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This book provides an overview of the concept of economic psychology from behavioral and mathematical perspectives and related theoretical and empirical findings. Economic psychology is defined briefly as a general term for descriptive theories to explain the psychological processes of microeconomic behaviors and macroeconomic phenomena. However, the psychological methodology and knowledge of economic psychology have also been applied widely in such fields as economics, business administration, and engineering, and they are expected to become increasingly useful in the future - a trend suggested in several eminent scholars' studies. The book explains the numerous behavioral and mathematical models of economic psychology related to micro- and macroeconomic phenomena that have been proposed in the past, and introduces new models that are useful to explain human economic behaviors. It concludes with speculations about the future of modern economic psychology, referring to its connection with fields related to neuroscience, such as neuroeconomics, which have been developed in recent years. Readers require no advanced expertise; nonetheless, an introductory understanding of psychology, business administration, and economics, and a high- school-graduate level of mathematics are useful. To aid readers, each chapter includes a bibliography, which can be referred for more details related to economic psychology.

This book explains behavioral decision theories related to decision-making processes, introducing established as well as new models useful in explaining such processes, and concluding with a discussion of emerging theories in fields such as neuroeconomics.

The present study examined the influence of information search constraints both on the information search pattern and on the perceived inner states during the decision making process. We arranged the following three information search constraints con-ditions: (1) An upper-limited-search (UL) condition in which a decision maker could not examine the same piece of information for the decision task more than once, (2) A lower-limited-search (LL) condition in which a decision maker had to examine every piece of information for the decision task more than once, and (3) A non-limited-search (NL) condition in which a decision maker could examine any number of information. Participants consisted of 76 female and male university students, which were randomly assigned into one out of three conditions. In line with the simplifying and the mobilizing hypotheses, the participants in the UL condition more often used non-compensatory simplifying decision strategies and more slowly checked for information than partici-pants in the LL and NL conditions.

In the present study it was shown that both decision heuristics and social value orientation play important roles in the building of preferences. This was revealed in decision tasks in which participants were deciding about candidates for a job position. An eye-tracking equipment was applied in order to register participants' information acquisition. It was revealed that participants performing well on a series of heuristics tasks (availability, representativeness, anchoríng & adjustment, and attribution) including a confidence judgment also behaved more accurately than low performers in the fulfillment of the preference tasks. It was also established that the high performers were not as influenced by whether uncertainty was presented in terms of probabilities or in terms of frequencies as was the low performers. With regard to social value orientation the results revealed that decision processing differences were more systematic between cooperators and competitors than between cooperators and individualists. Also, the cooperators did not seem to attend more to proenvironmental goals than to profit goals in the evaluation of the candidates. Finally, it was shown that accountable cooperators invested more time in their decisions than those that were not accountable, and that no such difference was observed between accountable and not accountable competitors or individualists.

In an experiment, it was found that information acquisition format of the presented information affected both the nature of the preferences as well as the duration of depth of search and response latency. It was also found that participants attended more to negative than to positive information independent of whether their task was to select or reject alternatives. Finally, it was revealed that accountability lead participants to attend more to the information than if they were not accountable.

This article evaluates the effects of two types of rewards (performance-contingent versus engagement-contingent) on self-regulation, intrinsic motivation and creativity. Forty-two under-graduate students were randomly assigned to three conditions; i.e. a performance-contingent reward group, an engagement-contingent reward group and a control group. Results provide little support for the negative effects of performance rewards on motivational components. However, they do indicate that participants in the engagement-contingent reward group and the control group achieved higher rated creativity than participants in the performance-contingent reward group. Alternative explanations for this finding are discussed.