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"A comprehensive overview of contemporary economic psychology Economic Psychology presents an accessible overview of contemporary economic psychology. The science of economic mental life and behavior is increasingly relevant as people are expected to take more responsibility for their household and personal economic decisions. The text will, in addition to reviewing current knowledge on each topic presented, consider the practical and policy implications for supporting economic decision making. Economic Psychology examines the central aspects of adult decision making in everyday life and includes the theories of economic decision making based on risk, value and affect, and theories of intertemporal choice. The text reviews the nature and behavioral consequences of economic mental representations about such things as material possessions, money and the economy. The editor Robert Ranyard—a noted expert on economic psychology—presents a life-span developmental approach, from childhood to old age. He also reviews the important societal issues such as charitable giving and economic sustainability. This vital resource: Reviews the economic psychology in everyday life including financial behaviour such as saving and tax-paying and matters such as entrepreneurial activity Offers an introduction to the field and traces the emergence of the discipline, from Adam Smith to George Katona and Herbert Simon Includes information on societal issues such as charitable giving and pro-environmental behaviour Considers broader perspectives on economic psychology: life-span psychological development from childhood to old age Written for students of psychology, Economic Psychology reviews the most important information on contemporary economic psychology with a focus on individual and household economic decision making, ranging widely across financial matters such as borrowing and saving, and economic activities such as buying, trading, and working. "--

Summary: A study is described of the risk management strategies employed by consumers who have made a purchase by credit. Realistic scenarios involving the purchase of consumer durables were used and adults with a variety of occupations and a range of experience of credit participated (N = 96). They were presented with minimal descriptions of alternative credit offers and an option to buy insurance to cover repayment difficulties due to job loss or illness. Participants could request any information required while deciding, and afterwards they summarized how they had reached their decision. Verbal protocols for the repayment insurance decision were generally consistent with a revised version of Huber's (1997) model of risk management. In this two-dimensional threshold model, if a risk exceeds both a loss probability and a loss value threshold, risk defusing operators are activated. Some strategies not consistent with the model were also observed, either involving more complex compensatory thinking, or simply anticipating and bearing the risk. Finally, previous experience and emotional responses were found to be associated with risk management behaviour.

Abstract: Guideline judgments in English sentencing have been subjected to little scrutiny by criminologists. This article provides a cognitive psychological perspective on one particularly important guideline judgment, Regina v. Billam and Others which concerns the sentencing of rapists. The authors analyse Billam's internal logic, the kind of sentencing practice prescribed and how the guideline is being applied. A sample of post‐Billam cases where a sentence for rape was appealed is analysed and the results reported. The authors conclude that in appealed rape cases the Court of Appeal appears to have scaled its sentences apparently unconstrained by the Billam scaling implications.

The Euro illusion is a phenomenon related to the money illusion whereby people are biased toward the nominal representation of the Euro (the numbers printed on notes and coins) when evaluating prices in the new currency. In Study 1 the Euro illusion was demonstrated in telephone interviews of a Swedish population-based sample. However, no Euro illusion was found for British students in Study 2. An additional two studies employing student samples demonstrated the Euro illusion for fictitious unknown currencies in that prices of goods or services were evaluated as less expensive when the money unit was larger. An exception, however, was that prices were evaluated as more expensive when the money unit was very small (like the Italian Lira). Furthermore, the illusion was weaker or absent for low-price essential goods or services or for an induced negative attitude toward the currency change.

Abstract. This is the second of two reports using semistructured interviews to explore the current and recollected experiences of Irish people for the period before, during, and after the introduction of Euro notes and coins (1 January 2002). A total of 24 adults were interviewed between October 2002 and February 2003. Most people felt they were adapting well although their knowledge of new prices tended to be fairly sparse. Some reported still experiencing confusion with notes and coins or making errors associated with habitual behavior based on the value of the former currency, the punt. Initially respondents had routinely attempted to make mental or electronic comparisons of Euro and punt prices, although this had become more selective. One year after the transition, some respondents claimed to be thinking in Euros, while others were still thinking in punts. People's reported experience appeared to reveal an adaptation strategy comprising at least two stages, initially involving currency conversion, but later focusing on the relearning of reference prices for certain exemplars.

This chapter focuses on the psychological mechanisms behind the construction of preference.