Spending without using physical cash makes people spend more?

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  1. 3. This kind of insight has powered enormous change in the field of economics.
  2. 5. But with online banks, you see the _____ deducted immediately,” says Efendic.
  3. 7. Does spending without using physical cash make people spend more? This is a _______ question and it involves seeing humans as fundamentally irrational creatures,in various ways.
  4. 11. In other words, the pain of the loss _____ more, even though the two sums are exactly the same.
  5. 12. For instance, it has been shown _____ that people feel more pain when they lose £100 than the joy they feel on gaining £100.
  6. 13. What this means, _______ to Prelec, is that the psychological cost of spending a dollar on a credit card is only 50 cents.
  7. 16. Spending on a _____ card clearly has effects on how people spend, which numerous studies have borne out.
  8. 17. So much so, in fact, that behavioral economists _____ this explains he continuing popularity of debit cards.
Down
  1. 1. This led to the ______ of behavioral economics and branches such as consumer psychology One of the great researchers in this relatively new discipline is Drazen Prelec.
  2. 2. Whereas before, in classical _____, academics based their theories onassumption that people behave rationally (so that the loss and gain of an equal sum would be treated the same by an individual), this was shown to be false by psychological
  3. 4. On _____,it was found that the credit card buyers were bidding more than twice as much as the cash buyers.
  4. 6. The MIT professor once _____ a study that involved a silent auction.
  5. 8. The ______ was held for students at the prestigious Sloan business school, for tickets to sold-out NBA basketball games.
  6. 9. However, it’s also been shown that credit card ______, when they arrive, cause enormous pain for the receiver.
  7. 10. But what about using e-wallets? What’s important is feedback, explains Emir Efendic, a post-doctoral _______and behavioral economist at the University of Louvain. “With credit cards, you don’t get instant updates.
  8. 14. “If you lose ____, then yes you’ll be spending
  9. 15. The researchers told half the ______ they could pay only with cash, while the other half were told they could pay only with a credit card, the results astonished the researchers.