Quotes of the day:
All that glitters is not gold, and things that look warm are often cold!
Mental accounting refers to the different values people place on money, based on subjective criteria, that often has detrimental results. Mental accounting is a concept in the field of behavioral economics. Developed by economist Richard H. Thaler, it contends that individuals classify funds differently and therefore are prone to irrational decision-making in their spending and investment behavior.