Editors' Comments: Perspectives from Economics and Psychology

Abstract

The modern disciplines of economics and psychology are the direct descendants of a common body of philosophical ideas. As a result of their separate evolutions, however, the two disciplines interpret these ideas quite differently and generally pursue different research objectives using disparate methods of investigation and analysis. Nonetheless, since there are many areas of human activity where economists and psychologists study the same phenomena, it seems natural to ask whether the present separation is in the better interests of both disciplines. Moreover, even if one believes that economics and psychology should pursue separate paths, there may still be points at which they could and should make contact. In other words, can the modern disciplines of psychology and economics learn from each other, and, if so, what?' The study of human choice behavior provides a focus for considering these issues in that it raises many thorny problems that underlie the behavioral assumptions or foundations of economic theory. One purpose of this paper is to sketch a response to the above questions that reflects the papers and discussions presented in