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Consumers’ choices are prey to subtle discrepancies that arise in cognitive accounting. Learning how and when you are prey to these discrepancies is an important step in improving your decision making.
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People value gains and losses differently under different scenarios. For example, contestants in a game show might choose a guaranteed $10 prize over a 50 percent chance of winning $20 despite the fact that the expected values are the same.
Using the Internet, address the following:
- What is mental accounting and how does it impact consumer decision making?
- How might a company take advantage of consumers’ mental accounting? Give examples.
- As a marketer, how might you frame certain decisions to benefit from the disparities that arise in one’s cognitive accounting?
- As a consumer, how would you avoid the pitfalls posed by the inequalities of one’s cognitive accounting?
Write a 3–5-page paper in Word format. Apply APA standards to citation of sources.
