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What is economic psychology?
What is included in Part 1 of Economic Psychology?
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Economic psychology is the interdisciplinary investigation of the interface between psychology and economics. It is concerned with the psychological basis of the economic behaviors of individuals, and the impacts of economic processes on individuals' psychology.
Part 1 presents an introduction to the eld and to impor-tant theoretical developments in economic decision theory. Next, in Part 2, material to equip the student to understand a range of contemporary research methods and to undertake an empirical study in economic psychology is presented.
Can social science’s understanding of how humans think and act be used to predict how markets will behave? Chicago Booth’s Initiative on Global Markets polled its panels of economic experts on that question, and the answer was a resounding ‘yes.’.
Mar 1, 2019 · The paper starts with a brief sketch of the history of the relationship between economics and psychology, focusing also to the recent literature which points to a reconsideration of this...
- 1 Hermeneutic Paradigm
- 2 Utility Theory Paradigm
- 3 Psychoanalytic Paradigm
- Box 2: Sigmund Freud
- 4 Macroeconomic Psychology Paradigm
- Box 3: George Katona
- 5 Sociopsychological Paradigm
- 6 Behavioral Decision Theory Paradigm
- 7 Behavioral Economics Paradigm
- Summary
Shionoya (2009) stated that economics and psychology originally had a very close relationship. Economics was thought of as moral science and mental science, and it was also related to the hermeneutics of W. Dilthey. J. M. Keynes stated that moral science “includes all the individual sciences treating a human being as one with subjective ability, th...
The tradition of utility theory can be traced back at least to the formulation of the mathematician D Bernoulli in the eighteenth century. He submitted the idea of expected utility to solve the St. Petersburg Paradox (to be discussed later) introduced by N. Bernoulli. The basis of this idea is that humans do not make decisions based on mathematical...
After immigrating to New York in 1937, E. Dichter, influenced by S Freud, the founder of psychoanalysis, explored consumers’ unconsciousness in “motivation research” and conducted research in the USA from the 1940s. Dichter tried to reveal the consumption motivation hidden behind behaviors related to purchasing products by conducting in-depth inter...
Born in 1856; deceased in 1939. He received a medical degree in 1881 at the University of Vienna. He is the founder of psychoanalysis, who created a new approach to the understanding of the human unconsciousness. His thought influenced the psychoanalytic approach of consumer research such as motivation research proposed by Ernest Dichter. https://w...
This paradigm can be attributed to G. Katona, who was born in Hungary and studied basic psychology under the influence of Gestalt psychology. He later went to the USA to begin his research on the psychological factors of the problem of inflation during the Second World War. In his works, he studied the psychological factors of macroeconomic phenome...
Born in 1901; deceased in 1981. He graduated with a doctorate in Experimental Psychology from the University of Göttingen, Germany in 1921, and then moved to USA in 1933. He was working on the application of economic psychology to macroeconomics, developing measures of consumer expectations. Katona wrote many books and papers for macroeconomic aspe...
This paradigm overlaps with the macroeconomic psychology paradigm of Katona and colleagues. Rather than explaining macroeconomic phenomena, it is used as a general term for research approaches applying the concept of “attitude” in the prediction of personal economic behavior. The attitude is a concept that is commonly used in social psychology, and...
In research on decision making, studies on normative theory traditionally precede others, and in a way of comparing the theory there with actual human decision making behavior, research on behavioral decision theory—a descriptive theoretical research—has also been conducted (Kobashi, 1988). W. Edwards is the founder of behavioral decision theory. H...
Behavioral economics is a study that aims to describe human economic and to explore human judgment and decision making in the economic situation, mainly by conducting measurements based on experiments and surveys. In this respect, it is common to describe the decision making process with the behavioral decision theory paradigm shown earlier. In add...
Economic psychology studies the psychological aspects behind various economic phenomena and explores the mechanisms of people’s judgment, decision making, and behaviors in different economic situat...Economic behavior is directly involved in activities through which humans acquire goods and services and consume and dispose of in their socioeconomic lives.Economic psychology research is useful for elucidating various economic phenomena, marketing activities of organizations like companies, public policies like consumer protection and education, and...Economic psychology research features theoretical frameworks, such as the hermeneutic paradigm, utility theory paradigm, psychoanalytic paradigm, macroeconomic psychological paradigm, social psycho...- Kazuhisa Takemura
- kazupsy@waseda.jp
- 2019
Jun 23, 2017 · This chapter describes the emergence of economic psychology as a discipline, including key developments in theories of economic decision-making, and considers the relationship between behavioural economics and economic psychology.
The field of economic psychology explores how economics impinges on the psychology of both individuals and groups, as well as how people both individually and collectively affect the economy.
