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Mental accounting (or psychological accounting) is a model of consumer behaviour developed by Richard Thaler that attempts to describe the process whereby people code, categorize and evaluate economic outcomes. [ 2] Mental accounting incorporates the economic concepts of prospect theory and transactional utility theory to evaluate how people ...
Debits and credits in double-entry bookkeeping are entries made in account ledgers to record changes in value resulting from business transactions. A debit entry in an account represents a transfer of value to that account, and a credit entry represents a transfer from the account. [ 1][ 2] Each transaction transfers value from credited ...
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [ 1][ 2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and ...
Master of Social Work (MSW) Master of Arts in Professional Counseling (MAPC) Masters of Science in Education (MSEd) Doctoral degrees in psychology. Doctor of Philosophy (PhD): A Doctor of Philosophy degree in psychology prepares the student to conduct independent research and to provide professional services (consultation, assessment, diagnosis ...
Behavioral economics is the study of the psychological, cognitive, emotional, cultural and social factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by classical economic theory. [ 1][ 2] Behavioral economics is primarily concerned with the bounds of rationality of economic agents.
Accounts clerk. v. t. e. Double-entry bookkeeping, also known as double-entry accounting, is a method of bookkeeping that relies on a two-sided accounting entry to maintain financial information. Every entry to an account requires a corresponding and opposite entry to a different account. The double-entry system has two equal and corresponding ...
A self-serving bias is any cognitive or perceptual process that is distorted by the need to maintain and enhance self-esteem, or the tendency to perceive oneself in an overly favorable manner. [ 1] It is the belief that individuals tend to ascribe success to their own abilities and efforts, but ascribe failure to external factors. [ 2]
In psychology, a dual process theory provides an account of how thought can arise in two different ways, or as a result of two different processes. Often, the two processes consist of an implicit (automatic), unconscious process and an explicit (controlled), conscious process. Verbalized explicit processes or attitudes and actions may change ...