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The Relationship Between Psychology and Economics


  • Sedef Sen

    (Kastamonu Üniversitesi)


Economics is a science which is constantly progressing and interacting with other sciences. Studies in the economics literature discuss how people display a behavior in the economic decision- making progress. Psychology is a science which explains behavior of people and it cannot be ignored that psychology has a profound effect on economics. Human psychology and behaviors show complex structures, stereotyping people as indicating homogeneous behavior is criticized by many academics and researchers. In this study, it is examined how human psychology guides people when they make economic decisions and the purpose of this research is to analyze how the relationship between economics and psychology has progressed and to explain behavioral economics in this framework.

Suggested Citation

  • Sedef Sen, 2012. "The Relationship Between Psychology and Economics," Working Papers 0001, Okan University Research Centre for Financial Risks, OKFRAM, revised Mar 2012.
  • Handle: RePEc:okn:wpaper:0001

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    Cited by:

    1. Sapovadia, Vrajlal, 2019. "Economic Slowdowns: Fundamentals Overshadowed by Structural and Policy Problems," MPRA Paper 96754, University Library of Munich, Germany.

    More about this item


    Psychological Economics; Behavioral Economics;

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines

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