Module Code - Title:
PS4168
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ECONOMIC PSYCHOLOGY
Year Last Offered:
2025/6
Hours Per Week:
Grading Type:
Prerequisite Modules:
Rationale and Purpose of the Module:
Economic psychology describes the psychological processes underlying economic behaviour and decision making, as well as the psychological and societal consequences that result from these processes. Specifically, this module integrates consideration of psychological processes with relevant economic phenomena, such as unemployment and consumption, using methods derived from psychological and behavioural science. The module focuses on theory development as well as the application of findings to address societal problems.
Syllabus:
Through a series of lectures, students will be introduced to historical and contemporary theories in decision making, (e.g., prospect theory, heuristics, mental accounting), and the influence of situational and personal variables on preference and choice. Specifically, lectures will focus on variables such as situational cues, sociological conditions, emotional states, self-control capacities, and individual differences. The lecture series will also address consequences of economic behaviour for people on a personal level, such as their subjective well-being, and on a societal level, such as unemployment. Throughout the lecture series, theory building in economic psychology and the application of findings in this research area will be critically discussed.
Learning Outcomes:
Cognitive (Knowledge, Understanding, Application, Analysis, Evaluation, Synthesis)
On successful completion of this module, students should be able to:
Describe the characteristics of economic behaviour.
Describe theoretical models used in economic psychology.
Critically appraise these models from a theoretical perspective with reference to empirical evidence.
Explain major models used in economic psychology and decision making.
Critically appraise the application of theory to real world settings.
Affective (Attitudes and Values)
On successful completion of this module, students should be / should be able to:
Value the contribution that psychological research and theory building to the understanding of economic behaviour.
Value the role of economic psychology for the individual, the interpersonal and the societal level.
Psychomotor (Physical Skills)
N/A
How the Module will be Taught and what will be the Learning Experiences of the Students:
The module will consist of lectures. There will be elements of didactic teaching, activities and interactive group work. Students will examine phenomena from theoretical perspectives of economic psychology and decision making. In addition, learning will take place through guided and independent reading, and formative assessment. Students will actively discuss and critically evaluate the research on a given topic. Students will also complete a written exam in which they will they critically reflect on the key topics in economic psychology.
Research Findings Incorporated in to the Syllabus (If Relevant):
N/A
Prime Texts:
Cartwright, E. (2011)
Behavioral Economics
, New York, NY: Routledge.
Other Relevant Texts:
()
Selected articles from the following journals: Journal of Economic Psychology,
Organisational Behavior and Human Decision Making, Journal of Behavioral Decision
Making, Journal of Consumer Research, and Econometica.
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Programme(s) in which this Module is Offered:
Semester(s) Module is Offered:
Module Leader:
cillian.mchugh@ul.ie