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Economics and Psychology
Landmark papers by prominent scholars in the field of economic psychology are drawn together in this authoritative reference collection which demonstrates the varied ways in which the insights of psychology have been applied to the understanding of economic behaviour. This illuminating volume reveals how the application of psychology to economics restores its vigour and veracity, demonstrating the relevance of economics to the human condition and to efforts to improve it.
More Information
Critical Acclaim
Contributors
Contents
More Information
Landmark papers by prominent scholars in the field of economic psychology are drawn together in this authoritative reference collection which demonstrates the varied ways in which the insights of psychology have been applied to the understanding of economic behaviour. This illuminating volume reveals how the application of psychology to economics restores its vigour and veracity, demonstrating the relevance of economics to the human condition and to efforts to improve it.
This selection was made in consultation with nearly 40 leading figures in the field. It will prove an invaluable reference tool for the student and researcher alike.
This selection was made in consultation with nearly 40 leading figures in the field. It will prove an invaluable reference tool for the student and researcher alike.
Critical Acclaim
‘In the last decade or so, economic psychology has developed to a stage where it can claim to be a fully fledged discipline, with its own journals, learned societies, and conferences. This large and impressive volume testifies to the progress made.’
– J. Baxter, The Economic Journal
– J. Baxter, The Economic Journal
Contributors
Contributors include: G.A. Akerlof, W.T. Dickens, D. Lassarre, S. Lea, H. Leibenstein, H.A. Simon, A. Tversky, R.C. Winkler
Contents
CONTENTS
INTRODUCTION
PART I: ECONOMICS AND PSYCHOLOGY: AN OVERVIEW
S. Maital and S. Maital (1984), ‘Psychology and Economics’
PART II: economic socialization
D. Lassarre and C. Roland-Lévy (1989), ‘Understanding Children’s Economic Socialization’
P. Webley, M. Levine and A. Lewis (1991), ‘A Study in Economic Psychology: Children’s Saving in a Play Economy’
PART III: THE CONTEST FOR SELF-COMMAND
G. Ainslie (1975), ‘Specious Reward: A Behavioral Theory of Impulsiveness and Impulse Control’
T. C. Schalling (1984), ‘Self-command in Practice, in Policy and in a Theory of Rational Choice’
S. Maital (1986), ‘Prometheus Rebound: On Welfare-improving Constraints’
G. C. Winston (1980), ‘Addiction and Backsliding: A Theory of Compulsive Consumption’
H. M. Shefrin and R. H. Thaler (1988), ‘The Behavioral Life-cycle Hypothesis’
G. Lowenstein and D. Prelec (1992), ‘Anomalies in Intertemporal Choice: Evidence and an Interpretation’
PART IV: RATIONAL CHOICE
H. A. Simon (1955) ‘A Behavioral Model of Rational Choice’
J. G. March (1978), ‘Bounded Rationality, Ambiguity and the Engineering of Choice’
R. J. Herrnstein (1990), ‘Rational Choice Theory: Necessary but not Sufficient’
PART V: ENDOGENOUS PREFERENCES
G. A. Akerlof and W. T. Dickens (1982), ‘The Economic Consequences of Cognitive Dissonance’
T. Scitovsky (1986), ‘How to Bring Joy into Economics’
A. Lewis and J. Cullis (1990), ‘Ethical Investments: Preferences and Morality’
PART VI: THE ECONOMIC PSYCHOLOGY OF DEMND AND MARKETS
V. L. Smith (1962), ‘An Experimental Study of Competitive Market Behavior’
h. lEIBENSTEIN (1950), ‘BANDWAGON, SNOB AND VEBLEN EFFECTS IN THE THEORY OF CONSUMERS’ DEMAND’
S. E. G. Lea (1978), ‘The Psychology and Economics of Demand’
G. Katona (1968), ‘Behavioral and Ecological Economics” Consumer Behavior: Theory and Findings on Expectations and Aspirations’
PART VII: BEHAVIOR TOWARD RISK
A. Tversky and D. Kahneman (1974), ‘Judgement under Uncertainty: Heuristics and Biases: Biases in Judgements Reveal Some Heuristics of Thinking Under Uncertainty’
R. M. Hogarth and H. Kunreuther (1989), ‘Risk, Ambiguity and Insurance’
PART VIII: CAPITAL MARKETS
S. Schachter, D. C. Hood, W. Gerin, P. Andreassen and M. Rennert (1985), ‘Some Causes and Consequences of Dependence and Independence in the Stock Market’
