hedonic interactions between consumption and payments. Our model provides a better fit of the data for 60% of the subjects; the discounting formulation provides a better fit for only 29% of the subjects (even when allowing for positive and negative discount rates). The pain of paying, we argue, plays an important role in consumer self-regulation, but is hedonically costly. From a hedonic perspective the ideal situation is one in which payments are tightly coupled to consumption (so that paying evokes thoughts about the benefits being financed) but consumption is decoupled from payments (so that consumption does not evoke thoughts about payment). From an efficiency perspective, however, it is important for consumers to be aware of what they are paying for consumption. This creates a tension between hedonic efficiency and what we call decision efficiency. Various institutional arrangements, such as financing of public parks through taxes or usage fees, play into this tradeoff. A producer developing a pricing structure for their product or service should be aware of these two conflicting objectives, and should try to devise a structure that reconciles them.

Raghubir P. & Srivastava J., ( 2009).

The denomination effect

Journal of Consumer Research, 36( 4), 701-713.

[本文引用: 2]

Reinholtz N., Bartels D. M., & Parker J. R . ( 2015).

On the mental accounting of restricted-use funds: How gift cards change what people purchase

Journal of Consumer Research, 42( 4), 596-614.

[本文引用: 2]

Rietveld J. ( 2017).

Creating and capturing value from freemium business models: A demand-side perspective

Strategic Entrepreneurship Journal.12( 2), 171-193.

URL     [本文引用: 1]

Abstract Research Summary: While it has long been recognized that the business model can be a source of performance heterogeneity, less is known about how the business model affects consumers' perceptions about a firm's products and services. By taking a demand-side perspective, I argue that business models create and capture value when the elements that compose a business model improve how consumers perceive a firm's products and better enable heterogeneous consumers to act on their willingness-to-pay. I develop theory on how the freemium business model competes with the premium business model and test hypotheses in the market for digital PC games. Results show that freemium games are played less and generate less revenues and that greater variety in games' menus of paid items is associated with higher revenues. Managerial Summary: Freemium business models are increasingly prevalent in the digital economy, yet very little is known about how freemium affects consumers' perceptions of value and their willingness-to-pay. In this article, I study how the freemium business model competes with the premium business model in the market for digital PC games. Results show that freemium games are played less and generate less revenues than premium games and that greater variety in games' menus of paid items is associated with higher revenues. This implies that in order to achieve competitive parity with firms operating the premium business model, firms operating the freemium business model need to create more value (e.g., through improved product quality, income from advertisements, or unlocking network externalities) or operate at lower costs.

Schacht A. & Sommer W., ( 2009).

Time course and task dependence of emotion effects in word processing

Cognitive, Affective, & Behavioral Neuroscience, 9( 1), 28-43.

URL     PMID:19246325      [本文引用: 1]

Abstract The emotional content of stimuli influences cognitive performance. In two experiments, we investigated the time course and mechanisms of emotional influences on visual word processing in various tasks by recording event-related brain potentials (ERPs). The stimuli were verbs of positive, negative, and neutral valence. In Experiment 1, where lexical decisions had to be performed on single verbs, both positive and negative verbs were processed more quickly than neutral verbs and elicited a distinct ERP component, starting around 370 msec. In Experiment 2, the verbs were embedded in a semantic context provided by single nouns. Likewise, structural, lexical, and semantic decisions for positive verbs were accelerated, and an ERP effect with a scalp distribution comparable to that in Experiment 1 now started about 200 msec earlier. These effects may signal an automatic allocation of attentional resources to emotionally arousing words, since they were not modulated by different task demands. In contrast, a later ERP effect of emotion was restricted to lexical and semantic decisions and, thus, appears to indicate more elaborated, task-dependent processing of emotional words.

Shanti R., Bella F., Salim Y. S., Chee S. Y., Ramesh S., & Ramesh K . ( 2016).

Poly (methyl methacrylate-co-butyl acrylate-co-acrylic acid): Physico-chemical characterization and targeted dye sensitized solar cell application

Materials & Design, 108, 560-569.

URL     [本文引用: 2]

61We have synthesised ultra-high molecular weight copolymer based on acrylates.61Highest conversion efficiency of 3.22% at 1 Sun, and prolonged durability is attained.61It is not always true that copolymer with large molecular weight will obstruct electrochemical function.

Shavit T., Giorgetta C., Shani Y., & Ferlazzo F . ( 2010).

Using an eye tracker to examine behavioral biases in investment tasks: An experimental study

Journal of Behavioral Finance, 11( 4), 185-194.

