Abstract
(English)
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The general objective of the research programme of this network is to enrich the understanding of economic behaviour and the functioning of markets, organisations and institutions, by bringing psychology and economics closer together. This is to be achieved through: (1) the generation of robust evidence on the psychological determinants of economic behaviour, (2) the incorporation of these behavioural principles into rigorous economic models, and (3) the elaboration and empirical testing of the (welfare) economic consequences that can be derived from these models.
To achieve its scientific objectives, the network will launch a number of projects, stimulate the collaboration and information exchange between the participating researchers (which include psychologists), and foster joint work by theoretical and empirical researchers. Application of the methods of game theory and experimental economics, in particular, should generate an unprecedented interaction between theoretical and empirical analysis, promising an acceleration of scientific progress. In the past experimental research has too often lacked the rigor coming from good theoretical models, while theoretical reasoning was too often too little informed and disciplined by empirical regularities. Bringing together excellent researchers from both disciplines, economics and psychology, as well as theoretical and experimental expertise within the framework of an RTN could thus produce substantial scientific returns.
More specifically, the network will apply this approach in the following three areas: incentives, dynamic choice, and institutions and aggregate outcomes of social interaction. These areas have been selected, first of all, because they represent fundamental issues which economic theory aims to address. Furthermore, there is mounting psychological and experimental economic evidence that suggests these are particularly promising areas on which to focus.
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