Psychological construal of economic behavior
Abstract
According to construal level theory (CLT) [Trope, Y., & Liberman, N. (2003). Temporal construal. Physical Review, 110, 403-421], psychological representation of information depends on "psychological distance", that is, on whether the relevant information refers to the near or distant psychological space. While CLT was originally developed to account for intertemporal choice, Trope and Liberman proposed that it could account for other dimensions of psychological distance such as social distance. We follow up on Trope and Liberman's proposal and demonstrate how CLT accounts for a wide range of economic behaviors such as predicting the choices of others, advice giving, saving for retirement, and the failure to annuitize assets at retirement. By explaining how CLT can account for these various economic behaviors and suggesting novel predictions, we hope to stimulate researchers to investigate further the role of psychological distance in economic behavior.Download Info
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Bibliographic Info
Article provided by Elsevier in its journal Journal of Economic Psychology.
Volume (Year): 29 (2008)
Issue (Month): 5 (November)
Pages: 762-776
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Handle: RePEc:eee:joepsy:v:29:y:2008:i:5:p:762-776
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Web page: http://www.elsevier.com/locate/joep
For corrections or technical questions regarding this item, or to correct its listing, contact: (Jeroen Loos).
Related research
Keywords: A12 D01 D14 D90 H55 3040 Behavioral economics Construal level theory Psychology and economics Behavioral decision making;Find related papers by JEL classification:
- A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
- D14 - Microeconomics - - Household Behavior - - - Personal Finance
- D90 - Microeconomics - - Intertemporal Choice and Growth - - - General
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
- 304 - - - - - -
- Beh - Schools of Economic Thought and Methodology - - - - -
- eco - - - - - -
- Con - Mathematical and Quantitative Methods - - - - -
- lev - - - - - -
- the - - - - - -
- Psy - Economic Systems - - - - -
- and - - - - - -
- eco - - - - - -
- Beh - Schools of Economic Thought and Methodology - - - - -
- dec - - - - - -
- mak - - - - - -
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- Lakomaa, Erik, 2009. "The Municipal Takeover of the School System," Working Paper Series in Business Administration 2011:2, Stockholm School of Economics, revised 08 May 2011.
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