URL     [本文引用: 1]

Contrary to the premise of rational models, which suggests that investors’ aggregate portfolios are the appropriate informational asset for evaluating a file performance, we find, using an eye tracker, that investors spend more time looking at performances of an individual asset than at the performances of the overall aggregated portfolio and at the net value change more than the assets’ final value. We also find that investors look at the monetary value change longer than at change in percentages. Specifically, participants look longer at the value change of gaining assets than at the value change of losing assets. We propose the possibility that investors are not only engaged in judgment when evaluating their portfolio (leading to loss aversion and mental accounting) but may also be predisposed to looking for reassuring elements within it. Thus, it may be that humans use mental accounting by nature and not necessarily by judgment.

Shefrin H. & Statman M., ( 1985).

The disposition to sell winners too early and ride losers too long: Theory and evidence

The Journal of Finance, 40( 3), 777-790.

URL     [本文引用: 1]

One of the most significant and unique features in Kahneman and Tversky's approach to choice under uncertainty is aversion to loss realization. This paper is concerned with two aspects of this feature. First, we place this behavior pattern into a wider theoretical framework concerning a general disposition to sell winners too early and hold losers too long. This framework includes other elements, namely mental accounting, regret aversion, self-control, and tax considerations. Second, we discuss evidence which suggests that tax considerations alone cannot explain the observed patterns of loss and gain realization, and that the patterns are consistent with a combined effect of tax considerations and the three other elements of our framework. We also show that the concentration of loss realizations in December is not consistent with fully rational behavior, but is consistent with our theory.

SomanD., & Gourville J.T . ( 2001).

Transaction decoupling: How price bundling affects the decision to consume

Journal of Marketing Research, 38( 1), 30-44.

[本文引用: 1]

Soster R. L., Gershoff A. D., & Bearden W. O . ( 2014).

The bottom dollar effect: The influence of spending to zero on pain of payment and satisfaction

Journal of Consumer Research, 41( 3), 656-677.

URL     [本文引用: 2]

Spending that exhausts a budget is shown to decrease satisfaction with purchased products relative to spending when resources remain in the budget. Six studies, including those in which participants earn and spend real resources and evaluate real products, explore thisbottom dollar effect.This research contributes to prior mental accounting research regarding how costs influence decision making (e.g., bundling, coupling, sunk costs) and to the satisfaction literature. Supporting the role of pain of payment in this process, we show that the bottom dollar effect increases as effort required to earn budgetary resources increases, decreases in the presence of windfall gains, and decreases when there is less time between budget exhaustion and replenishment. Mediation analyses further demonstrate the role of payment pain in the bottom dollar effect. Implications are discussed in the context of behavioral research, marketing promotions management, and public policy.

Stilley K. M., Inman J. J., & Wakefield K. L . ( 2010).

Planning to make unplanned purchases? The role of in- store slack in budget deviation

Journal of Consumer Research, 37( 2), 264-278.

[本文引用: 1]

Sussman A. B., Sharma E., & Alter A. L . ( 2015).

Framing charitable donations as exceptional expenses increases giving

Journal of Experimental Psychology: Applied, 21( 2), 130-139.

URL     PMID:25893442      [本文引用: 2]

Abstract Many articles have examined the psychological drivers of charitable giving, but little is known about how people mentally budget for charitable gifts. The present research aims to address this gap by investigating how perceptions of donations as exceptional (uncommon and infrequent) rather than ordinary (common and frequent) expenses might affect budgeting for and giving to charity. We provide the first demonstration that exceptional framing of an identical item can directly influence mental budgeting processes, and yield societal benefits. In 5 lab and field experiments, exceptional framing increased charitable behavior, and diminished the extent to which people considered the effect of the donation on their budgets. The current work extends our understanding of mental accounting and budgeting for charitable gifts, and demonstrates practical techniques that enable fundraisers to enhance the perceived exceptionality of donations. (PsycINFO Database Record (c) 2015 APA, all rights reserved).

Titheesawas I. & Suntraruk P., ( 2018).

The effect of bundle frame on purchase intention and customer's reservation price

AU Journal of Management, 6( 1), 1-11.

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Thaler R.H . ( 1980).

Toward a positive theory of consumer choice

Journal of Economic Behavior & Organization, 1( 1), 39-60.

URL    

The economic theory of the consumer is a combination of positive and normative theories. Since it is based on a rational maximizing model it describes how consumers should choose, but it is alleged to also describe how they do choose. This paper argues that in certain well-defined situations many consumers act in a manner that is inconsistent with economic theory. In these situations economic theory will make systematic errors in predicting behavior. Kanneman and Tversey's prospect theory is proposed as the basis for an alternative descriptive theory. Topics discussed are: undeweighting of opportunity costs, failure to ignore sunk costs, scarch behavior choosing not to choose and regret, and precommitment and self-control.

