Definitions for internality
in·ter·nal·i·ty

Princeton's WordNetRate this definition:0.0 / 0 votes

1. inwardness, internalitynoun

   preoccupation with what concerns human inner nature (especially ethical or ideological values)

   "Socrates' inwardness, integrity, and inquisitiveness"- H.R.Finch

WiktionaryRate this definition:5.0 / 1 vote

1. internalitynoun

   The condition of being internal or internalized.

2. internalitynoun

   A thing that is internal relative to something else.

WikipediaRate this definition:0.0 / 0 votes

1. Internality

   An internality is the long-term benefit or cost to an individual that they do not consider when making the decision to consume a good or service. One way this is related to behavioral economics is by means of the concept of hyperbolic discounting, in which immediate consequences of a decision are disproportionately weighed compared to the future consequences. A potential cause is lack of access to full information regarding the associated costs and benefits prior to consumption. This contrasts with traditional economic theory, which makes the assumption that individuals are rational decision makers who take all personal costs into account when paying for goods and services.One example of a positive internality is the long run effect of exercising, if these are not taken into account when deciding whether to exercise. Future benefits that an individual may not take into consideration include a diminished risk of heart disease and higher bone density. A common example of a potential negative internality is the effect of smoking cigarettes on those who smoke. For the effect of secondhand smoke, see externality. Statistically, 80% of smokers want to quit, and 54% of people who are serious about quitting fail in a week or less. This implies that they do not act in their long-term best interest due to short-term discomfort. This is also known as the self-control problem, an inability to control short-term consumption to optimize long-term consumption. Smokers also may inflict an internality on themselves due to a lack of information on the issue or myopia. If the demand for cigarettes has a high price elasticity of demand, which evidence seems to suggest, the government can combat the negative internality by raising taxes. It is important to note that elasticity might change based on location and knowledge about the harmful health effects of smoking. In traditional economic theory, a tax diminishes the welfare of the poor because the tax burden shifts to low-income communities, as fewer can afford the good (cigarettes), and horizontal equity (economics) is distorted. However, behavioral economic theory suggests that the tax is not regressive if low-income communities have higher (healthcare) costs and more price sensitivity than individuals with higher incomes. Taxes imposed to combat internalities are most effective when they target a specific good. A tax on junk food could apply to a large variety of goods that are widely consumed, and the cost of the tax might be perceived as more detrimental than beneficial for society. Another concern with instituting this type of tax is its potential to be regressive, meaning it takes the most money from those with the least resources. For example, a tax on sugary-sweetened beverages corrects an internality, but it is also regressive, as it has been shown people with lower incomes spend more on sugary-sweetened beverages. However, it has also been shown that people who consume the most sugary-sweetened beverages have the most lack of knowledge and thus the largest internalities, so the tax may end up not harming lower-income people but benefiting them the most. A major issue with creating effective legislature against negative internalities is that the tax imposed should only reflect the cost that individuals do not factor into their consumption decisions. The difficulty in measuring individual knowledge is an obstacle to developing new policies. Another point of concern is that the group benefitting from the tax, such as smokers who want to quit, must be sizable enough to offset any backlash from tobacco companies and lobbyists. In the following graphs, D' and S' are the demand and supply curves if producers and consumers take all external costs (EC) into consideration. The tax attempting to prevent the internality should be set equal to the difference between D and D' at the optimal quantity, which is the unmeasured internal cost (IC). Increasing access to information about the costs of consuming a particular good, such as cigarettes, junk food, or sugar-sweetened beverages, is especially important. This allows people to know the costs of their actions and whether they choose to act on this knowledge is their rational decision. As a result of this, in cases where products or goods are not banned, increasing access to information may not necessarily be useful for individuals with a self-control problem.

ChatGPTRate this definition:0.0 / 0 votes

1. internality

   Internality refers to the characteristics, processes, or qualities that occur within an individual, organism, system, or structure. This can be in relation to an individual's thoughts, emotions, or psychological states, or the processes and operations that occur within an organization, system, or machine. In more abstract terms, internality can refer to the inherent quality or nature of something.

Webster DictionaryRate this definition:0.0 / 0 votes

1. Internalitynoun

   the state of being internal or within; interiority

WikidataRate this definition:4.5 / 2 votes

1. Internality

   An internality is a term, introduced in 1993 and used in behavioral economics to describe those types of behaviors that impose costs on a person in the long-run that are not taken into account when making decisions in the present. Classical Economics discourages government from creating legislation that targets internalities, because it is assumed that the consumer takes these personal costs into account when paying for the good that causes the internality. For example, cigarettes should be taxed because of the negative consumption externalities that they impose, such as second-hand smoke, not because the smoker harms him or herself by smoking. This is because the economic assumption of rationality would pose the argument that the smoker has taken into account the damage that smoking does to himself, but still desires the cigarettes more than the long-term health. Herrnstein, R., Loewenstein, G., Prelec, D. & Vaughan, W.. Utility maximization and melioration: Internalitites in individual choice. Journal of Behavioral Decision Making, 6, 149-185. http://onlinelibrary.wiley.com/doi/10.1002/bdm.3960060302/abstract

Matched Categories

1. • Introversion

Anagrams for internality »

1. itinerantly

How to pronounce internality?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

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   Neerja

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   Zira

   US English

   Oliver

   British

   Wendy

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   Fred

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   Tessa

   South African

How to say internality in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of internality in Chaldean Numerology is: 5

2. Pythagorean Numerology

   The numerical value of internality in Pythagorean Numerology is: 3

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=internality
2. ^ Wiktionary
   https://en.wiktionary.org/wiki/Internality
3. ^ Wikipedia
   https://en.wikipedia.org/wiki/Internality
4. ^ ChatGPT
   https://chat.openai.com
5. ^ Webster Dictionary
   https://www.merriam-webster.com/dictionary/internality
6. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=internality