Psychology in Economics and Business An Introduction to Economic Psy
Psychology in Economics and Business is the first textbook in economic psychology that is targeted at students of economics and business administration. It describes the experiments and explains the psychological background associated with the topics. The
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Psychology in Economics and Business An Introduction to Economic Psychology
by
GERRIT ANTONIDES
With an Introduction by W. Fred van Raaij
Second, Revised Edition
KLUWER ACADEMIC PUBLISHERS DORDRECHT/BOSTON/LONDON
Library of Congress Cataloging-in-Publication Data Antonides. Gerr1t. 1951Psychology in economics and business: an introduction to economiC psychology I by Gerrit Antonides : with an introduction by W. Fred va~ Raaij. p. cm. Inc 1udes index. 1. Economics--Psychological aspects. HB74.P8A64
1996
1. Title.
330' .01' 9--dc20
96-19922
ISBN-13: 978-0-7923-4108-6 DOl: 10.1 007/978-94-009-1710-1
e-ISBN-13: 978-94-009-1710-1
Published by Kluwer Academic Publishers, P.O. Box 17,3300 AH Dordrecht, The Netherlands Kluwer Academic Publishers incorporates the publishing programmes of D. Reidel, Martinus Nijhoff, Dr. W. Junk and MTP Press. Sold and distributed in the U.S.A. and Canada by Kluwer Academic Publishers, 101 Philip Drive, Norwell, MA 02061, U.S.A. In all other countries, sold and distributed by Kluwer Academic Publishers Group, P.O. Box 322, 3300 AH Dordrecht, The Netherlands. Cover picture has been adapted from F. J. Gall and G. S. Spurzheim (18\0) in D. Krech et al.: Elements of Psychology. Copyright @1982 by Alfred A. Knopf. Reproduced by permission of McGraw-Hill, Inc. The idea expressed in the cover picture is that different kinds of behavior are controlled by separate parts of the brain. This hypothesis in phrenology is not assumed here but we assume that mental processes are involved in economic and social behavior as considered in this book.
Printed 011 acid-free paper
All Rights Reserved @1996 Kluwer Academic Publishers Softcover reprint of the hardcover 2nd edition 1996 No part of the material protected by this copyright notice may be reproduced or utilized in any f0n11 or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the copyright owner.
CONTENTS
PREFACE
IX
1. INTRODUCTION (by W. Fred van Raaij) PART I AN ECONOMIC PSYCHOLOGICAL PARADIGM 2. ECONOMICS AND PSYCHOLOGY 2.1. Shared interests of economics and psychology 2.2. Economic actions in everyday life 2.3. Relevance of psychology for economics 2.4. Economic psychological models of behavior Box 2.1. Mental economics
9 9 11 13 15 21
3. MOTIVATION AND PERSONALITY 3.1. The function of motivation and personality in economic behavior 3.2. Need for achievement 3.3. Locus of control 3.4. Sensation seeking and risk attitude 3.5. Altruism 3.6. Time preference 3.7. Cognitive Style 3.8. Life-style Box 3.1. Lee Iacocca
25
33 35 39 42 45 48 51
4. PERCEPTION 4.1. Psychophysics Box 4.1. A psychophysical classroom experiment 4.2. Perceptual judgment 4.3. Price perception 4.4. Perception of money and inflation
55 55 59 60 64 66
v
25
28
CONTENTS
VI
4.5. Perception of economic activities and resources 4.6. Risk perception Appendix 5. LEARNING 5.1. Introduction 5.2. Classical conditioning 5.3. Operant conditioning 504. Other
