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

Synonyms: internality inwardness

Hyponyms: otherworldliness spiritism spiritualism spirituality

Hypernyms: introversion

Examples: Socrates' inwardness, integrity, and inquisitiveness

Antonyms: outwardness

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.