Summary Consumer and Economic psychology week 1+2 literature and lectures
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Course
Consumer And Economic Psychology (PSMIN08)
Institution
Rijksuniversiteit Groningen (RuG)
This is a summary of all the articles/chapters and notes from the lectures of the course consumer and economic psychology. This summary is quite extensive, due to which reading the literature isn't necessary.
After the remaining weeks I'll also upload a summary of these weeks and at the end of t...
Introduction
Applied social psychology > consumer and economic psychology >
Goods and services <> people <> economy
This course: focus on people > emotions, values, preferences, cognition.
2
, Economic psychology – reading 1
Economic psychology
= Interaction between the economy and people.
= The science of economic mental life and behavior.
Economic psychology promotes and discusses research, as well as policy making, on the interface of
psychology and economics.
Focus on:
o People’s cognitions about money and the economy: (ir)rational, impact on actions
o How this makes people feel: wellbeing
o How this affects the economy
History
The theory of moral sentiments (Adam Smith) > About the concept of self-love and the
importance of being able to take others’ roles.
Homo economicus = a rational individual who makes rational decisions that maximize
utility, is self-interested, capable of learning from experience and with stable and
consistent preferences.
Introspection > necessary to examine needs and attributions of value.
La psychologie économique > birth of economic psychology.
Association of economic psychology > led by psychologists and businessmen
interested n using psychology for practical purpose.
Often quantitative research methods are being used in economic psychology.
Psychology in behavioral economics: the way people use money depends on how they mentally
categorize it > economic mental representation.
3
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