IDEAS home Printed from https://ideas.repec.org/a/eee/joepsy/v33y2012i3p677-685.html
   My bibliography  Save this article

Why process matters: A social cognition perspective on economic behavior

Author

Listed:
  • Crusius, Jan
  • van Horen, Femke
  • Mussweiler, Thomas

Abstract

Much research on economic behavior has been devoted to demonstrating deviations from standard economic theories. Such descriptive research has proven invaluable in showing that systematic violations of the norm occur frequently in human decision making. Here, we advocate a shift to a more process-focused research approach aimed at uncovering the why of economic behavior. We provide several examples highlighting that seemingly similar phenomena can be governed by very different psychological processes, that the same processes can have explanatory power in very different domains, and that the situational context is a crucial determinant of the mental processes governing behavior. In doing so, we advocate a social-cognitive perspective on economic behavior, aimed at revealing the psychological mechanisms that shape how people construe a particular situation. We hope that such a perspective can contribute to theoretical and empirical integration, novel predictions, and more precise strategies to change behavior.

Suggested Citation

  • Crusius, Jan & van Horen, Femke & Mussweiler, Thomas, 2012. "Why process matters: A social cognition perspective on economic behavior," Journal of Economic Psychology, Elsevier, vol. 33(3), pages 677-685.
    • Handle: RePEc:eee:joepsy:v:33:y:2012:i:3:p:677-685
    DOI: 10.1016/j.joep.2011.09.004
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0167487011001425
    Download Restriction: Full text for ScienceDirect subscribers only

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Ernst Fehr & Klaus M. Schmidt, 1999. "A Theory of Fairness, Competition, and Cooperation," The Quarterly Journal of Economics, Oxford University Press, vol. 114(3), pages 817-868.
    2. Kay, Aaron C. & Wheeler, S. Christian & Bargh, John A. & Ross, Lee, 2004. "Material priming: The influence of mundane physical objects on situational construal and competitive behavioral choice," Organizational Behavior and Human Decision Processes, Elsevier, vol. 95(1), pages 83-96, September.
    3. Loewenstein, George, 2001. " The Creative Destruction of Decision Research," Journal of Consumer Research, Oxford University Press, vol. 28(3), pages 499-505, December.
    4. Axel Ockenfels & Gary E. Bolton, 2000. "ERC: A Theory of Equity, Reciprocity, and Competition," American Economic Review, American Economic Association, vol. 90(1), pages 166-193, March.
    5. Carmon, Ziv & Ariely, Dan, 2000. " Focusing on the Forgone: How Value Can Appear So Different to Buyers and Sellers," Journal of Consumer Research, Oxford University Press, vol. 27(3), pages 360-370, December.
    6. Mussweiler, Thomas & Englich, Birte, 2005. "Subliminal anchoring: Judgmental consequences and underlying mechanisms," Organizational Behavior and Human Decision Processes, Elsevier, vol. 98(2), pages 133-143, November.
    7. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
    8. Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard H, 1990. "Experimental Tests of the Endowment Effect and the Coase Theorem," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1325-1348, December.
    9. Chapman, Gretchen B. & Johnson, Eric J., 1999. "Anchoring, Activation, and the Construction of Values, , , , , ," Organizational Behavior and Human Decision Processes, Elsevier, vol. 79(2), pages 115-153, August.
    10. Linda Babcock & Xianghong Wang & George Loewenstein, 1996. "Choosing the Wrong Pond: Social Comparisons in Negotiations That Reflect a Self-Serving Bias," The Quarterly Journal of Economics, Oxford University Press, vol. 111(1), pages 1-19.
    11. Leiser, David & Azar, Ofer H. & Hadar, Liat, 2008. "Psychological construal of economic behavior," Journal of Economic Psychology, Elsevier, vol. 29(5), pages 762-776, November.
    12. Thaler, Richard, 1980. "Toward a positive theory of consumer choice," Journal of Economic Behavior & Organization, Elsevier, vol. 1(1), pages 39-60, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Meub, Lukas & Proeger, Till & Bizer, Kilian, 2013. "Anchoring: A valid explanation for biased forecasts when rational predictions are easily accessible and well incentivized?," Center for European, Governance and Economic Development Research Discussion Papers 166, University of Goettingen, Department of Economics.
    2. repec:eee:joepsy:v:61:y:2017:i:c:p:74-86 is not listed on IDEAS
    3. Mira Fischer & Sebastian Lotz, 2014. "Is Soft Paternalism Ethically Legitimate? - The Relevance of Psychological Processes for the Assessment of Nudge-Based Policies," Cologne Graduate School Working Paper Series 05-02, Cologne Graduate School in Management, Economics and Social Sciences.
    4. Dorrough, Angela R. & Leszczyńska, Monika & Barreto, Manuela & Glöckner, Andreas, 2016. "Revealing side effects of quota rules on group cooperation," Journal of Economic Psychology, Elsevier, vol. 57(C), pages 136-152.
    5. Meub, Lukas & Proeger, Till E., 2015. "Anchoring in social context," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 55(C), pages 29-39.
    6. Lotz, Sebastian & Schlösser, Thomas & Cain, Daylian M. & Fetchenhauer, Detlef, 2013. "The (in)stability of social preferences: Using justice sensitivity to predict when altruism collapses," Journal of Economic Behavior & Organization, Elsevier, vol. 93(C), pages 141-148.
    7. Luchini, Stéphane & Watson, Verity, 2013. "Uncertainty and framing in a valuation task," Journal of Economic Psychology, Elsevier, vol. 39(C), pages 204-214.
    8. Angela Ambrosino, 2017. "The Role of Agents’ Propensity toward Conformity and Independence in the Process of Institutional Change," STOREPapers 1_2017, Associazione Italiana per la Storia dell'Economia Politica - StorEP.
    9. Meub, Lukas & Proeger, Till, 2014. "Are groups 'less behavioral'? The case of anchoring," Center for European, Governance and Economic Development Research Discussion Papers 188, University of Goettingen, Department of Economics.
    10. Meub, Lukas & Proeger, Till, 2014. "An experimental study on social anchoring," Center for European, Governance and Economic Development Research Discussion Papers 196, University of Goettingen, Department of Economics.
    11. Posten, Ann-Christin & Ockenfels, Axel & Mussweiler, Thomas, 2014. "How activating cognitive content shapes trust: A subliminal priming study," Journal of Economic Psychology, Elsevier, vol. 41(C), pages 12-19.
    12. Farrow, Katherine & Grolleau, Gilles & Ibanez, Lisette, 2017. "Social Norms and Pro-environmental Behavior: A Review of the Evidence," Ecological Economics, Elsevier, vol. 140(C), pages 1-13.
    13. Lange, Jens & Krahé, Barbara, 2014. "The effects of information form and domain-specific knowledge on choice deferral," Journal of Economic Psychology, Elsevier, vol. 43(C), pages 92-104.

    More about this item

    Keywords

    Social cognition; Psychological processes; Economic psychology; Behavioral economics;

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • C9 - Mathematical and Quantitative Methods - - Design of Experiments

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:joepsy:v:33:y:2012:i:3:p:677-685. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dana Niculescu). General contact details of provider: http://www.elsevier.com/locate/joep .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.