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Economic Psychology V Behavioral Economics

Comparing Behavioral Economics & Economic Psychology Welcome back to the business psychology Hub Behavioural economics and Economic psychology both apply economic and psychological principles to study human resource related behaviours. So how are these two disciples different? Behavioural Economics is a sub-discipline within the field of behavioural finance. • Behavioural economists often gather data through behaviour choice experiments and examines human heuristics (that is rules of thumbs) for economic decisions. • Behavioural economics also often compares human behaviour against economic assumptions of rationality. For examples, do humans weigh up all the available information available or are humans cognitively limited in our ability to process information? If are cognitively limited does that mean we make poor decisions? Examples of behavioural economics findings include that people weigh up information about benefits of a purchase differently to how they weigh up the information on the costs of a purchase. Behavioural economics also concludes that people discount the value of future choices faster that the assumptions proposed by standard economic theory. • Examples of other topics that behavioural economics reviews include: impact of fairness of rules on group economic decision making, stock market behaviour and game theory. Economic psychology applies cognitive theories to economic topics • Economic psychologists focus more heavily on what people are thinking or experiencing when they are faced with an economic decision. In other words it is the study of mental life during economic behaviour • Economic psychologist are more likely to gather research data via questionnaires and are less likely to collect data on economic choices. • Economic psychologists are more likely to study perceptions and emotions. For example, how do we feel about different types of taxation? What are the differences in how people experience an economic dilemma such as a resource shortage? And what is the purchasing behaviour of different personality types? There is no clear distinction between economic psychology and behaviour economics. For example, both sub-disciplines draw heavily upon the research of Tversky & Kahneman. In general, however, economic psychologists are more likely to have been trained as a cognitive psychologists, whereas behaviour economists are more likely to be trained as an economist.