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Sacrificing money for health: Shifts in mental accounts caused by zodiac year beliefs

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  • Dai, Yuhao
  • Wu, Qican
  • Wang, Menghan

Abstract

This paper uses data from China to investigate the relationship between zodiac year and household healthcare investment. Our findings show that individuals who have entered their zodiac year significantly reduce household healthcare investment; however, no significant impact is observed on the objective health status. Notably, our empirical analysis reveals that the zodiac year affects individuals’ healthcare investments via donation accounts. Traditional beliefs related to zodiac years bringing misfortune may influence individuals to change their mental accounts, prioritizing donations over healthcare investment. These results demonstrate that cultural beliefs can influence investment in healthcare through a shift in mental accounts.

Suggested Citation

  • Dai, Yuhao & Wu, Qican & Wang, Menghan, 2025. "Sacrificing money for health: Shifts in mental accounts caused by zodiac year beliefs," Finance Research Letters, Elsevier, vol. 76(C).
    • Handle: RePEc:eee:finlet:v:76:y:2025:i:c:s1544612325002193
    DOI: 10.1016/j.frl.2025.106955
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