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Pain of paying. The pain of paying is a concept from Behavioral Economics and Behavioral Science, coined in 1996 by Ofer Zellermayer, whilst writing his PhD dissertation at the University of Carnegie Mellon, under supervision of George Loewenstein. The term refers to the negative emotions experienced during the process of paying for a good or ...
Endowment effect. In psychology and behavioral economics, the endowment effect, also known as divestiture aversion, is the finding that people are more likely to retain an object they own than acquire that same object when they do not own it. [1][2][3][4] The endowment theory can be defined as "an application of prospect theory positing that ...
The Magical Number Seven, Plus or Minus Two. " The Magical Number Seven, Plus or Minus Two: Some Limits on Our Capacity for Processing Information " [1] is one of the most highly cited papers in psychology. [2][3][4] It was written by the cognitive psychologist George A. Miller of Harvard University 's Department of Psychology and published in ...
Psychological pricing (also price ending or charm pricing) is a pricing and marketing strategy based on the theory that certain prices have a psychological impact. In this pricing method, retail prices are often expressed as just-below numbers: numbers that are just a little less than a round number, e.g. $19.99 or £2.98. [1]
Escalation of commitment. Escalation of commitment is a human behavior pattern in which an individual or group facing increasingly negative outcomes from a decision, action, or investment nevertheless continue the behavior instead of altering course. The actor maintains behaviors that are irrational, but align with previous decisions and actions.
Rumination (psychology) Rumination appears closely related to worry. Rumination is the focused attention on the symptoms of one's mental distress. In 1998, Nolen-Hoeksema proposed the Response Styles Theory. [1][2], which is the most widely used conceptualization model of rumination. However, other theories, have proposed different definitions ...
In psychology, cognitivism is a theoretical framework for understanding the mind that gained credence in the 1950s. The movement was a response to behaviorism, which cognitivists said neglected to explain cognition. Cognitive psychology derived its name from the Latin cognoscere, referring to knowing and information, thus cognitive psychology ...
Psychology of collecting. The psychology of collecting is an area of study that seeks to understand the motivating factors explaining why people devote time, money, and energy making and maintaining collections. There exist a variety of theories for why collecting behavior occurs, including consumerism, materialism, neurobiology and ...