Economic psychology

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Economic psychology

edited by Rob Ranyard

(BPS textbooks in psychology)

Wiley ; British Psychological Society, 2018

  • : hardback
  • : pbk

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Includes bibliographical references and index

Description and Table of Contents

Volume

: pbk ISBN 9781118926345

Description

A comprehensive overview of contemporary economic psychology Economic Psychology presents an accessible overview of contemporary economic psychology. The science of economic mental life and behavior is increasingly relevant as people are expected to take more responsibility for their household and personal economic decisions. The text will, in addition to reviewing current knowledge on each topic presented, consider the practical and policy implications for supporting economic decision making. Economic Psychology examines the central aspects of adult decision making in everyday life and includes the theories of economic decision making based on risk, value and affect, and theories of intertemporal choice. The text reviews the nature and behavioral consequences of economic mental representations about such things as material possessions, money and the economy. The editor Robert Ranyard-a noted expert on economic psychology-presents a life-span developmental approach, from childhood to old age. He also reviews the important societal issues such as charitable giving and economic sustainability. This vital resource: Reviews the economic psychology in everyday life including financial behaviour such as saving and tax-paying and matters such as entrepreneurial activity Offers an introduction to the field and traces the emergence of the discipline, from Adam Smith to George Katona and Herbert Simon Includes information on societal issues such as charitable giving and pro-environmental behaviour Considers broader perspectives on economic psychology: life-span psychological development from childhood to old age Written for students of psychology, Economic Psychology reviews the most important information on contemporary economic psychology with a focus on individual and household economic decision making, ranging widely across financial matters such as borrowing and saving, and economic activities such as buying, trading, and working.

