Moreover, the
only previous study of preferences for diVerent instalment credit options seems to be those
of Hirst et al. and Ranyard and Craig (1995).
Ranyard and Craig (1993, 1995) developed the mental accounting concepts of Tversky
and Kahneman (1981; Kahneman and Tversky, 1984) and Thaler (1985, 1999; Shefrin and
Thaler, 1988) and proposed a dual mental account model of how consumers perceive and
evaluate instalment credit. They did not, however, directly investigate the decision process
itself…
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