Behavioral Economics

adjective not forming an essential or inherent part of a thing; extraneous

• The extrinsic factors affecting the economy must be carefully analyzed.
• I don't pay much attention to extrinsic influences on my decisions.
• I don't care about all that extrinsic stuff, I just go with my gut.
• Her extrinsic beauty may fade, but her inner strength will always shine through.

noun lack of foresight or thoughtfulness; failure to plan ahead

• The company suffered greatly due to the manager's improvidence in budgeting.
• His improvidence with money always gets him into trouble.
• She's always broke because of her improvidence.
• The improvidence of neglecting to maintain relationships can lead to loneliness.

noun a person who is improvident

adjective not having or showing foresight; spendthrift or thoughtless

• The improvident spending habits of the government have led to a growing national debt.
• She always seems to be improvident with her money, constantly buying things she doesn't need.
• Don't be so improvident with your cash, you'll regret it later.
• His improvident decisions in life have left him with little to show for all his efforts.

noun a thing that motivates or encourages someone to do something

• The company offered a financial incentive to employees who met their sales targets.
• They gave us a bonus as an incentive to work harder.
• I need some sort of motivation, like an incentive, to get this project done.
• The promise of a promotion was the driving incentive behind his hard work.

noun A person who hoards wealth and spends as little money as possible

• The miser refused to spend any money on new furniture for his house.
• My neighbor is such a miser, he never wants to chip in for anything.
• Don't be a miser, just buy us all a round of drinks!
• She was a miser when it came to sharing her emotions with others.

noun the process of preparing something for use or action

verb to prepare something for use or action

• Priming is a technique used in psychology to activate particular associations in memory.
• I'm priming the walls before I start painting them.
• I'm priming myself with some coffee before my morning workout.
• The positive feedback she received was priming her for future success.

noun aggressive greed

adjective rapacious

• The ruler's rapacity knew no bounds as he seized more and more land from his people.
• Her rapacity for shopping always gets her into trouble with her credit card.
• That guy's rapacity for attention is so annoying, he always has to be the center of everything.
• The company's rapacity for profits blinded them to the environmental damage they were causing.

noun the Ikea effect

• The Ikea effect refers to the psychological phenomenon where people place a higher value on products they have partially created themselves.
• Have you heard of the Ikea effect? It's when you become attached to something you've put together from Ikea.
• Ikea effect is when you get emotionally attached to that piece of furniture you built yourself.
• The Ikea effect can also be seen in relationships, where people value more those they have invested time and effort in building a connection with.

noun a person who settles for a satisfactory solution or outcome rather than the optimal one

• The satisficer chose the first option that met their criteria.
• I'm a satisficer when it comes to shopping, I just pick the first thing I like.
• I'm not a perfectionist, I'm more of a satisficer.
• Being a satisficer in life can lead to quicker decision-making and less stress.

noun A tax imposed on products such as alcohol, tobacco, and gambling, which are considered to be harmful to society

• The government implemented a sin tax on tobacco products to discourage smoking.
• I heard they're adding a sin tax to alcohol next year.
• Man, these sin taxes are killing my wallet!
• The sin tax on sugary drinks is like a penalty for indulging in unhealthy habits.