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What Is a Private Benefit from Consumption? What Is a Social

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What is a private benefit from consumption? What is a social benefit from consumption? When is the private benefit from consumption equal to the social benefit from consumption?


Definitions:

Control Group

Subjects in an experiment who are not subjected to the independent variable and who may receive a placebo treatment.

Attributions

The process by which individuals explain the causes of behavior and events, often as either internal dispositions or external situations.

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms or societal standards.

Compliance

Changing one’s behavior as a result of other people directing or asking for the change.

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