Examlex
A maximum earnings limit is set for all FICA taxes.
Time Inconsistency
The tendency of individuals to change their plans about future actions due to a preference for immediate gratification over future benefit, often leading to inconsistency over time.
Precommitment
A strategy or decision made in advance to lock oneself into a set of actions or behaviors, often to avoid temptation or to ensure future goals are met.
Precommitment Device
A strategy or mechanism used by individuals or firms to constrain their future actions in order to achieve a desired outcome.
Behavioral Economists
Specialists who study economic decisions by integrating insights from psychology, judgment, and economics to understand how individuals and institutions make choices.
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