Behavioral Economics Terminology

adjective having or showing an intense and selfish desire for something, especially wealth or power

• The greedy businessman exploited his workers for maximum profit.
• She's so greedy, always taking more than her fair share.
• That guy is a total greedy pig, never sharing anything.
• His greedy appetite for power knows no bounds.

noun a gentle push or poke

verb to push or poke gently

• The professor gave a gentle nudge to the student to remind them to stay on topic during the presentation.
• I'll give you a little nudge to get you started on your homework.
• Hey, can you nudge me when it's time to leave the party?
• The success of the new marketing campaign was just the nudge the company needed to boost their sales.

noun a wish or inclination not strong enough to lead to action

• His velleity to learn a new language was evident in his enrollment in a beginner's course.
• She had a velleity to start jogging but never got around to buying running shoes.
• I had a velleity to clean my room, but Netflix seemed like a better option.
• The velleity of the political candidate to bring about change was met with skepticism by the public.

noun a stack of unread books that you own

• Tsundoku is a Japanese term that refers to the habit of buying books and letting them pile up without reading them.
• My friend has a serious case of tsundoku - her bookshelf is overflowing with unread books.
• I need to stop tsundoku-ing so much or I'll run out of space for new books!
• Tsundoku can also apply to other things besides books, like collecting items and never using them.

noun a phenomenon where presenting evidence that contradicts a person's belief can actually strengthen their original belief

• The backfire effect occurs when presenting evidence contrary to a person's beliefs actually strengthens those beliefs.
• Trying to prove someone wrong can sometimes have the opposite effect and make them believe even more strongly - that's the backfire effect.
• Debunking myths can sometimes backfire and make people believe in them even more, it's like a reverse psychology thing.
• It's like throwing fuel on a fire - trying to change someone's mind with facts can often result in the backfire effect.

noun a theory that suggests positive reinforcement and indirect suggestions can influence the behavior and decision-making of individuals

• The concept of nudge theory is often used in the field of behavioral economics.
• Have you heard of nudge theory? It's all about subtly influencing people's decisions.
• Nudge theory is like giving someone a little push in the right direction.
• In a way, nudge theory is like guiding someone through a maze without them even realizing it.