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The Robustness of Mental Accounting Across 21 Countries

Giulia Priolo¹; Federica Stablum²; Martina Vacondio^3,4; Simone D’Ambrogio⁵; Marta Caserotti⁶; Beatrice Conte⁷; Prisca De Roni⁸; Hilda Du Plooy⁹; Vivian D Grillo¹⁰; Libera Y Mastromatteo¹¹; Elisa Tedaldi¹²; Filippo Toscano¹³; Jesús Aguilar-Armijo⁷; Parisa Ahmadi Ghomroudi¹⁴; Lucian Alexa¹⁵; Mathias H Andersen¹⁶; Per A Andersson¹⁷; Karine Aoun Barakat¹⁸; Carolina Barros¹⁹; Ruggero Basanisi²⁰; Tara Beilner²¹; Sergiu Burlacu²²; Thai Cao²³; Alessandra Carella²⁴; Arianna Chiappi²⁵; Zafer Çiftçi⁷; Claudia Civai²⁶; Alana Daly²⁷; Valdonė Darškuvienė²⁸; Marta De Pedis²⁹; Earle J Du Plooy³⁰; Mohammed El-Mir³¹; Christian T Elbæk³²; Sondos Elkot³³; Valeria Fanghella³⁴; Eman Farahat³⁵; Amy Greiner Fehl³⁶; Ama P Fenny³⁷; Paul A G Forbes³⁸; Gemma Garbi⁷; André Gonçalves³⁹; Sevias Guvuriro⁴⁰; Ali Hajian⁴¹; Steve Heinke⁴²; Austin W Howard⁴³; Sudharsana Jagatheesh Jayanand⁴⁴; Peiran Jiao⁴⁵; Gabriela M Jiga-Boy⁴⁶; Alejandra Jordano De Castro⁴⁷; Tobias Kalenscher⁴⁸; Austėja Kažemekaitytė⁴⁹; Afreen S Khalid⁵⁰; Kiana Kothe⁵¹; Philip Krüger⁵²; Ngan Le Thi Kieu⁷; Gintarė Leckė⁵³; Yanina Ledovaya⁵⁴; Mengyu Lim⁵⁵; Luca M Lüpken⁵⁶; Huong Mai Thi Xuan⁵⁷; Laura Mangold⁵⁸; Alfarisi Maulana⁵⁹; Maya Maze⁷; Hajdi Moche⁶⁰; Zahra Moradi⁶¹; Adel Moumin⁷; Valeria Nava⁶²; Michelle J Y Neoh⁵⁵; Leonardo Nicolao⁶³; Hamza O K El HallaouiOueld⁶⁴; Sebastian Olschewski⁶⁵; Adobea Y Owusu⁶⁶; Ahmet F Ozates⁶⁷; Sofia Pelica⁶⁸; Sonja Perkovic³²; Ananda W M Puteri⁷; Hagai Rabinovitch⁶⁹; Guilherme Ramos⁷⁰; Nicole Robitaille⁷¹; Caroline Roux⁷²; Benjamin Scheibehenne⁷³; Martin Schoemann⁷⁴; Mohammad Seidisarouei⁷⁵; Sanjay Singh⁷⁶; Mustafa Z Söyük⁷⁷; Liza Steiner⁵²; Amira TarekAl Rai⁷⁸; Berto Usman⁷⁹; Hannah Van Alebeek⁸⁰; Mohammad H Vazirian⁸¹; Evgeniya Vedernikova⁸²; Janet L Wijaya⁸³; Xinxin Zhu⁸⁴; Jichuan Zong⁸⁵; Leaf Van Boven⁸⁶; Stephan Dickert⁸⁷; Lorella Lotto⁸⁸; David J. Hardisty⁸⁹; Justin Pomerance⁹⁰; Beatriz Pereira⁹¹; Kai Ruggeri^92,93; Enrico Rubaltelli⁹⁴

¹ Copenhagen Business School Postdoctoral Researcher at the Department of Management, Society and Communication, , Dalgas Have, 15, Frederiksberg, 2000, Denmarkis a · ² University College London Research Fellow at the Department of Mechanical Engineering, , Roberts Engineering Building, Torrington Place, London, WC1E 7JE, United Kingdomis a · ³ University of Trento is a Junior Assistant Professor at the Department of Psychology and Cognitive Sciences (DiPSCo), , Corso Bettini, 84I, 38068, Rovereto, (TN, ), Italy and at the Motivational Digital Systems (MODIS) unit, , Via Santa Croce 77, 38122, Trento, · ⁴ Fondazione Bruno Kessler (FBK) is a Junior Assistant Professor at the Department of Psychology and Cognitive Sciences (DiPSCo), , Corso Bettini, 84I, 38068, Rovereto, (TN, ), Italy and at the Motivational Digital Systems (MODIS) unit, , Via Santa Croce 77, 38122, Trento, · ⁵ University of Oxford Postdoctoral Researcher at the Department of Experimental Psychology, , South Parks Road, Oxford, OX1 3EL, United Kingdomis a · ⁶ University of Padova Assistant Professor at the Department of Developmental Psychology and Socialisation, , Via Venezia, 8, Padova, 35131, Italyis an · ⁷ is an Independent Researcher · ⁸ IRCCS San Camillo Hospital Postdoctoral Researcher at the Healthcare Innovation Technology Lab, , Via Alberoni 70, Venezia, 30126, Italyis a · ⁹ University of Verona Doctoral Researcher at the Department of Human Sciences, , Via S. Francesco, 22, Verona, 37129, Italyis a · ¹⁰ University of Trento Doctoral Researcher at Department of Psychology and Cognitive Sciences (DiPSCo), , Corso