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The Psychology of Contracting

In: Contracting in the New Economy

Author

Listed:
  • David Frydlinger

    (Cirio Law Firm)

  • Kate Vitasek

    (University of Tennessee at Knoxville)

  • Jim Bergman

    (Commercial Officers Group, Inc)

  • Tim Cummins

    (World Commerce & Contracting)

Abstract

This chapter, The Psychology of Contracting, focuses shifts to the often overlooked and ignored psychological research that proves that we must think about how people think—and act—when it comes to contracting. Why have a chapter on psychology in a contracting book? The answer is simple. Psychology and behavioral economics focus on what motivates people to act in different ways. Simply put, it is easier to write effective contracts when one understands what motivates people and how common biases can impact decision making. This chapter also discusses the important insights from behavioral economics. Psychology and behavioral economics are highly important areas for contracting professionals to understand. Contracting professionals need to understand the big thinking from some of the most renowned scholars in the field of behavioral economics—and those insights are included in this chapter.

Suggested Citation

  • David Frydlinger & Kate Vitasek & Jim Bergman & Tim Cummins, 2021. "The Psychology of Contracting," Springer Books, in: Contracting in the New Economy, edition 1, chapter 0, pages 71-87, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-65099-5_6
    DOI: 10.1007/978-3-030-65099-5_6
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