To be fair, mental accounting resembles what some call the four-box strategy whereby you use guaranteed sources of income (such as Social Security, a traditional defined benefit plan, a guaranteed ...

In today's highly competitive environment, advisors are employing various client-profiling tools to understand more about their clients' needs. Some have embraced a more comprehensive financial ...

Troy Segal is an editor and writer. She has 20+ years of experience covering personal finance, wealth management, and business news. Mental accounting refers to the different values a person places on ...

Cicily Maton is partner and senior financial planner with the Planning Center in Chicago. Voices is an occasional feature of edited excerpts in which wealth managers address issues of interest to the ...

Would you drive 20 minutes out of your way to save $5 on a $15 calculator? Would you drive the same distance to save $5 on a $125 leather jacket? According to research from Richard Thaler at ...

A guy walks up to a high roller in a casino and asks: "Could you help me out? My wife is sick and needs medicine that I can't afford. Just two hundred bucks. Please. I'm begging you." The high roller ...

"The Casino's Money" or Your Money? Question: If you started gambling in a casino with $500, proceeded to win $2,500, and then lost the entire sum, how much money have you lost gambling? Many people ...

To a modern economist, the farmers of the Luo tribe of Kenya have a very peculiar relationship to money. Instead of thinking of one dollar as equivalent to the next, the Luo draw rigorous distinctions ...

Although replication problems 1 have affected some fields within behavioral science (mostly social psychology) more than others, I was excited to come across research that appears to be a very ...