Economic Psychology

The Economic Psychology (English: economic psychology ) is a branch of business psychology and the economics . She deals with the nature of consumption and decision-making behavior in an economic context. The transition from economic psychology to behavioral economics , market psychology and organizational psychology is fluid.

Demarcation

Behavioral economics

While behavioral economics is primarily concerned with the understanding of monetary transactions (e.g. in the context of the ultimatum game ), economic psychology looks at economic decision-making behavior more broadly, and it does not include purely monetary decisions either (e.g. saving behavior). It appears that economic psychology developed in Europe, but behavioral economics developed in the US. In addition, research under the label behavioral economics is carried out by economists , research under economic psychology by psychologists . In general, the overlap between the subjects is so great that it seems that the terms can be used interchangeably.

Regardless of the thematic overlap, however, the orientation seems to be different. Due to the embedding of behavioral economics in existing curricula and research programs in microeconomics and game theory , it seems that behavioral economics is more concerned with the formal modeling of economic behavior. Meanwhile, it seems that economic psychology is focused on the psychological processes underlying those models.

Market psychology

The market psychology is concerned primarily with consumer behavior and their application such. B. in advertising psychology . Many aspects of modern market research include: B. originally (and actually) market psychology. In general, it can be stated that market psychology is limited to the narrower field of application in the private sector , while economic psychology also includes research in the direction of policy . An example: while economic psychology makes aggregated statements about the behavior of consumers (e.g. the percentage of people who behave altruistically or egoistically), market psychology would analyze specific consumer behavior from an individual psychological perspective (e.g. factors such as personality or Level of education that predict altruistic behavior such as donation behavior).

Organizational psychology

The overlap of economic psychology and organizational psychology only exists in those areas in which organizations make economic decisions. For example, the analysis of the decision-making behavior of managers could be assigned to economic and organizational psychology.

Individual evidence

^ Journal of Economic Psychology . ( elsevier.com [accessed November 12, 2018]).
↑ WF Van Raaij, GM van Veldhoven, KE Wärneryd: Handbook of Economic Psychology . Springer Science & Business Media, 2013, ISBN 978-94-015-7791-5 ( google.de [accessed November 12, 2018]).
↑ ^a ^b Karl-Erik Wärneryd: Economic Psychology as a Field of Study . In: Handbook of Economic Psychology . Springer Netherlands, Dordrecht 1988, ISBN 978-90-481-8310-4 , pp. 2–41 , doi : 10.1007 / 978-94-015-7791-5_1 ( springer.com [accessed November 12, 2018]).

[1] Journal of Economic Psychology . ( elsevier.com [accessed November 12, 2018]).

[2] WF Van Raaij, GM van Veldhoven, KE Wärneryd: Handbook of Economic Psychology . Springer Science & Business Media, 2013, ISBN 978-94-015-7791-5 ( google.de [accessed November 12, 2018]).

[:0-3] Karl-Erik Wärneryd: Economic Psychology as a Field of Study . In: Handbook of Economic Psychology . Springer Netherlands, Dordrecht 1988, ISBN 978-90-481-8310-4 , pp. 2–41 , doi : 10.1007 / 978-94-015-7791-5_1 ( springer.com [accessed November 12, 2018]).