ECONOMIC PSYCHOLOGY OR PSYCHOLOGY OF ECONOMIC BEHAVIOUR

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This is the psychological analysis of factors that make irrational and sub-optimal choices with economic implications for investors and consumers and the practical application of the results of experiments in cognitive and social psychology that have led to the award of the most recent Nobel Prize for Economics to two psychologists (Kahnemann and Thaler), in particular:

  • Confirmation Bias: We attach more importance to opinions that agree with our views.
  • Gamblers' Fallacy (player error or statistical fallacy): inability to evaluate statistical data and the probability of an event
  • Status-Quo Bias: the habit of always repeating the same choices
  • Negativity Bias: We fear more negative events than we bet on positive events
  • Bandwagon Effect: We tend to act as the majority of people.
  • Loss-Aversion Bias: insistence on maintaining a loss-making position instead of investing in new instruments
  • Overconfidence Bias: tendency to overestimate one's knowledge/competence
  • Endowment Bias: overestimate of what you own or what you know

The economic-behavioural psychology applies scientific research in the field of cognitive psychology to understand decisions with economic value (purchases, sales, investments, savings, etc.) and how these decisions are typically influenced by non-rational factors; it is therefore concerned with rationality, or rather its lack, on the part of individuals; the models studied in these fields typically integrate results of cognitive psychology with the neoclassical economy.

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