Contents
Week 1 – lecture notes + summary readings. ............................................................................................... 3
Introduction............................................................................................................................................... 3
Economic psychology – reading 1 ............................................................................................................. 4
Consumer psychology – reading 2 ............................................................................................................ 5
Segmentation – reading 3 ......................................................................................................................... 5
Week 2........................................................................................................................................................... 7
Explanations of the endowment effect: an integrative review – Reading 1 ............................................. 7
Lecture (example included) ................................................................................................................... 7
Article .................................................................................................................................................... 9
Judgmental shortcuts – reading 2 ........................................................................................................... 13
Lecture (examples included) ............................................................................................................... 13
Article .................................................................................................................................................. 16
Theories of economic decision-making: value, risk and affect – reading 3 ............................................ 19
Lecture (examples included) ............................................................................................................... 19
Article .................................................................................................................................................. 20
Week 3......................................................................................................................................................... 22
The power of self-persuasion – reading 1 ............................................................................................... 22
The tyranny of choice – reading 2 ........................................................................................................... 23
The paradox of choice – video ................................................................................................................ 24
Lecture ..................................................................................................................................................... 25
Week 4......................................................................................................................................................... 26
Contextual factors – reading 1 ................................................................................................................ 26
Personal factors – reading 2 .................................................................................................................... 28
Social factors – reading 3 ........................................................................................................................ 28
Lecture ..................................................................................................................................................... 29
Guest lecture ........................................................................................................................................... 30
Week 5......................................................................................................................................................... 31
Lecture ..................................................................................................................................................... 31
Circular economy – Reading 1 ............................................................................................................. 31
How financial constraints influence consumer behavior – Reading 2 ................................................ 34
Poverty impedes cognitive function - Reading 3 ................................................................................. 35
1
,Week 6......................................................................................................................................................... 36
Lecture (diffusion of innovation – reading 1 and consumer activism – reading 2 included) .................. 36
Week 7......................................................................................................................................................... 40
Lecture ..................................................................................................................................................... 40
Oefenvragen ................................................................................................................................................ 41
2
,Week 1 – lecture notes + summary readings.
Introduction
Applied social psychology > consumer and economic psychology >
Goods and services <> people <> economy
This course: focus on people > emotions, values, preferences, cognition.
3
, Economic psychology – reading 1
Economic psychology
= Interaction between the economy and people.
= The science of economic mental life and behavior.
Economic psychology promotes and discusses research, as well as policy making, on the interface of
psychology and economics.
Focus on:
o People’s cognitions about money and the economy: (ir)rational, impact on actions
o How this makes people feel: wellbeing
o How this affects the economy
History
The theory of moral sentiments (Adam Smith) > About the concept of self-love and the
importance of being able to take others’ roles.
Homo economicus = a rational individual who makes rational decisions that maximize
utility, is self-interested, capable of learning from experience and with stable and
consistent preferences.
Introspection > necessary to examine needs and attributions of value.
La psychologie économique > birth of economic psychology.
Association of economic psychology > led by psychologists and businessmen
interested n using psychology for practical purpose.
Often quantitative research methods are being used in economic psychology.
Psychology in behavioral economics: the way people use money depends on how they mentally
categorize it > economic mental representation.
4
Week 1 – lecture notes + summary readings. ............................................................................................... 3
Introduction............................................................................................................................................... 3
Economic psychology – reading 1 ............................................................................................................. 4
Consumer psychology – reading 2 ............................................................................................................ 5
Segmentation – reading 3 ......................................................................................................................... 5
Week 2........................................................................................................................................................... 7
Explanations of the endowment effect: an integrative review – Reading 1 ............................................. 7
Lecture (example included) ................................................................................................................... 7
Article .................................................................................................................................................... 9
Judgmental shortcuts – reading 2 ........................................................................................................... 13
Lecture (examples included) ............................................................................................................... 13
Article .................................................................................................................................................. 16
Theories of economic decision-making: value, risk and affect – reading 3 ............................................ 19
Lecture (examples included) ............................................................................................................... 19
Article .................................................................................................................................................. 20
Week 3......................................................................................................................................................... 22
The power of self-persuasion – reading 1 ............................................................................................... 22
The tyranny of choice – reading 2 ........................................................................................................... 23
The paradox of choice – video ................................................................................................................ 24
Lecture ..................................................................................................................................................... 25
Week 4......................................................................................................................................................... 26
Contextual factors – reading 1 ................................................................................................................ 26
Personal factors – reading 2 .................................................................................................................... 28
Social factors – reading 3 ........................................................................................................................ 28
Lecture ..................................................................................................................................................... 29
Guest lecture ........................................................................................................................................... 30
Week 5......................................................................................................................................................... 31
Lecture ..................................................................................................................................................... 31
Circular economy – Reading 1 ............................................................................................................. 31
How financial constraints influence consumer behavior – Reading 2 ................................................ 34
Poverty impedes cognitive function - Reading 3 ................................................................................. 35
1
,Week 6......................................................................................................................................................... 36
Lecture (diffusion of innovation – reading 1 and consumer activism – reading 2 included) .................. 36
Week 7......................................................................................................................................................... 40
Lecture ..................................................................................................................................................... 40
Oefenvragen ................................................................................................................................................ 41
2
,Week 1 – lecture notes + summary readings.
Introduction
Applied social psychology > consumer and economic psychology >
Goods and services <> people <> economy
This course: focus on people > emotions, values, preferences, cognition.
3
, Economic psychology – reading 1
Economic psychology
= Interaction between the economy and people.
= The science of economic mental life and behavior.
Economic psychology promotes and discusses research, as well as policy making, on the interface of
psychology and economics.
Focus on:
o People’s cognitions about money and the economy: (ir)rational, impact on actions
o How this makes people feel: wellbeing
o How this affects the economy
History
The theory of moral sentiments (Adam Smith) > About the concept of self-love and the
importance of being able to take others’ roles.
Homo economicus = a rational individual who makes rational decisions that maximize
utility, is self-interested, capable of learning from experience and with stable and
consistent preferences.
Introspection > necessary to examine needs and attributions of value.
La psychologie économique > birth of economic psychology.
Association of economic psychology > led by psychologists and businessmen
interested n using psychology for practical purpose.
Often quantitative research methods are being used in economic psychology.
Psychology in behavioral economics: the way people use money depends on how they mentally
categorize it > economic mental representation.
4
