Behavioral Economics

uses an understanding of human psychology to account for why people deviate from rational action when they’re making decisions. In the model of, a person is expected to weigh the benefits and drawbacks of an action and then choose the option in their own self-interest. Behavioral economic theories are used to explain most everyday decisions, such as what people buy, how they manage their finances, and whether or not they make healthy lifestyle choices.

One way that a person can be influenced is through a"nudge," a combination of positive reinforcement and indirect suggestions encouraging specific behaviors. Not all of these manipulations are harmful, as behavioral economics can be used to get people to make positive, Richard Thaler and Cass Sunstein define a “nudge” as a policy that influences people to make more desirable decisions via psychological, environmental, and social cues.

Tax season is a stressful time for therapists in private practice. It's easier to avoid thinking about money, but a little planning will save you both money and stress.Making others wait is a power move, and it may fail. When the other party walks away from a joint project, be it work or a social engagement, everyone is worse off.

Source: Loan Digest (loandigest.net)

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