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26 relations: Atkinson–Stiglitz theorem, Behavioral economics, Cognitive bias, Decision-making, Economy, Framing (social sciences), Framing effect (psychology), Free-rider problem, General Motors, Human error, Internality, List of fallacies, Marginal propensity to consume, Micropayment, Nudge theory, Preference, Prospect theory, Psychological pricing, Richard Thaler, Risk aversion, Risk-seeking, Sunk cost, Supplemental Nutrition Assistance Program, Transaction cost, Utility, Value (economics).
Atkinson–Stiglitz theorem
The Atkinson–Stiglitz theorem is a theorem of public economics which states "that, where the utility function is separable between labor and all commodities, no indirect taxes need be employed" if non-linear income taxation can be used by the government and was developed in a seminal article by Joseph Stiglitz and Anthony Atkinson in 1976.
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Behavioral economics
Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the economic decisions of individuals and institutions and how those decisions vary from those implied by classical theory.
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Cognitive bias
A cognitive bias is a systematic pattern of deviation from norm or rationality in judgment.
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Decision-making
In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities.
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Economy
An economy (from Greek οίκος – "household" and νέμoμαι – "manage") is an area of the production, distribution, or trade, and consumption of goods and services by different agents.
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Framing (social sciences)
In the social sciences, framing comprises a set of concepts and theoretical perspectives on how individuals, groups, and societies, organize, perceive, and communicate about reality.
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Framing effect (psychology)
The framing effect is an example of cognitive bias, in which people react to a particular choice in different ways depending on how it is presented; e.g. as a loss or as a gain.
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Free-rider problem
In economics, the free-rider problem occurs when those who benefit from resources, public goods, or services do not pay for them, which results in an underprovision of those goods or services.
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General Motors
General Motors Company, commonly referred to as General Motors (GM), is an American multinational corporation headquartered in Detroit that designs, manufactures, markets, and distributes vehicles and vehicle parts, and sells financial services.
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Human error
Human error has been cited as a primary cause contributing factor in disasters and accidents in industries as diverse as nuclear power (e.g., the Three Mile Island accident), aviation (see pilot error), space exploration (e.g., the Space Shuttle Challenger Disaster and Space Shuttle Columbia disaster), and medicine (see medical error).
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Internality
An internality is the long-term benefit or cost to an individual that they do not consider when making the decision to consume a good or service.
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List of fallacies
In reasoning to argue a claim, a fallacy is reasoning that is evaluated as logically incorrect and that undermines the logical validity of the argument and permits its recognition as unsound.
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Marginal propensity to consume
In economics, the marginal propensity to consume (MPC) is a metric that quantifies induced consumption, the concept that the increase in personal consumer spending (consumption) occurs with an increase in disposable income (income after taxes and transfers).
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Micropayment
A micropayment is a financial transaction involving a very small sum of money and usually one that occurs online.
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Nudge theory
Nudge is a concept in behavioral science, political theory and economics which proposes positive reinforcement and indirect suggestions as ways to influence the behavior and decision making of groups or individuals.
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Preference
A preference is a technical term in psychology, economics and philosophy usually used in relation to choosing between alternatives; someone has a preference for A over B if they would choose A rather than B.
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Prospect theory
Prospect theory is a behavioral economic theory that describes the way people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are known (.
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Psychological pricing
Psychological pricing (also price ending, charm pricing) is a pricing/marketing strategy based on the theory that certain prices have a psychological impact.
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Richard Thaler
Richard H. Thaler (born September 12, 1945) is an American economist and the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business.
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Risk aversion
In economics and finance, risk aversion is the behavior of humans (especially consumers and investors), when exposed to uncertainty, in attempting to lower that uncertainty.
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Risk-seeking
In economics and finance, a risk-seeker or risk-lover is a person who has a preference for risk.
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Sunk cost
In economics and business decision-making, a sunk cost is a cost that has already been incurred and cannot be recovered (also known as retrospective cost).
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Supplemental Nutrition Assistance Program
The Supplemental Nutrition Assistance Program (SNAP), formerly known as the Food Stamp Program, provides food-purchasing assistance for low- and no-income people living in the United States.
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Transaction cost
In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market.
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Utility
Within economics the concept of utility is used to model worth or value, but its usage has evolved significantly over time.
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Value (economics)
Economic value is a measure of the benefit provided by a good or service to an economic agent.
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References
[1] https://en.wikipedia.org/wiki/Mental_accounting