Bettini, 84I, Rovereto, TN, 38068, Italyis a () · ¹¹ University of Padova Postdoctoral Researcher at the Department of Developmental Psychology and Socialisation, , Via Venezia, 8, Padova, 35131, Italyis a · ¹² University of Zurich Postdoctoral Researcher at the Department of Communication and Media Research, , Andreasstrasse 15, Zürich, 8050, Switzerlandis a · ¹³ University of Zurich Doctoral Researcher at the Department of Psychology (Chair of Social and Economic Psychology), , Binzmühlestrasse 14, Zürich, 8050, Switzerlandis a · ¹⁴ University of Trento Postdoctoral Researcher at the Department of Psychology and Cognitive Sciences (DiPSCo), , Corso Bettini, 84I, Rovereto, TN, 38068, Italyis a () · ¹⁵ Intuitive Economics Deputy Managing Director, , Calea Vacaresti, 391, District 4, Bucharest, Romaniais a at · ¹⁶ Copenhagen University Hospital—Amager and Hvidovre, Danish Research Centre for Magnetic Resonance Research Collaborator at the Department of Radiology and Nuclear Medicine, , Kettegaard Allé 36, Hvidovre, 2650, Denmarkis a · ¹⁷ Linköping University Assistant Professor at the Department of Behavioral Sciences and Learning, Division of Psychology, Jedi-Lab, , Linköping, 581 83, Swedenis an · ¹⁸ INSEEC Grande Ecole Associate Professor at the Department of Marketing, , 37 Quai de Grenelle, Paris, 75015, Franceis an · ¹⁹ Alameda da Universidade Doctoral Researcher at the Department of Cognition in Context (CO2), Faculdade de Psicologia da Universidade de Lisboa, , Lisboa, 1649-013, Portugalis a · ²⁰ IMT School for Advanced Studies Lucca Research Collaborator at the MoMiLab Research Unit, , Piazza San Francesco 19, Lucca, 55100, Italyis a · ²¹ Ludwig-Maximilians-Universität (LMU) München Doctoral Researcher at the Department of Psychology, , Leopoldstraße 13, München, 80802, Germanyis a · ²² Fondazione Bruno Kessler (FBK) Research Fellow at the Research Institute for the Evaluation of Public Policies (IRVAPP), , Via Santa Croce 77, Trento, 38122, Italyis a · ²³ Hanoi University of Science and Technology and Karlsruhe Institute of Technology Researcher at the Department of Education, , No.1 Dai Co Viet Street, Hanoi, Viet Namis a · ²⁴ University of Padova Doctoral Researcher at the Department of Developmental Psychology and Socialisation, , Via Venezia, 8, Padova, 35131, Italyis a · ²⁵ Bocconi University Senior Research Assistant at the Bocconi Experimental Laboratory for the Social Sciences, , Via Röntgen n. 1, Milan, 20136, Italyis a · ²⁶ University of London Senior Lecturer at the Department of Psychology and Neuroscience, City St George’s, , Northampton Square, London, EC1V 0HB, United Kingdomis a · ²⁷ University of Granada Doctoral Researcher at the Department of Psychology, , Campus Universitario de Cartuja s/n, Granada, 18011, Spainis a · ²⁸ ISM University of Management and Economics Professor at the Department of Economics, , Gedimino ave. 7, Vilnius, LT-01103, Lithuaniais a · ²⁹ Public University of Navarre (UPNA/NUP) Assistant Lecturer at the Department of Human Sciences and Education, , Los Magnolios building, Arrosadia Campus, Pamplona-Iruña, 31600, Spainis an · ³⁰ University of Cape Town Director of Faculty Operations at the Faculty of Health Sciences, , Anzio Road, Observatory, Cape Town, 7925, South Africais a · ³¹ Sidi Mohamed Ben Abdellah University Full Professor at the Department of Psychology, , 3 Lots Leila, APT 2, Hay Azhar, Fes, Moroccois a · ³² Aarhus University Associate Professor at the Department of Management, , Universitetsbyen 61, Aarhus C, 8000, Denmarkis an · ³³ Market Strategy and Understanding Unit (MSU), Ipsos Egypt is a Senior Research Executive, at the , 