Behavioral Economics Concepts

noun the act of compelling; constraint; coercion

• The compulsion to always be productive can lead to burnout in the workplace.
• I have this weird compulsion to always check my phone for notifications.
• I can't resist the compulsion to binge-watch my favorite TV show.
• Her compulsion to seek validation from others ultimately left her feeling empty inside.

noun intense and selfish desire for something, especially wealth, power, or food

• The company's downfall was ultimately caused by the greed of its executives.
• His greed for money knows no bounds.
• Don't be such a greedy guts, share some of that pizza!
• Greed is like a bottomless pit that can never be satisfied.

adjective Capable of being persuaded or convinced.

• The board members are looking for persuadable investors to support the new project.
• I think she's persuadable if you present your argument well.
• He's pretty persuadable when it comes to trying new foods.
• Her mind is like a blank canvas, easily persuadable by those around her.

noun a noun is a word that represents a person, place, thing, or idea. In this case, 'cognitive bias' is a noun that refers to a systematic pattern of deviation from norm or rationality in judgment, whereby inferences about other people and situations may be d

• The research study aimed to analyze the impact of cognitive bias on decision-making processes.
• Sometimes our cognitive biases can lead us to make irrational choices without even realizing it.
• I know it's hard to see things clearly when your cognitive bias is clouding your judgment.
• His cognitive bias acted like a pair of tinted glasses, coloring his perception of reality.

noun a word that represents a person, place, thing, or idea

• The planning fallacy refers to the tendency for individuals to underestimate the time, costs, and risks involved in completing a project.
• We fell victim to the planning fallacy and ended up way behind schedule on the construction project.
• Don't let the planning fallacy get you - always add extra time and resources to your estimates.
• The planning fallacy is like wearing rose-colored glasses when it comes to project timelines.

noun the bandwagon effect

• The bandwagon effect is a phenomenon where individuals tend to follow the actions or beliefs of a larger group.
• People just jump on the bandwagon without really thinking for themselves.
• Don't be a follower, stop bandwagoning all the time.
• The bandwagon effect is like a wave that sweeps up everyone in its path.

noun a cognitive bias that causes people to give more weight to negative information and experiences than positive ones

• The concept of negativity bias suggests that humans tend to focus more on negative experiences than positive ones.
• Negativity bias is why we always remember the one bad thing that happened on a trip, even if everything else was great.
• Negativity bias is like our brain's default setting to always expect the worst.
• Just like how a magnet is drawn to metal, our minds are naturally drawn to negativity bias in challenging situations.

noun a word that represents a person, place, thing, or idea

adjective a word that describes or modifies a noun

• The liar's dividend is the temporary benefit gained from deceiving others, but it always comes with consequences.
• You might think you're getting away with it, but the liar's dividend will catch up to you eventually.
• Don't be fooled by the liar's dividend - it's never worth it in the end.
• The liar's dividend is like a poisoned apple - enticing at first, but ultimately destructive.

noun a fool, money

verb are, parted

adjective soon

conjunction and

article a

• It is a well-known saying that a fool and his money are soon parted.
• You know what they say, a fool and his money are soon parted.
• Don't be a fool, your money won't stick around for long.
• Just like a fool and his money, some things are destined to be separated.

noun the quality or state of being counterproductive; hindering the achievement of a goal or objective

• The constant interruptions in the office are leading to counterproductivity among the employees.
• Checking your phone every five minutes is just going to make you less productive.
• Skipping class might seem like a good idea, but it's actually hella counterproductive.
• Trying to fix a leaky boat with a bucket full of holes is the epitome of counterproductivity.

noun Feel-think can also be used as a noun to represent the process of combining feelings and thoughts.

verb Feel-think is a compound verb that combines the actions of feeling and thinking.

adverb Feel-think can be used as an adverb to describe how someone is processing information or making decisions.

preposition Feel-think can also be used as a preposition to indicate the simultaneous occurrence of feeling and thinking.

• It is important to consider both how you feel and what you think when making decisions.
• I always feel-think about my choices before deciding on anything.
• I feel-think that he's not telling the truth.
• Sometimes it's hard to feel-think clearly when emotions are running high.

noun a word that represents a person, place, thing, or idea

verb a word that expresses an action or a state of being

adjective a word that describes or modifies a noun or pronoun

preposition a word that shows the relationship between a noun or pronoun and other words in a sentence

conjunction a word that connects words, phrases, or clauses

article a word that is used to specify or limit a noun

• The rocket and feather effect is a concept in economics that explains the asymmetry in the way prices respond to changes in supply and demand.
• Have you heard of the rocket and feather effect in economics? It's pretty interesting.
• The rocket and feather thing in economics is like when prices shoot up like a rocket but fall like a feather.
• Her mood was like a rocket and feather, soaring high one moment and plummeting the next.

noun an obsessive preoccupation with shopping or buying things

• Oniomania is a serious condition characterized by compulsive shopping behavior.
• I think my friend might have oniomania because she can't stop buying things.
• Some people joke about having 'shopaholic syndrome' but oniomania is a real issue.
• His oniomania for collecting vintage records knows no bounds.