W. F. M. De Bondt and R. H. Thaler (1985), ‘Does the Stock Market Overract?’
PART IX: APPLYING ECONOMICS TO PSYCHOLOGY
R. C. Winkler (1971), ‘The Relevance of Economic Theory and Technology to Token Reinforcement Systems
H. Rachlin, R. Batalio, J. Kagel and L. Green (1981), ‘Maximization Theory in Behavioral Psychology’
D. Naum and D. Gopher (1979), ‘On the Economy of the Human-processing System’
INTRODUCTION
PART I: ECONOMICS AND PSYCHOLOGY: AN OVERVIEW
S. Maital and S. Maital (1984), ‘Psychology and Economics’
PART II: economic socialization
D. Lassarre and C. Roland-Lévy (1989), ‘Understanding Children’s Economic Socialization’
P. Webley, M. Levine and A. Lewis (1991), ‘A Study in Economic Psychology: Children’s Saving in a Play Economy’
PART III: THE CONTEST FOR SELF-COMMAND
G. Ainslie (1975), ‘Specious Reward: A Behavioral Theory of Impulsiveness and Impulse Control’
T. C. Schalling (1984), ‘Self-command in Practice, in Policy and in a Theory of Rational Choice’
S. Maital (1986), ‘Prometheus Rebound: On Welfare-improving Constraints’
G. C. Winston (1980), ‘Addiction and Backsliding: A Theory of Compulsive Consumption’
H. M. Shefrin and R. H. Thaler (1988), ‘The Behavioral Life-cycle Hypothesis’
G. Lowenstein and D. Prelec (1992), ‘Anomalies in Intertemporal Choice: Evidence and an Interpretation’
PART IV: RATIONAL CHOICE
H. A. Simon (1955) ‘A Behavioral Model of Rational Choice’
J. G. March (1978), ‘Bounded Rationality, Ambiguity and the Engineering of Choice’
R. J. Herrnstein (1990), ‘Rational Choice Theory: Necessary but not Sufficient’
PART V: ENDOGENOUS PREFERENCES
G. A. Akerlof and W. T. Dickens (1982), ‘The Economic Consequences of Cognitive Dissonance’
T. Scitovsky (1986), ‘How to Bring Joy into Economics’
A. Lewis and J. Cullis (1990), ‘Ethical Investments: Preferences and Morality’
PART VI: THE ECONOMIC PSYCHOLOGY OF DEMND AND MARKETS
V. L. Smith (1962), ‘An Experimental Study of Competitive Market Behavior’
h. lEIBENSTEIN (1950), ‘BANDWAGON, SNOB AND VEBLEN EFFECTS IN THE THEORY OF CONSUMERS’ DEMAND’
S. E. G. Lea (1978), ‘The Psychology and Economics of Demand’
G. Katona (1968), ‘Behavioral and Ecological Economics” Consumer Behavior: Theory and Findings on Expectations and Aspirations’
PART VII: BEHAVIOR TOWARD RISK
A. Tversky and D. Kahneman (1974), ‘Judgement under Uncertainty: Heuristics and Biases: Biases in Judgements Reveal Some Heuristics of Thinking Under Uncertainty’
R. M. Hogarth and H. Kunreuther (1989), ‘Risk, Ambiguity and Insurance’
PART VIII: CAPITAL MARKETS
S. Schachter, D. C. Hood, W. Gerin, P. Andreassen and M. Rennert (1985), ‘Some Causes and Consequences of Dependence and Independence in the Stock Market’
W. F. M. De Bondt and R. H. Thaler (1985), ‘Does the Stock Market Overract?’
PART IX: APPLYING ECONOMICS TO PSYCHOLOGY
R. C. Winkler (1971), ‘The Relevance of Economic Theory and Technology to Token Reinforcement Systems
H. Rachlin, R. Batalio, J. Kagel and L. Green (1981), ‘Maximization Theory in Behavioral Psychology’
D. Naum and D. Gopher (1979), ‘On the Economy of the Human-processing System’