The Psychology of Economic Decisions

The Psychology of Economic Decisions
Author: Isabelle Brocas
Publisher: Oxford University Press, USA
Total Pages: 364
Release: 2003
Genre: Business & Economics
ISBN: 9780199251087

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"This volume provides a point of entry for anyone interested in the interface between economics and psychology."--BOOK JACKET.

The Psychology of Economic Decisions

The Psychology of Economic Decisions
Author: Isabelle Brocas
Publisher: Oxford University Press, USA
Total Pages: 259
Release: 2003
Genre: Business & Economics
ISBN: 0199257221

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This volume brings together contributions to the burgeoning research area of behavioral economics from a number of well-known international scholars in the field. Topics covered include 'irrational' conducts; imperfect self-knowledge; imperfect memory; time and utility; and experimental practices in psychology, economics, and finance. This book will provide a point of entry to anyone wishing to discover what the intellectual terrain between economics and psychology looks like.

Rationality and Well-being

Rationality and Well-being
Author: Isabelle Brocas
Publisher:
Total Pages: 322
Release: 2008
Genre: Decision making
ISBN: 9780199251063

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Decisions, Preferences, and Heuristics

Decisions, Preferences, and Heuristics
Author: Pere Mir-Artigues
Publisher: Edward Elgar Publishing
Total Pages: 293
Release: 2023-08-14
Genre: Business & Economics
ISBN: 1035315270

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This enlightening book comprehensively maps the current state of economic psychology and behavioural economics. Exploring key concepts, topics and models in the field, it is also a launching pad for future research and provides useful insights on how good personal and professional decisions can be made, advancing microeconomic discourse.

Modern Developments in Behavioral Economics

Modern Developments in Behavioral Economics
Author: John Malcolm Dowling
Publisher: World Scientific
Total Pages: 459
Release: 2007
Genre: Business & Economics
ISBN: 9812701435

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This book examines the field of behavioral economics and provides insights into the following questions: ? Does utility bring happiness?? How do emotions and personal perspectives color our economic decisions?? How do altruism, trust, fairness and justice come into play in game theory?? Why are some organizations so successful in implementing their objectives?? Can advances in neuroeconomics unlock the secrets of how decisions are made?The book looks at decision making and behavior from the point of view of (i) individual behavior and choice; (ii) group and interactive choice; and (iii) collective choices and decision making. In particular, it covers the following aspects: instances when bounded rationality leads to decisions inconsistent with standard economic assumptions; risk and the processes by which investors and consumers make decisions; altruistic and cooperative behavior as alternatives to competition; game theory as a way to explore motives of cooperation versus competition; the determinants of happiness and the relationship between utility and well-being; the concept of social capital, including motivations for charity and being a responsible citizen; how trust and fairness relate to economic actions and the motivation to cooperate rather than compete; behavior such as crime, corruption and bribery from ethical, social and economic viewpoints; and, finally, the decision making process of collective choice and how societies develop rules for governing themselves.This is the first book to bridge economics, psychology, sociology and political sciences and explain the nuanced subtleties of decision making.

Handbook of Behavioural Economics and Smart Decision-Making

Handbook of Behavioural Economics and Smart Decision-Making
Author: Morris Altman
Publisher: Edward Elgar Publishing
Total Pages: 607
Release: 2017-05-26
Genre: Business & Economics
ISBN: 1782549595

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This Handbook is a unique and original contribution of over thirty chapters on behavioural economics, examining and addressing an important stream of research where the starting assumption is that decision-makers are for the most part relatively smart or rational. This particular approach is in contrast to a theme running through much contemporary work where individuals’ behaviour is deemed irrational, biased, and error-prone, often due to how people are hardwired. In the smart people approach, where errors or biases occur and when social dilemmas arise, more often than not, improving the decision-making environment can repair these problems without hijacking or manipulating the preferences of decision-makers. This book covers a wide-range of themes from micro to macro, including various sub-disciplines within economics such as economic psychology, heuristics, fast and slow-thinking, neuroeconomics, experiments, the capabilities approach, institutional economics, methodology, nudging, ethics, and public policy.

