token economy

American  

noun

Psychiatry.

1. a method of encouraging desirable behavior, especially in a hospital setting, by offering rewards of token money that can be exchanged for special food, access to television, and other bonuses.

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token economy British  

noun

1. a type of psychotherapy in which the inmates of an institution are rewarded for good behaviour with tokens that can be exchanged for privileges

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Etymology

Origin of token economy

First recorded in 1965–70

Example Sentences

It’s a deviation from the token economy D.C. buyers are familiar with; part of Cheeba’s revenue is reinvested into the thrift store to expand the clothing selection.

From Washington Post

When we are seen online, the Internet’s token economy can pervert how we present ourselves.

From Scientific American

How would a distributed ledger and a token economy somehow challenge one of the tech giants?

From New York Times

“When you buy a Metronome token, you are funding a savings contract that will provide liquidity and price support for the Metronome token economy. That’s a big difference,” Roszak said.

From Reuters

“Airworld is a nation within a nation, with its own language, architecture, mood, and even its own currency—the token economy of airline bonus miles that I’ve come to value more than dollars.”

From The New Yorker