27003, Ipsos Egypt For Cons. Services · ³⁴ EDHEC Business School Assistant Professor, , Franceis an at · ³⁵ UAE Government Behavioral Scientist at the Behavioral Science Group (BSG), , Al Nahyan, Abu Dhabi, UAEis a · ³⁶ NEOMA Business School Associate Professor at the Department of Marketing, , 59, rue Pierre Taittinger, Reims, 51100, Franceis an · ³⁷ University of Ghana Associate Professor at the Institute of Statistical Social and Economic Research, , 1 Botanical Gardens, Legon, Accra, Ghanais an University of · ³⁸ Heinrich Heine University Düsseldorf Postdoctoral Researcher at Comparative Psychology, , Universitätsstraße 1, Düsseldorf, 40225, Germanyis a · ³⁹ Universidade de Lisboa Doctoral Researcher at the Department of Cognition in Context (CO2), Faculdade de Psicologia, , Alameda da Universidade, Lisboa, 1649-013, Portugalis a · ⁴⁰ University of the Free State Associate Professor at the Department of Economics & Finance, , 205 Nelson Mandela Drive, Bloemfontein, 9300, South Africais an · ⁴¹ University of Massachusetts Amherst Doctoral Researcher at the Department of Psychological and Brain Sciences, , Hicks Way 135, Amherst, 01003, United States of Americais a · ⁴² University of Fribourg Senior Researcher at the Mobiliar Center for Resilience, , Avenue de l’Europe 20, Fribourg, CH-1700, Switzerlandis a · ⁴³ Durham University Doctoral Researcher at the Department of Psychology, , Upper Mountjoy, South Rd, Durham, DH1 3LE, United Kingdomis a · ⁴⁴ London School of Economics Postgraduate Student at the Department of Government, , Centre Building, Houghton St, London, WC2A 2AZ, United Kingdomis a · ⁴⁵ Maastricht University Associate Professor at the Department of Finance, , Tongersestraat 53, Maastricht, 6211 LM, The Netherlandsis an · ⁴⁶ Swansea University Senior Lecturer at the School of Psychology, , Singleton Park, Swansea, Wales, SA2 8PP, UKis a · ⁴⁷ University of Bath Trainee Clinical Psychologist (DClinPsy) at the Department of Psychology, , Claverton Down, BA2 7AY, United Kingdomis a · ⁴⁸ Heinrich Heine University Düsseldorf Professor at the Department of Comparative Psychology, , Universitätsstraße 1, Düsseldorf, 40225, Germanyis a · ⁴⁹ Free University of Bozen-Bolzano Postdoctoral Research Fellow at the Faculty of Economics and Management, , Piazzetta dell’Università, 1, Brunico, 39031, Italyis a · ⁵⁰ Radboud University Doctoral Researcher at the Behavioural Science Institute, , Postbus 9104, Nijmegen, 6500HE, Netherlandsis a · ⁵¹ University of the Sunshine Coast Thompson Institute Doctoral Researcher at the School of Health, , 12 Innovation Parkway, Birtinya, Queensland, 4575, Australiais a · ⁵² Alpen-Adria-Universität Klagenfurt Department of Psychology, , Hauptgebäude, Nordtrakt, Ebene 2, Universitätsstraße 65-67, Klagenfurt am Wörthersee, 9020, Austriais affiliated with the · ⁵³ Vytautas Magnus University Assistant Professor at the Faculty of Economics and Management, , K. Donelaicio g. 58, Kaunas, LT-44248, Lithuaniais an · ⁵⁴ JetBrains GmbH DevEx and AI Evangelist in the Strategy and Communications department, , Christoph-Rapparini-Bogen 23, Munich, 80639, Germanyis a at · ⁵⁵ Nanyang Technological University Psychology in the School of Social Sciences, , 48 Nanyang Avenue, 639818, Singaporeis affiliated with · ⁵⁶ Heinrich Heine University Düsseldorf Postdoctoral Researcher at the Department of Comparative Psychology, , Universitätsstraße 1, Düsseldorf, 40225, Germanyis a · ⁵⁷ Kantar Vietnam Market Researcher in the Client Service department, , Vo Van Tan, District 3, Ho Chi Minh City, Vietnamis a at · ⁵⁸ University of Basel Doctoral Researcher at the Department of Psychology, , Missionsstrasse 