Economic Psychology

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Economic Psychology

How and why markets aren't rational. Navigational tips for charting the Bermuda Triangle of human economic behavior.

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Global Voices Online - The world is talking. Are you listening?
A Starter Link-a-thon
I've come across some great resources for those who share my interest in Behavioral Economics, Economic Psychology, and/or the many, varied quirks of market behavior. Rather than doing my usual "I can't share the list until it's complete" thing (viz, a very early post I did on my personal breakthrough otherwise known as 'the washing of one fork'), I thought I would just post 'em as they come.

Here's the first:

Ananish Chaudhuri's Behavioral & Experimental Economics Page.

However, I am simultaneously choosing to say that there is more on the way---therby enacting Festinger's theory of cognitive dissonance to stimulate the level of motivation necessary to make good on this pledge. (The technical term for this, among social scientists, is: giving oneself a good, quick - if devious - kick in the pants.)



Microscope or Kaleidoscope:
Tool choice, visual acuity, and the mysteries of the marketplace.
I am endlessly fascinated by Western society's unwavering faith in reason, in particular the persistence of the notion that economic behavior is rational -- despite mountains of evidence to the contrary. This world view is based on a fundamental but demonstrably flawed assumption: that which is 'seen' is independent of the influence of the 'seer'. In other words, the viewer's own clouded lens(es) of beliefs, values, culture, personal history, etc., somehow fail to impair his or her ability to accurately perceive or understand the phenomena under observation. Hmmm...this apparent article of faith is by far the more logical choice for an idea that defies logic.

Here are some links to terrific on-line resources, which demonstrate by example just how relative the 'laws' of economics happen to be.

Buddhist Economics

Rethinking Thinking

'Economic Man' in Cross-cultural Perspective: Behavioral Experiments in 15 Small-scale Societies