Economic psychology

Abstract

Economic psychology studies the economic behavior of consumers and entrepreneurs. Economic behavior involves decisions on money, time, and efforts. The models of Katona and Strümpel are discussed and a new model is proposed. This new model stresses the cyclical character of economic behavior on a micro and a macro level. Economic psychology is related to organizational psychology, marketing research, mass communication research, economic sociology, and the household production approach. A proposition of the aims and scope of the Journal of Economic Psychology concludes this introductory article.