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What Is Economic Psychology? The Perspective of Economic Psychology and the Research Framework

  • Kazuhisa TakemuraEmail author
Chapter
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Abstract

Economic psychology studies the psychological aspects behind various economic phenomena and the mechanisms of people’s judgment, decision making, and behavior in an economic situation. Traditional economics is the study of how limited resources are used for production and distribution, with the aim of exploring economic phenomena through theoretical and empirical analyses. However, traditional economics has mainly studied economic phenomena by assuming the rationality of individuals and assuming the concept of “homo economicus,” who makes a rational choice. With this background, an area called “experimental economics,” in which theoretical hypotheses on economic phenomena are examined through experiments similar to those conducted in psychology, has emerged in recent years.

Keywords

Economic psychology Economic behavior Consumer behavior Marketing Economics 

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Copyright information

© Springer Nature Singapore Pte Ltd. 2019

Authors and Affiliations

  1. 1.Department of PsychologyWaseda UniversityTokyoJapan

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