62a, Basel, 4055, Switzerlandis a · ⁵⁹ Ministry of Primary and Secondary Education of the Republic of Indonesia Government Assistant Trainer at The Regional Centre for Teachers and Education Personnel of North Sumatra, , Jl. Kenanga Raya No.64, Tj. Sari, Kec. Medan Selayang, Kota Medan, Sumatera Utara, 20122, Indonesiais a · ⁶⁰ Linköping University Postdoctoral Researcher at the Department of Behavioural Sciences and Learning, Division of Psychology, Jedi-Lab, , Linköping, 581 83, Swedenis a · ⁶¹ University College London Senior Lecturer at the Institute of Education, Department of Psychology and Human Development, , Gower Street, London, WC1E 6BT, United Kingdomis a · ⁶² Banca Monte dei Paschi di Siena Retail Banking Advisor, , S.p.A., Piazza Salimbeni 3, Siena, 53100, Italyis a at · ⁶³ Universidade Federal do Rio Grande do Sul—UFRGS Assistant Professor at the Department of Management, , Rua Washington Luiz, 855, Porto Alegre, RS, 90010-460, Brazilis an · ⁶⁴ Aix-Marseille University Doctoral Researcher at the Institut de Neurosciences de la Timone, , Faculté de Médecine, 27 Bd Jean Moulin, Marseille, 13005, Franceis a · ⁶⁵ University of Basel and Warwick Business School, University of Warwick Postdoctoral Researcher at the Department of Psychology, , Missionsstrasse 62a, Basel, 4055, Switzerlandis a · ⁶⁶ University of Ghana is a Full Professor at the Institute of Statistical, Social and Economic Research, , E.N. Omaboe Building, Opposite Maths Dept, , Legon, · ⁶⁷ C&A GMBH Category Manager in the Indirect Procurement department, is a at · ⁶⁸ Vrije Universiteit Amsterdam Doctoral Researcher at the Department of Experimental and Applied Psychology, , De Boelelaan 1105, HV Amsterdam, 1081, The Netherlandsis a · ⁶⁹ University of Amsterdam Postdoctoral Researcher at the School of Economics, , Roetersstraat 11, WB Amsterdam, 1018, Netherlandsis a · ⁷⁰ Insper Institute of Education and Research and Pensi Institute Assistant Professor, , Rua Quatá, 300, São Paulo, Brazilis an at · ⁷¹ Queen’s University Associate Professor at the Smith School of Business, , 143 Union Street, Kingston, ON, K7L 3N6, Canadais an · ⁷² Concordia University, John Molson School of Business Professor at the Department of Marketing, , 1455 Boul. De Maisonneuve Ouest, Montreal, QC, H3G 1M8, Canadais a · ⁷³ Karlsruhe Institute of Technology Professor at the Faculty of Economics and Management, , Rüppurrer Str. 1a, Karlsruhe, 76137, Germanyis a · ⁷⁴ TUD Dresden University of Technology Research Associate at the Department of Psychology, , Zellescher Weg 17, Dresden, 01069, Germanyis a · ⁷⁵ Evangelische Klinikum Niederrhein-EVKLN Neuropsychologist in the Neurology department, , Fahrner Straße 133, Duisburg, 47169, Germanyis a at · ⁷⁶ Indian Institute of Management Sirmaur Assistant Professor at the Department of Organizational Behaviour and Human Resource Management, , Dhaula Kuan, Himachal Pradesh, 173031, Indiais an · ⁷⁷ Philipps-Universität Marburg Doctoral Researcher at the Faculty of Psychology, , Gutenbergstraße 18, Marburg, 35037, Germanyis a · ⁷⁸ Cairo 3A Senior Market Research Analyst in the Research and Business Development department, , 5th Settlement, Cairo, Egyptis a at · ⁷⁹ University of Bengkulu Associate Professor at the Department of Management, , Jl. W.R Supratman, Kandang Limun, Bengkulu, 38122, Indonesiais an · ⁸⁰ University of Salzburg Senior Scientist at the Department of Psychology, , Hellbrunner Straße 34, Salzburg, 5020, Austriais a · ⁸¹ Tarbiat Modares University Department of Psychology, , Tehran, Iranis affiliated with the · ⁸² Tilburg University Doctoral Researcher at the Tilburg School of Social