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An erosion gully in Australia caused by rabbits, an unintended consequence of their introduction as game animals. In the social sciences, unintended consequences (sometimes unanticipated consequences or unforeseen consequences, more colloquially called knock-on effects) are outcomes of a purposeful action that are not intended or foreseen.
The phrase "perverse incentive" is often used in economics to describe an incentive structure with undesirable results, particularly when those effects are unexpected and contrary to the intentions of its designers.
In economics, willingness to accept (WTA) is the minimum monetary amount that а person is willing to accept to sell a good or service, or to bear a negative externality, such as pollution. [1] This is in contrast to willingness to pay ( WTP ), which is the maximum amount of money a consumer (a buyer ) is willing to sacrifice to purchase a good ...
In economic theory, moral hazard is a situation in which the behavior of one party may change to the detriment of another after the transaction has taken place. For example, a person with insurance against automobile theft may be less cautious about locking their car because the negative consequences of vehicle theft are now (partially) the ...
Each behavioural change theory or model focuses on different factors in attempting to explain behaviour change. Of the many that exist, the most prevalent are learning theories, social cognitive theory, theories of reasoned action and planned behaviour, transtheoretical model of behavior change, the health action process approach, and the BJ Fogg model of behavior change.
Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory. [1] [2] Behavioral economics is primarily concerned with the bounds of rationality of economic ...
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Psychologists have been interested in the factors that are important in behavior change and control since psychology emerged as a discipline. One of the first principles associated with learning and behavior was the Law of Effect, which states that behaviors that lead to satisfying outcomes are likely to be repeated, whereas behaviors that lead ...