Mental accounting, a behavioral economics concept introduced in 1999 by Nobel Prize-winning economist Richard Thaler, refers to the different values that people place on money based on subjective criteria, often with detrimental results.
The Michigan Consumer Sentiment Index (MCSI) is a monthly survey of how consumers feel about the economy, personal finance, business and shopping conditions.
The money illusion claims that people tend to view their wealth and income in nominal dollar terms, rather than recognizing their real inflation-adjusted value.
The Oprah effect has led to an increase in sales of companies and individuals, which Oprah Winfrey, the queen of daytime talk shows, spoke about in her TV program.