Pitfalls posed by inequalities of one cognitive accounting

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As the readings for this module demonstrate, 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.

As a consumer, how would you avoid the pitfalls posed by the inequalities of one’s cognitive accounting?

Reference no: EM131785352

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