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2019 | OriginalPaper | Chapter

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

Author : Kazuhisa Takemura

Published in: Foundations of Economic Psychology

Publisher: Springer Singapore

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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.

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next chapter Rational Choice and Revealed Preference: Theoretical Representation of Preference Relations Leading to the Best Choice
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Metadata
Title
What Is Economic Psychology? The Perspective of Economic Psychology and the Research Framework
Author
Kazuhisa Takemura
Copyright Year
2019
Publisher
Springer Singapore
Book
Foundations of Economic Psychology

Print ISBN: 978-981-13-9048-7

Electronic ISBN: 978-981-13-9049-4

Copyright Year: 2019

DOI
https://doi.org/10.1007/978-981-13-9049-4_1