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Rational addiction, the Glossary

In behavioral economics, rational addiction is the hypothesis that addictions can be usefully modeled as specific kinds of rational, forward-looking, optimal consumption plans.^[1]

14 relations: Addiction, Behavioral economics, Consumption (economics), Discounted utility, Econometrics, Economic model, Gary Becker, Hypothesis, Jon Elster, Jonathan Gruber (economist), Kevin M. Murphy, Marginal utility, Perfect information, Rationality.
Rational choice theory

Addiction

Addiction is a neuropsychological disorder characterized by a persistent and intense urge to use a drug or engage in a behavior that produces natural reward, despite substantial harm and other negative consequences.

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Behavioral economics

Behavioral economics is the study of the psychological, cognitive, emotional, cultural and social factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by classical economic theory.

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Consumption (economics)

Consumption is the act of using resources to satisfy current needs and wants.

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Discounted utility

In economics, discounted utility is the utility (desirability) of some future event, such as consuming a certain amount of a good, as perceived at the present time as opposed to at the time of its occurrence.

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Econometrics

Econometrics is an application of statistical methods to economic data in order to give empirical content to economic relationships.

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Economic model

An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them.

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Gary Becker

Gary Stanley Becker (December 2, 1930 – May 3, 2014) was an American economist who received the 1992 Nobel Memorial Prize in Economic Sciences.

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Hypothesis

A hypothesis (hypotheses) is a proposed explanation for a phenomenon.

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Jon Elster

Jon Elster (born 22 February 1940, Oslo) is a Norwegian philosopher and political theorist who holds the Robert K. Merton professorship of Social Science at Columbia University and since 2005 professor of social science at the Collège de France.

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Jonathan Gruber (economist)

Jonathan Holmes Gruber (born September 30, 1965) is an American professor of economics at the Massachusetts Institute of Technology, where he has taught since 1992.

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Kevin M. Murphy

Kevin Miles Murphy (born 1958) is the George J. Stigler Distinguished Service Professor of Economics at the University of Chicago Booth School of Business and a Senior Fellow at the Hoover Institution.

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Marginal utility

In economics, marginal utility describes the change in utility (pleasure or satisfaction resulting from the consumption) of one unit of a good or service.

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