Thaler R.H . ( 1985).

Mental accounting and consumer choice

Marketing Science, 4( 3), 199-214.

URL     [本文引用: 1]

A new model of consumer behavior is developed using a hybrid of cognitive psychology and microeconomics. The development of the model starts with the mental coding of combinations of gains and losses using the prospect theory value function. Then the evaluation of purchases is modeled using the new concept of "transaction utility". The household budgeting process is also incorporated to complete the characterization of mental accounting. Several implications to marketing, particularly in the area of pricing, are developed.

Thaler R.H . ( 1999).

Mental accounting matters

Journal of Behavioral Decision Making, 12( 3), 183-206.

[本文引用: 4]

Thomas M., Desai K. K., & Seenivasan S . ( 2010).

How credit card payments increase unhealthy food purchases: Visceral regulation of vices

Journal of Consumer Research, 38( 1), 126-139.

URL     [本文引用: 1]

Some food items that are commonly considered unhealthy also tend to elicit impulsive responses. The pain of paying in cash can curb impulsive urges to purchase such unhealthy food products. Credit card payments, in contrast, are relatively painless and weaken impulse control. Consequently, consumers are more likely to buy unhealthy food products when they pay by credit card than when they pay in cash. Results from four studies support these hypotheses. Analysis of actual shopping behavior of 1,000 households over a period of 6 months revealed that shopping baskets have a larger proportion of food items rated as impulsive and unhealthy when shoppers use credit or debit cards to pay for the purchases (study 1). Follow-up experiments (studies 2 4) show that the vice-regulation effect of cash payments is mediated by pain of payment and moderated by chronic sensitivity to pain of payment. Implications for consumer welfare and theories of impulsive consumption are discussed.

Tversky A. & Kahneman D., ( 1981).

The framing of decisions and the psychology of choice

Science, 211( 4481), 453-458.

URL     PMID:7455683      [本文引用: 1]

The psychological principles that govern the perception of decision problems and the evaluation of probabilities and outcomes produce predictable shifts of preference when the same problem is framed in different ways. Reversals of preference are demonstrated in choices regarding monetary outcomes, both hypothetical and real, and in questions pertaining to the loss of human lives. The effects of frames on preferences are compared to the effects of perspectives on perceptual appearance. The dependence of preferences on the formulation of decision problems is a significant concern for the theory of rational choice.

Van Ittersum K., Pennings J. M. E., & Wansink B . ( 2010).

Trying harder and doing worse: How grocery shoppers track in-store spending

Journal of Marketing, 74( 2), 90-104.

URL     [本文引用: 1]

All over the world the economic crisis has raised the number of households which are below the poverty line. A careful tracking of expenditures has become increasingly necessary to avoid financial distress. Models of spending behavior often implicitly assume that budget shoppers know how much they spend while shopping. As demonstrated here, this assumption is the exception rather than the rule

Xia L., Monroe K. B., & Cox J. L . ( 2004).

The price is unfair! A conceptual framework of price fairness perceptions

Journal of marketing, 68( 4), 1-15.

URL     [本文引用: 3]

Recent news coverage on pricing portrays the importance of price fairness. This article conceptually integrates the theoretical foundations of fairness perceptions and summarizes empirical findings on price fairness. The authors identify research issues and gaps in existing knowledge on buyers' perceptions of price fairness. The article concludes with guidelines for managerial practice.

Zhu R., Chen X., & Dasgupta S . ( 2008).

Can trade-ins hurt you? Exploring the effect of a trade-in on consumers' willingness to pay for a new product

Journal of Marketing Research, 45( 2), 159-170.

URL     [本文引用: 1]

When consumers decide to upgrade to a new or better product, they often trade in their currently owned or used product for the new one. The authors examine whether such trade-in behavior, in which consumers must negotiate the price for both the new and the used product, affects their willingness-to-pay price for the new good. Drawing on research on mental accounting, the authors reason that when consumers engage in a transaction involving a trade-in (i.e., when they act as both buyer and seller simultaneously), they place more importance on getting a good value for the used product than on getting a good price for the new product. As a result, such consumers exhibit a higher willingness-to-pay price for the new product than consumers who just buy the new product alone. The results from a series of laboratory experiments provide systematic support for this hypothesis. Finally, the authors lend external validity to their results by confirming the hypothesis using real-world transaction data from the automobile market.

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