Table of Contents

Preface xv Notes on Contributors xvii Acknowledgements xxvii PART 1 Fundamentals 1 Chapter 1 Introduction to Economic Psychology: The Science of Economic Mental Life and Behaviour 3 Rob Ranyard and Vera Rita de Mello Ferreira 1.1 Introduction 4 1.2 The emergence of the discipline 5 1.3 Research methods 10 1.4 Economic mental representations 11 1.5 Financial behaviour and economic activity 12 1.6 Life-span perspectives 13 1.7 Economic psychology and society 14 1.8 Summary 16 Note 16 Review questions 16 References 16 Further reading 18 Chapter 2 Theories of Economic Decision-Making: Value, Risk and Affect 19 Anton Kuhberger and Michael Schulte-Mecklenbeck 2.1 Introduction 20 2.2 Value and utility 20 2.3 Risk and uncertainty 22 2.4 Developments based on Subjectively Expected Utility (SEU) 23 2.5 B eyond Utility-Based Theories 25 2.6 Hot Decisions 27 2.7 Summary 31 Review Questions 31 References 31 Further Reading 34 Chapter 3 Future-Oriented Decisions: Intertemporal Choice 35 Daniel Read and Marc Scholten 3.1 Introduction 36 3.2 Rational Intertemporal Choice 36 3.3 A nomalies in Intertemporal Choice 38 3.4 E xplaining Anomalies 41 3.5 Framing Effects 42 3.6 What Do We Care About When We Measure Intertemporal Choice? 44 3.7 Summary 45 Notes 46 Review Questions 46 References 47 Further Reading 50 Part 2 Research Methods 51 Chapter 4 Research Methods for Economic Psychology 53 Gerrit Antonides 4.1 Introduction 54 4.2 Q ualitative Methods 55 4.3 Q uantitative Methods 58 4.4 Conclusion 63 4.5 Summary 64 Review Questions 64 References 64 Further Reading 68 Chapter 5 Assessing Psychological Dispositions and States that Can Influence Economic Behaviour 69 Simon McNair and W. Ray Crozier 5.1 Introduction 70 5.2 Psychological Dispositions and Economic Behaviour 71 5.3 Psychological States and Economic Behaviour 76 5.4 Methodological Issues in Assessing Dispositions and States 81 5.5 Summary 82 Notes 83 Review Questions 83 References 83 Further Reading 87 Chapter 6 Developing, Evaluating, and Using Subjective Scales of Personality, Preferences, and Well-Being: A Guide to Psychometrics for Psychologists and Economists 88 Alex M. Wood and Christopher J. Boyce 6.1 Introduction 89 6.2 The Importance of Psychometrics for Economic Psychology Research 89 6.3 S teps in Developing a Scale 91 6.4 Other Steps and Conclusion 100 6.5 Summary 100 Note 100 Review Questions 101 References 101 Further Reading 103 Part 3 E conomic Mental Representations 105 Chapter 7 The Psychological Meaning of Money 107 Tomasz Zaleskiewicz, Agata Gasiorowska and Kathleen D. Vohs 7.1 Introduction 108 7.2 Money: Economic and Psychological Perspectives 108 7.3 Predictions 109 7.4 The Method of Money Priming: Akin to Getting a Taste of Big Money 111 7.5 Results 112 7.6 Summary 118 Acknowledgements 118 Review questions 118 References 119 Further Reading 121 Chapter 8 Mental Accounting and Economic Behaviour 123 Gerrit Antonides and Rob Ranyard 8.1 Introduction 124 8.2 B road Mental Accounts 124 8.3 Mental Accounts for Specific Financial Decisions 126 8.4 Other Categorizations of Money 127 8.5 Functions of Mental Accounts 129 8.6 D eterminants of Mental Accounting 133 8.7 Conclusion 134 8.8 Summary 135 Review Questions 135 References 136 Further Reading 138 Chapter 9 How Laypeople Understand the Economy 139 David Leiser and Zeev Krill 9.1 Introduction: Understanding Economics Is Hard Yet Expected 140 9.2 Interacting Variables 143 9.3 U sing Metaphors 147 9.4 Financial Literacy 149 9.5 Summary 150 Review Questions 151 References 151 Further Reading 154 Chapter 10 The Citizen's Judgements of Prices and Inflation 155 Rob Ranyard, Fabio Del Missier, Nicolao Bonini and Davide Pietroni 10.1 Introduction 156 10.2 Price Evaluation 156 10.3 Inflation 161 10.4 Policy Implications 165 10.5 Summary 166 Notes 166 Review Questions 167 References 167 Further Reading 170 Chapter 11 Materialism and the Meanings of Possessions 171 W. Ray Crozier 11.1 Introduction: The Socio-Economic Context of Possessions and Materialism 172 11.2 The Psychological Meanings of Possessions 173 11.3 Psychological Aspects of Materialism 176 11.4 Materialism and Subjective Well-Being 178 11.5 Summary 182 Notes 183 Review Questions 183 References 183 Further Reading 185 Part 4 Financial Behaviour 187 Chapter 12 Defining and Influencing Financial Capability 189 Ivo Vlaev and Antony Elliott 12.1 Introduction 190 12.2 A New Conceptualization of Financial Capability 190 12.3 Ways to Influence Financial Capability 196 12.4 Conclusion 202 12.5 Summary 202 Notes 202 Review Questions 203 References 203 Further Reading 205 Chapter 13 Saving Behaviour: Economic and Psychological Approaches 206 Ellen K. Nyhus 13.1 Introduction 207 13.2 E conomic Perspectives 209 13.3 Psychological Approaches 211 13.4 Summary 217 Review Questions 218 References 218 Further Reading 221 Chapter 14 The Psychology of Borrowing and Over-Indebtedness 222 Rob Ranyard, Sandie McHugh and Simon McNair 14.1 Introduction 223 14.2 D eterminants of Borrowing 224 14.3 Credit Choice Processes 225 14.4 Repayment Strategies 228 14.5 Routes to Over-Indebtedness 229 14.6 Psychological Consequences of Debt 230 14.7 Policy Implications 231 14.8 Summary 233 Review Questions 234 References 234 Further Reading 238 Chapter 15 Behaviour in Financial Markets 239 Martin Hedesstroem 15.1 Introduction 240 15.2 D o Stocks Always Trade at the 'Right' Price? 