The psychology of economic decisions

"Psychologists and economists often ask similar questions about human behaviour. This volume brings together contributions from leaders in both disciplines." "The editorial introduction discusses methodological differences between the two which have until now limited the development of mutually beneficial lines of research. Psychologists have objected to what they see as an excessive formalism in economic modelling, while economists criticize the absence of a general psychological framework into which most results can be fitted. The disciplines also lack a unified vocabulary. The editors encourage scholars to exploit the strengths of each discipline - the experimental skills of psychologists and their ability to understand the feelings and motivation of individuals; and economists' experience of developing normative frameworks." "The editors then highlight the links between the contributions by grouping them according to central themes in the study of behaviour." "This volume provides a point of entry for anyone interested in the interface between economics and psychology."--BOOK JACKET.