Behavioral economists ask questions mostly about the way people make economic choices/judgments or the way particular financial systems (retirement plans, tax codes, etc.) affect those responses (Thaler, 2018). Social psychologists are willing to consider other, non-fiscal personal choices as well. For instance, my research teams have investigated why people are motivated to litter a public space, wear a home team sweatshirt, display charity organization posters, reuse hotel guest room towels, and volunteer to give a unit of blood.
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Second, behavioral economists still have to fight the rationality-versus-irrationality-of human-behavior battle (Rosalsky, 2018). For example, to ensure that interpretations based in neoclassical economic theory are duly addressed, they are more likely than social psychologists to include in their research designs at least one condition involving a rational actor prediction. For their part, social psychologists have no such need, having long ago come to concur with Rabelais’ six-century-old observation regarding the pervasiveness of human illogic: “If you wish to avoid seeing a fool, you must first break your mirror.” As an aside, I once asked Richard Thaler’s opinion of why proponents of neoclassical economic thinking have been so reluctant to admit to the frequent irrationality of our species. He thought it was partially due to the elevation within economics of mathematical modeling, which works best at incorporating rational rather than irrational elements—and remains the professional standard, conferring status on the modeler.
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Finally, behavioral economists are more likely to test their hypotheses in large scale field studies of consequential behaviors observed in real world settings—versus in laboratory investigations of relatively inconsequential personal choices made on a keypad. Why social psychologists have tended to stay tenaciously in the laboratory has multiple answers. Convenience, quick and plentiful outcomes to be submitted for publication, and the ability to collect ancillary data for mediational analyses have all played a role. But, much like Thaler’s view of what occurred within economics, a reputational factor may be involved. Academic social psychology evolved from a discipline that many considered insufficiently rigorous (until 1965, its flagship publication was the Journal of Abnormal and Social Psychology) into one that fought for stature as scientifically-based rather than clinically-based. If it is true that many economists have clung to financial rationality because of the prestigious mathematical trappings of econometric models, perhaps many social psychologists have clung to the laboratory because of its prestigious links to rigorous science.
Comments, observations and thoughts from two bloggers on applied statistics, higher education and epidemiology. Joseph is an associate professor. Mark is a professional statistician and former math teacher.
Monday, July 15, 2019
Robert Cialdini on the relationship between behavorial economics and social psychology
From a good, high-level (and non-walled) article in Psychology Today, quoting from Cialdini's introduction to The Behavioral Economics Guide 2018:
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