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Entitlement theory is a theory of distributive justice and private property created by Robert Nozick in chapters 7 and 8 of his book Anarchy, State, and Utopia. The theory is Nozick's attempt to describe "justice in holdings" (Nozick 1974:150)—or what can be said about and done with the property people own when viewed from a principle of justice.
Public choice, or public choice theory, is "the use of economic tools to deal with traditional problems of political science." [1] It includes the study of political behavior. In political science, it is the subset of positive political theory that studies self-interested agents (voters, politicians, bureaucrats) and their interactions, which ...
The term Homo economicus, or economic man, is the portrayal of humans as agents who are consistently rational and narrowly self-interested, and who pursue their subjectively defined ends optimally. It is a wordplay on Homo sapiens, used in some economic theories and in pedagogy. [ 1 ]
Self-licensing (also moral self-licensing, moral licensing, or licensing effect) is a term used in social psychology and marketing to describe the subconscious phenomenon whereby increased confidence and security in one's self-image or self-concept tends to make that individual worry less about the consequences of subsequent immoral behavior and, therefore, more likely to make immoral choices ...
v. t. e. Behavioral economicsis the study of the psychologicaland cognitivefactors involved in the decisionsof individuals or institutions, and how these decisions deviate from those implied by traditional economic theory. [1][2] Behavioral economics is primarily concerned with the boundsof rationalityof economic agents.
It is disputed whether "nudge theory" is a recent novel development in behavioral economics or merely a new term for one of many methods for influencing behavior, investigated in the science of behavior analysis. [1] [7] There have been some controversies regarding effectiveness of nudges.
Distributive justice concerns the socially just allocation of resources, goods, opportunity in a society. It is concerned with how to allocate resources fairly among members of a society, taking into account factors such as wealth, income, and social status. Often contrasted with just process and formal equal opportunity, distributive justice ...
Instead, expected income levels also affected how households would change their consumption expenditures. Friedman's contributions strongly influenced research on consumer behavior, and he further defined how to predict consumption smoothing, which contradicts Keynes' marginal propensity to consume.