240 15.3 Cognitive Influences on Investor Behaviour 242 15.4 E motional Influences 246 15.5 S ocial Influences 248 15.6 Policy Implications 250 15.7 Summary 250 Review Questions 250 References 251 Further Reading 254 Chapter 16 Tax Behaviour 255 Erich Kirchler and Erik Hoelzl 16.1 Introduction 256 16.2 Taxes and Tax Compliance 256 16.3 Tax Attitudes by Individual Taxpayers 258 16.4 Profit Shifting and Aggressive Tax Planning by Companies 260 16.5 Regulation Strategies by Tax Authorities 261 16.6 Interaction Climates Between Taxpayers and Tax Authorities 264 16.7 Practical Implications 267 16.8 Summary 268 Review Questions 268 References 268 Further Reading 271 PART 5 E conomic Activity 273 Chapter 17 Volunteer Organizations: Motivating with Awards 275 Bruno S. Frey and Jana Gallus 17.1 Introduction 276 17.2 Organizational Forms 276 17.3 A wards as Motivation 279 17.4 Conditions for Successfully Giving Awards to Volunteers 282 17.5 E ffects Of Awards on Performance 284 17.6 Summary 285 Review Questions 285 References 285 Further Reading 286 Chapter 18 Entrepreneurial Activity 287 Artur Domurat and Tadeusz Tyszka 18.1 Introduction 288 18.2 E nvironmental Factors and Entrepreneurship 289 18.3 Reasons for Engaging in Entrepreneurial Activity 290 18.4 Personality Characteristics of Entrepreneurs 292 18.5 Psychological Traps in Entrepreneurship 296 18.6 Teaching Entrepreneurship 297 18.7 Summary 299 Review Questions 300 References 300 Further Reading 303 Chapter 19 The Economic Psychology of Gambling 304 Juemin Xu and Nigel Harvey 19.1 Introduction 305 19.2 Lotteries 305 19.3 S cratch Cards 307 19.4 Roulette 307 19.5 Fruit Machines 309 19.6 S ports Betting 309 19.7 Card Games 311 19.8 Problem Gambling 312 19.9 Summary 314 Review Questions 314 References 314 Further Reading 318 PART 6 Life-Span Perspectives 319 Chapter 20 Economic Socialization: Childhood, Adolescence, and Early Adulthood 321 Annette Otto and Joyce Serido 20.1 Introduction 322 20.2 A Contextual Framework for Economic Behaviour Development 322 20.3 The Role of Parents in Economic Socialization 325 20.4 The Study of Economic Behaviour Development From Childhood Through Early Adulthood 327 20.5 Summary 331 Review Questions 331 References 331 Further Reading 336 Chapter 21 Childhood Psychological Predictors of Lifelong Economic Outcomes 337 Mark Egan, Michael Daly, and Liam Delaney 21.1 Introduction 338 21.2 Literature Review 338 21.3 Lifecourse Perspective 344 21.4 Methodological Challenges 346 21.5 Policy Implications 348 21.6 Conclusion 349 21.7 Summary 349 Notes 350 Review Questions 350 References 350 Further Reading 353 Chapter 22 The Economic Psychology of Financial Decision-Making and Money Management in the Household 354 Stefanie J. Sonnenberg 22.1 Introduction 355 22.2 Financial Decision-Making in the Household 356 22.3 Household Money Management 361 22.4 Conclusion 366 22.5 Summary 367 Notes 368 Review Questions 368 References 368 Further Reading 370 Chapter 23 Ageing and Economic Decision-Making 371 Wandi Bruine De Bruin 23.1 Introduction 372 23.2 The Role of Cognitive Deliberation in Decision Making 372 23.3 The Role of Experience-Based Knowledge in Decision-Making 373 23.4 The Role of Emotions in Decision-Making 374 23.5 The Role of Motivation and Strategies in Decision-Making 375 23.6 Interventions 376 23.7 D irections for Future Research 378 23.8 Summary 380 Acknowledgements 380 Review Questions 381 References 381 Further Reading 386 Part 7 Economic Psychology and Society 387 Chapter 24 Psychological Determinants of Charitable Giving 389 Tehila Kogut and Ilana Ritov 24.1 Introduction 390 24.2 D onation Decisions: Costs and Rewards 390 24.3 Causes that Elicit More Help 391 24.4 S pecific Individuals in Need 393 24.5 E ffectiveness and Impact 395 24.6 Who Helps - and When? 396 24.7 Main Research Methods in the Study of Charitable Giving 398 24.8 Future Research Directions 399 24.9 Summary 400 Review Questions 400 References 400 Further Reading 404 Chapter 25 Life Satisfaction and Emotional Well-Being: Psychological, Economic and Social Factors 405 Tommy Garling and Amelie Gamble 25.1 Introduction 406 25.2 Views of Well-Being in Economics and Psychology 406 25.3 Measurement of Subjective Well-Being 407 25.4 Factors Influencing Subjective Well-Being 409 25.5 Consequences of Subjective Well-Being 415 25.6 Summary 417 Review Questions 417 References 417 Further Reading 420 Chapter 26 Living in Poverty: Understanding the Financial Behaviour of Vulnerable Groups 421 Cazilia Loibl 26.1 Introduction 422 26.2 D efinition of Poverty 422 26.3 Characteristics of Financial Behaviours 423 26.4 Vulnerable Population Groups 427 26.5 Policy Implications 431 26.6 Summary 431 Review Questions 431 References 432 Further Reading 434 Chapter 27 Economic Psychology and Pro-Environmental Behaviour 435 Michel Handgraaf, Anouk Griffioen, Jan Willem Bolderdijkand John Thogersen 27.1 Introduction 436 27.2 B ounded Rationality 437 27.3 The Environment as a Social Dilemma 441 27.4 Conclusion 444 27.5 Summary 445 Review Questions 446 References 446 Further Reading 450 Chapter 28 Insurance Behaviour and Society 451 Rob Ranyard, John K. Ashton and Bill Hebenton 28.1 Introduction 452 28.2 Insurance as Risk Protection 452 28.3 Mis-Selling 456 28.4 Insurance Fraud 459 28.5 Summary 462 Notes 463 Review Questions 463 References 463 Further Reading 467 Index 469
Volume

