Behavioral Economics Terms

noun a person's decision or opinion being altered

preposition a preposition used to show the relationship between 'change' and 'mind'

• After careful consideration, she had a change of mind regarding the new policy.
• She was set on going to the concert, but then had a change of mind at the last minute.
• I was going to buy those shoes, but I had a total change of mind when I saw the price.
• His change of mind about pursuing a career in finance was like a sudden shift in direction for his future.

noun an act of gambling; an enterprise undertaken or attempted with a risk of loss and a chance of profit

verb to play games of chance for money; to take risky action in the hope of a desired result

• Many people believe that investing in stocks is a gamble.
• I'm not sure if I should gamble on buying that new phone.
• Let's go to the casino and do some gambling tonight!
• Life is a gamble, so make sure to take calculated risks.

noun a person who spends money in a wasteful or extravagant way

adjective wastefully or recklessly extravagant

• The prodigal son returned home after squandering his inheritance.
• I heard Mark is the prodigal of the family, always spending money recklessly.
• Don't be a prodigal with your cash, save some for a rainy day.
• The artist's prodigal use of colors brought the painting to life.

noun a proposal or idea put forward for consideration

verb to put forward for consideration

• The research findings suggest a strong correlation between exercise and mental health.
• I suggest we take a different route to avoid traffic.
• I suggest we grab some grub before heading to the party.
• His silence suggested that he was not in agreement with the decision.

noun a tendency to judge a decision based on its outcome rather than the quality of the decision-making process

• The outcome bias occurs when decisions are judged based on the result rather than the quality of the decision-making process.
• People tend to have outcome bias when they only focus on the end result and not how the decision was made.
• Don't let outcome bias cloud your judgment, sometimes the process is more important than the outcome.
• Just because the outcome was successful doesn't mean the decision-making process was sound, watch out for outcome bias.

noun a psychological theory that suggests that people return to a relatively stable level of happiness despite major positive or negative events or life changes

• The concept of the hedonic treadmill suggests that individuals will adapt to new positive experiences and return to their baseline level of happiness.
• People are always chasing after the next big thing, but they don't realize they're just stuck on the hedonic treadmill.
• Life's like a never-ending cycle on the hedonic treadmill, always chasing happiness but never quite reaching it.
• Trying to find lasting happiness through material possessions is like running on a hedonic treadmill - you'll never truly get anywhere.

noun a social psychological concept that involves the attempt to influence the perceptions of others

• The CEO emphasized the importance of impression management during the company's public relations campaign.
• She's always worried about impression management when meeting new people.
• I'm all about that impression management when I'm trying to impress someone.
• In the world of politics, impression management is like a carefully choreographed dance.

noun a taxonomic group within the family Acanthaceae consisting of plants native to tropical regions

• The acrasieae of the individual was evident in their inability to control their impulses.
• She couldn't resist buying more shoes, it's like she has acrasieae or something.
• His acrasieae for junk food is out of control.
• The acrasieae of the organization led to its downfall as they consistently made poor decisions.