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Egonomics
"At the core of Egonomics is the idea that within each individual exists two selves: the past or future self and the present self, constantly at odds, leading to a sort of cognitive dissonance between the two. Both selves exist within us and are equally valid, but aren’t always active at the same time. It’s a natural and ongoing conflict between immediate desire and long-term desires, we call longing." Egonomics is the pursuit of awareness of that longing.Gaurav 2022) Overview ‘Egonomics’, coined by Thomas Schelling in his paper “Egonomics, or the Art of Self-Management”, is a theory which builds upon the observation that individuals place too much emphasis on attaining short-term gratification at the expense of realising future benefits. The novel insight of Schelling’s paper comes from his theoretical framing of this fact, proposing that there is a conflict between different ‘selves’ within the mind of the decision maker. From this, Schelling proposed a set o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Discounting
Discounting is a financial mechanism in which a debtor obtains the right to delay payments to a creditor, for a defined period of time, in exchange for a charge or fee.See "Time Value", "Discount", "Discount Yield", "Compound Interest", "Efficient Market", "Market Value" and "Opportunity Cost" in Downes, J. and Goodman, J. E. ''Dictionary of Finance and Investment Terms'', Baron's Financial Guides, 2003. Essentially, the party that owes money in the present purchases the right to delay the payment until some future date.See "Discount", "Compound Interest", "Efficient Markets Hypothesis", "Efficient Resource Allocation", "Pareto-Optimality", "Price", "Price Mechanism" and "Efficient Market" in Black, John, ''Oxford Dictionary of Economics'', Oxford University Press, 2002. This transaction is based on the fact that most people prefer current interest to delayed interest because of mortality effects, impatience effects, and salience effects. The discount, or charge, is the differenc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Precommitment
In psychology, precommitment refers to a strategy or a method of self-control that an agent may use to restrict the number of choices available to them at a future time. The strategy may also involve the imposition of obstacles or additional costs to certain courses of action in advance. As theorized by the social scientist Jon Elster, agents may precommit themselves when they predict that their preferences will change but wish to ensure that their future actions will align with their current preferences. Precommitment has also been studied as a bargaining strategy in which agents bind themselves to one course of action in order to enhance the credibility of present threats. Some scholars have proposed that collective political agents may also engage in precommitment by adopting constitutions that limit the scope of future legislation. The validity of this application of precommitment theory has been called into question, however. Background In two unrelated articles, both pu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bright-line Rule
A bright-line rule (or bright-line test) is a clearly defined rule or standard, composed of objective factors, which leaves little or no room for varying interpretation. The purpose of a bright-line rule is to produce predictable and consistent results in its application. The term "bright-line" in this sense generally occurs in a legal context. Bright-line rules are usually standards established by courts in legal precedent or by legislatures in statutory provisions. The US Supreme Court often contrasts bright-line rules with their opposite: balancing tests (or "fine line testing"), where a result depends on weighing several factors—which could lead to inconsistent application of law or reduce objectivity. Debate in the US In the United States, there is much scholarly legal debate between those favoring bright-line rules and those favoring balancing tests. While some legal scholars, such as former Supreme Court Justice Antonin Scalia, have expressed a strong preference fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Precommitment
In psychology, precommitment refers to a strategy or a method of self-control that an agent may use to restrict the number of choices available to them at a future time. The strategy may also involve the imposition of obstacles or additional costs to certain courses of action in advance. As theorized by the social scientist Jon Elster, agents may precommit themselves when they predict that their preferences will change but wish to ensure that their future actions will align with their current preferences. Precommitment has also been studied as a bargaining strategy in which agents bind themselves to one course of action in order to enhance the credibility of present threats. Some scholars have proposed that collective political agents may also engage in precommitment by adopting constitutions that limit the scope of future legislation. The validity of this application of precommitment theory has been called into question, however. Background In two unrelated articles, both pu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Opioid Epidemic
The opioid epidemic, also referred to as the opioid crisis, is the rapid increase in the overuse, misuse/abuse, and overdose deaths attributed either in part or in whole to the class of drugs opiates/opioids since the 1990s. It includes the significant medical, social, psychological, and economic consequences of the medical, non-medical, and recreational abuse of these medications. Opioids are a diverse class of moderate to strong painkillers, including oxycodone (commonly sold under the trade names OxyContin and Percocet), hydrocodone (Vicodin, Norco), and fentanyl, which is a very strong painkiller that is synthesized to resemble other opiates such as opium-derived morphine and heroin. The potency and availability of these substances, despite the potential risk of addiction and overdose, have made them popular both as medical treatments and as recreational drugs. Due to the sedative effects of opioids on the respiratory center of the medulla oblongata, opioids in high doses ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commitment Device
A commitment device is, according to journalist Stephen J. Dubner and economist Steven Levitt, a way to lock oneself into following a plan of action that one might not want to do, but which one knows is good for oneself. In other words, a commitment device is a way to give oneself a reward or punishment to make an empty promise stronger and believable. A commitment device is a technique where someone makes it easier for themselves to avoid akrasia (acting against one's better judgment), particularly procrastination. Commitment devices have two major features. They are voluntarily adopted for use and they tie consequences to follow-through failures. Consequences can be immutable (irreversible, such as a monetary consequence) or mutable (allows for the possibility of future reversal of the consequence). Overview The term "commitment device" is used in both economics and game theory. In particular, the concept is relevant to the fields of economics and especially the study of de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Picoeconomics
George W. Ainslie is an American psychiatrist, psychologist and behavioral economist. Unusual for a psychiatrist, Ainslie undertook experimental animal research in operant conditioning, under the guidance of Howard Rachlin. He investigated inter-temporal choice in pigeons, and was the first to demonstrate experimentally the phenomenon of preference reversal in favor of the more immediate outcomes as the choice point between two options, one delivered sooner than the other, is moved forward in time. He explained this in terms of hyperbolic discounting of future rewards, derived from ideas that Rachlin and others had developed from Richard Herrnstein's matching law. Ainslie then integrated these ideas with earlier experimental and theoretical work on inter-temporal choice, for example the studies of Walter Mischel on delay of gratification in children. In his book ''Picoeconomics'' (1992) he attempted to account for these ideas, and also facts about addiction that he was conce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Self-care
Self-care has been defined as the process of establishing behaviors to ensure holistic well-being of oneself, to promote health, and to actively management of illness when it occurs. Individuals engage in some form of self-care daily with food choices, exercise, sleep, and dental care. Self-care is not only a solo activity as the community—a group that supports the person performing self-care—overall plays a large role in access to, implementation of, and success of self-care activities. While the concept of self care has received increased attention in recent years, it has ancient origins. Socrates has been credited with founding the self-care movement in ancient Greece, and care are of oneself and loved ones has been shown to exist since human beings appeared on earth. Self-care has also been connected to the Black Feminist movement through civil rights activist and poet Audre Lorde. Self-care was used to preserve black feminist's identities, energize their activism, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 possible alternative options. It could be either rational or irrational. The decision-making process is a reasoning process based on assumptions of values, preferences and beliefs of the decision-maker. Every decision-making process produces a final choice, which may or may not prompt action. Research about decision-making is also published under the label problem solving, particularly in European psychological research. Overview Decision-making can be regarded as a problem-solving activity yielding a solution deemed to be optimal, or at least satisfactory. It is therefore a process which can be more or less rational or irrational and can be based on explicit or tacit knowledge and beliefs. Tacit knowledge is often used to fill the gaps in complex decision-making processes. Usuall ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