: hardback ISBN 9781118926482

Description

A comprehensive overview of contemporary economic psychology Economic Psychology presents an accessible overview of contemporary economic psychology. The science of economic mental life and behavior is increasingly relevant as people are expected to take more responsibility for their household and personal economic decisions. The text will, in addition to reviewing current knowledge on each topic presented, consider the practical and policy implications for supporting economic decision making. Economic Psychology examines the central aspects of adult decision making in everyday life and includes the theories of economic decision making based on risk, value and affect, and theories of intertemporal choice. The text reviews the nature and behavioral consequences of economic mental representations about such things as material possessions, money and the economy. The editor Robert Ranyard a noted expert on economic psychology presents a life-span developmental approach, from childhood to old age. He also reviews the important societal issues such as charitable giving and economic sustainability. This vital resource: * Reviews the economic psychology in everyday life including financial behaviour such as saving and tax-paying and matters such as entrepreneurial activity * Offers an introduction to the field and traces the emergence of the discipline, from Adam Smith to George Katona and Herbert Simon * Includes information on societal issues such as charitable giving and pro-environmental behaviour * Considers broader perspectives on economic psychology: life-span psychological development from childhood to old age Written for students of psychology, Economic Psychology reviews the most important information on contemporary economic psychology with a focus on individual and household economic decision making, ranging widely across financial matters such as borrowing and saving, and economic activities such as buying, trading, and working.

Table of Contents

Contents Preface Acknowledgements List of Contributors Part I: Fundamentals *1. Introduction to Economic Psychology: The Science of Economic Mental Life and Behaviour Rob Ranyard and Vera Rita de Mello Ferreira * Theories of Economic Decision Making: Risk, Value and Affect Anton Kuhberger and Michael Schulte-Mecklenbeck * Future-oriented Decisions: Intertemporal Choice Daniel Read and Marc Scholten Part II: Research Methods * Research Methods for Economic Psychology Gerrit Antonides * Assessing Psychological Dispositions and States That Can Influence Economic Behaviour Simon McNair and W. Ray Crozier * Developing, Evaluating and Using Subjective Scales of Personality, Preferences, and Well-Being: A Guide to Psychometrics for Psychologists and Economists Alex M. Wood and Christopher J. Boyce Part 3: Economic Mental Representations * The Psychological Meaning of Money Tomasz Zaleskiewicz, Agata Gasiorowska, and Kathleen D. Vohs * Mental Accounting and Economic Behaviour Gerrit Antonides and Rob Ranyard * How Laypeople Understand Economics David Leiser and Zeev Kril * The Citizen's Judgments of Prices And Inflation Rob Ranyard, Fabio Del Missier, Nicolao Bonini and Davide Pietroni * Materialism and The Meaning of Possessions W. Ray Crozier Part 4: Financial Behaviour * Defining and Influencing Financial Capability Ivo Vlaev and Antony Elliott * Saving Behaviour: Economic and Psychological Approaches Ellen K. Nyhus * The Psychology of Borrowing and Over-Indebtedness Rob Ranyard, Sandie McHugh and Simon McNair * Behaviour in Financial Markets Martin Hedesstrom * Tax Behaviour Erich Kirchler and Erik Hoelzl Part 5: Economic Activity * Motivations to Volunteer Bruno S. Frey and Jana Gallus * Entrepreneurial Activity Artur Domurat and Tadeusz Tyszka * The Economic Psychology of Gambling Juemin Xu and Nigel Harvey Part 6: Life-span perspectives * Economic Socialization: Childhood, Adolescence, and Early Adulthood Annette Otto and Joyce Serido * Childhood Psychological Predictors of Lifelong Economic Outcomes Mark Egan, Michael Daly and Liam Delaney * The Economic Psychology of Financial Decision Making and Money Management in the Household Stefanie J. Sonnenberg * Ageing and Economic Decision Making Wandi Bruine de Bruin Part 7: Economic Psychology and Society * Psychological Determinants of Charitable Giving Ilana Ritov and Tehila Kogut * Life Satisfaction and Emotional Well-Being: Psychological, Economic and Social Factors Tommy Garling and Amelie Gamble * Living in Poverty: Understanding Financial Behaviours in Vulnerable Groups Cazilia Loibl * Economic Psychology and Pro-Environmental Behaviour Michel Handgraaf,Anouk Griffioen, Jan Willem Bolderdijk and John Thogersen * Insurance Behaviour and Society Rob Ranyard, John Ashton and Bill Hebenton Index

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