Mental Accounting and the Marginal Propensity to Consume http://d.repec.org/n?u=RePEc:zbw:vfsc22:264186&r=exp

…suggesting consumers violate fungibility.
…find that low liquidity, self-control problems, and a lack of cognitive sophistication contribute to MPC #heterogeneity. The results are broadly in line with #MentalAccounting theory.
#BoundedRationality
#ExperimentalEcon