Economic Psychology

Economic Psychology
Author: Rob Ranyard
Publisher: John Wiley & Sons
Total Pages: 512
Release: 2017-08-14
Genre: Business & Economics
ISBN: 111892634X

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A comprehensive overview of contemporary economic psychology Economic Psychology presents an accessible overview of contemporary economic psychology. The science of economic mental life and behavior is increasingly relevant as people are expected to take more responsibility for their household and personal economic decisions. The text will, in addition to reviewing current knowledge on each topic presented, consider the practical and policy implications for supporting economic decision making. Economic Psychology examines the central aspects of adult decision making in everyday life and includes the theories of economic decision making based on risk, value and affect, and theories of intertemporal choice. The text reviews the nature and behavioral consequences of economic mental representations about such things as material possessions, money and the economy. The editor Robert Ranyard—a noted expert on economic psychology—presents a life-span developmental approach, from childhood to old age. He also reviews the important societal issues such as charitable giving and economic sustainability. This vital resource: Reviews the economic psychology in everyday life including financial behaviour such as saving and tax-paying and matters such as entrepreneurial activity Offers an introduction to the field and traces the emergence of the discipline, from Adam Smith to George Katona and Herbert Simon Includes information on societal issues such as charitable giving and pro-environmental behaviour Considers broader perspectives on economic psychology: life-span psychological development from childhood to old age Written for students of psychology, Economic Psychology reviews the most important information on contemporary economic psychology with a focus on individual and household economic decision making, ranging widely across financial matters such as borrowing and saving, and economic activities such as buying, trading, and working.

Behavioral Economics For Dummies

Behavioral Economics For Dummies
Author: Morris Altman
Publisher: John Wiley & Sons
Total Pages: 384
Release: 2012-02-28
Genre: Business & Economics
ISBN: 1118085035

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A guide to the study of how and why you really make financial decisions While classical economics is based on the notion that people act with rational self-interest, many key money decisions—like splurging on an expensive watch—can seem far from rational. The field of behavioral economics sheds light on the many subtle and not-so-subtle factors that contribute to our financial and purchasing choices. And in Behavioral Economics For Dummies, readers will learn how social and psychological factors, such as instinctual behavior patterns, social pressure, and mental framing, can dramatically affect our day-to-day decision-making and financial choices. Based on psychology and rooted in real-world examples, Behavioral Economics For Dummies offers the sort of insights designed to help investors avoid impulsive mistakes, companies understand the mechanisms behind individual choices, and governments and nonprofits make public decisions. A friendly introduction to the study of how and why people really make financial decisions The author is a professor of behavioral and institutional economics at Victoria University An essential component to improving your financial decision-making (and even to understanding current events), Behavioral Economics For Dummies is important for just about anyone who has a bank account and is interested in why—and when—they spend money.

The Paradox of Choice

The Paradox of Choice
Author: Barry Schwartz
Publisher: Harper Collins
Total Pages: 308
Release: 2009-10-13
Genre: Psychology
ISBN: 0061748994

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Whether we're buying a pair of jeans, ordering a cup of coffee, selecting a long-distance carrier, applying to college, choosing a doctor, or setting up a 401(k), everyday decisions—both big and small—have become increasingly complex due to the overwhelming abundance of choice with which we are presented. As Americans, we assume that more choice means better options and greater satisfaction. But beware of excessive choice: choice overload can make you question the decisions you make before you even make them, it can set you up for unrealistically high expectations, and it can make you blame yourself for any and all failures. In the long run, this can lead to decision-making paralysis, anxiety, and perpetual stress. And, in a culture that tells us that there is no excuse for falling short of perfection when your options are limitless, too much choice can lead to clinical depression. In The Paradox of Choice, Barry Schwartz explains at what point choice—the hallmark of individual freedom and self-determination that we so cherish—becomes detrimental to our psychological and emotional well-being. In accessible, engaging, and anecdotal prose, Schwartz shows how the dramatic explosion in choice—from the mundane to the profound challenges of balancing career, family, and individual needs—has paradoxically become a problem instead of a solution. Schwartz also shows how our obsession with choice encourages us to seek that which makes us feel worse. By synthesizing current research in the social sciences, Schwartz makes the counter intuitive case that eliminating choices can greatly reduce the stress, anxiety, and busyness of our lives. He offers eleven practical steps on how to limit choices to a manageable number, have the discipline to focus on those that are important and ignore the rest, and ultimately derive greater satisfaction from the choices you have to make.