An extensive summary of the course consumer and economic psychology at the RUG. This course is given in both the study psychology as the minor psychology in society. It's a summary of both the (online) literature as the lectures. Good luck with studying! :)
Introduction
Applied social psychology > consumer and economic psychology >
Goods and services <> people <> economy
This course: focus on people > emotions, values, preferences, cognition.
3
, 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.
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