Our days are filled with countless decisions and the consequences of these decisions. And if this is not already hard enough by itself, companies and organisations try to influence our choices and decisions, through marketing and advertising. But how do we decide? How rational are our choices? How do we sell our own products and ideas to others? As economic behaviours overlap to a large extent with social behaviours, the master’s specialisation in Economic and Consumer Psychology has a lot to offer in answering these questions.
In the master’s specialisation in Economic and Consumer Psychology, students will study the psychological mechanisms that underlie many of our choices and decisions concerning consumption and other economic behaviours. It aims at providing students with comprehensive knowledge and excellent skills in economic and consumer psychology, which will enable them to work independently at a professional level in a relevant field.
“Economics is at least 50% Psychology.”
“We are all consumers, making more or less important decisions and choices on a daily basis. Models of human decision-making have been dominated by economic theories and the view of people as Homo Economicus. But we are not homo economicus; we are Homo Sapiens with desires, beliefs, and emotions.
Economics is at least 50% psychology, and psychology can help to broaden the view of human nature. Fortunately, more and more elements from psychology are becoming introduced into economics. The psychologist Daniel Kahneman received the Nobel Prize for economics. Behavioural economists Richard Thaler and Cass Sunstein wrote a best-selling book (Nudge) on how policy making can be improved by combining insights from economics and psychology.
So, psychology is starting to make a difference, but there is still a long way to go. Our master’s specialisation in Economic and Consumer Psychology will train students to build bridges between economics and psychology.
And can we make a difference? Yes, we can!”