Carolyne Mitchell continues her series of blogs on behavioural economics by looking at paying and mental accounting. Carolyne examines the pain we feel when we pay for something and how we can decrease any pain so enjoyment of the experience is greater. Carolyne also suggests we compartmentalise our funds, assigning them to non-transferable categories of use. This is all really important when we examine how local councils are expecting its customers to pay for its services, and how we need to offer solutions to the more vulnerable in our community when cash is the only option, and there are so many competing categories.
Do you want ibuprofen with the bill sir?