and Behavioral Sciences, , Prof. Cobbenhagenlaan 225, Tilburg, 5037 DB, The Netherlandsis a · ⁸³ CHIS School Bali Teacher at the Department of Social Studies, , Jl. Pulau Moyo Gg. Umasari No.8, Pedungan, Denpasar Selatan, Kota Denpasar, Bali, 80223, Indonesiais a · ⁸⁴ Dongbei University of Finance and Economics Assistant Professor at the School of Finance, , 217 Jianshan Street, Shahekou District, Dalian, Liaoning, 116023, Chinais an · ⁸⁵ Dongbei University of Finance and Economics Professor at the School of Finance, , 217 Jianshan Street, Shahekou District, Dalian, Liaoning, 116023, Chinais a · ⁸⁶ University of Colorado Boulder Professor at the Department of Psychology and Neuroscience, , UCB 345, Boulder, CO, 80309, USAis a · ⁸⁷ University of Applied Sciences Neu-Ulm Full Professor at the Faculty of Business and Economics, , Wileystraße 1, Neu-Ulm, 89231, Germanyis a · ⁸⁸ University of Padova Full Professor at the Department of Developmental Psychology and Socialisation, , Via Venezia, 8, Padova, 35131, Italyis a · ⁸⁹ The University of British Columbia Associate Professor at the UBC Sauder School of Business, , 2053 Main Mall, Vancouver, BC, V6T 1Z2, Canadais an · ⁹⁰ University of New Hampshire, Peter T. Paul College of Business and Economics Assistant Professor at the Marketing Department, , 10 Garrison Ave, Durham, NH, 03824, United Statesis an · ⁹¹ Monash University Senior Lecturer at the Department of Marketing, , 26 Sir John Monash Drive, Caulfield East, VIC, 3145, Australiais a · ⁹² Columbia University is a Professor at the Department of Health Policy and Management, , 722 W 168th Street, New York, NY, 10032, USA; and a Senior Visiting Fellow at the Policy Research Group, Centre for Business Research, Judge Business School, , Trumpington Street, Cambridge, · ⁹³ University of Cambridge is a Professor at the Department of Health Policy and Management, , 722 W 168th Street, New York, NY, 10032, USA; and a Senior Visiting Fellow at the Policy Research Group, Centre for Business Research, Judge Business School, , Trumpington Street, Cambridge, · ⁹⁴ University of Padova Associate Professor at the Department of Developmental Psychology and Socialisation, , Via Venezia, 8, Padova, 35131, Italyis an

Abstract First introduced four decades ago, the influential concept of mental accounting—how people mentally organize, evaluate, and track financial activities—posits that consumers often defy traditional economic rationality, treating money as non-fungible across discrete mental accounts. In this research, we present the first large-scale test of the replicability and generalizability of mental accounting effects, using a sample of 5,589 participants from 21 countries. Our results demonstrate that mental accounting effects are replicable, robust, and generalizable. Hierarchical Bayesian meta-analyses revealed a 100% replication rate for all tested scenarios, while unpooled analyses showed a 90.5% replication rate (133/147 effects). Further analysis found that effects observed in higher-income countries may be weaker in lower-income countries. Multidimensional scaling suggested that mental accounting effects vary along three interpretable dimensions that reflect social context (individual vs interactive decisions), decision perspective (deciding for self vs other), and role in price determination (setting vs evaluating prices). Across a diverse population and controlling for multiple factors, we show that consumers make decisions based on mentally-formed accounts that consistently diverge from their objective financial value.

DOI

10.1093/jcr/ucag022

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