Introduction to Psychology
Fields

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Economic psychology and decision science

The study of how people make judgments and decisions, including economic behavior, pursued by psychologists together with economists and other researchers.

Also called: judgment and decision making, economic psychology

Interdisciplinary fieldWork and technology

Type of entry
Interdisciplinary fieldAn area that draws on psychology together with other disciplines. Types are editorial labels, not an official classification.
Cluster
Work, technology, and performanceOrganizations, design, markets, media, sport and the military.
Sources opened
3 of 30 read as a full page, 3 as selected text or an abstract, 0 not verified.
Independent review
Admitted after correctionsClaude Code reviewer agent, separate from the writer, 2026-10-21. 8 claims checked against 3 sources opened by the reviewer.

What it studies

Economic psychology and decision science study how people make judgments and decisions. The Society for Judgment and Decision Making describes its subject as judgments and decisions studied from normative, descriptive and prescriptive perspectives. Its members include psychologists, economists, organizational researchers and decision analysts, so the area sits between psychology and neighboring disciplines.

History and people

Two societies are documented in the sources opened here. The International Association for Research in Economic Psychology was founded in 1982 and created the Journal of Economic Psychology. The Society for Judgment and Decision Making was formally established in 1986; its history page also lists a 1980 meeting program and an undated predecessor meeting. James C. Shanteau is the earliest listed president, serving 1986 to 1987.

People and documented roles

  • James C. Shanteau. Earliest listed president of the Society for Judgment and Decision Making (1986 to 1987)
    • Listed as the society's president for 1986 to 1987. [2]

The sources opened name only a society officer. They do not document who pioneered economic psychology or decision research, and no founder is claimed.

Dated milestones

  • 1982Society or organization formed. Year.IAREP states that it was founded. [3]
  • 1986Society or organization formed. Year.The Society for Judgment and Decision Making states it was formally established; the page also lists a 1980 meeting program and an undated predecessor meeting. [2]

Methods

The pages opened here do not list research methods. They do show that work is presented at annual meetings and published in society journals, and that the area separates normative, descriptive and prescriptive theories of decisions. Which empirical designs dominate is not established by these sources.

Training and applications

Findings reach several disciplines because members come from psychology, economics, organizational research and decision analysis. IAREP lists among its aims to further research, teaching and the study of economic psychology, holds an annual conference, usually at a European university, and supports summer schools and workshops. The sources opened describe no licensed profession or credential in this area. Any titles or licenses are set by regulators, not by this guide.

Boundaries and limits

The two societies name the area differently: one speaks of judgment and decision making, the other of economic psychology. A society's founding year is not the origin of the field, and work before 1982 is not documented in these sources. No single founder is established. The area overlaps with cognitive and consumer psychology.

Evidence behind the claims

  • The Society for Judgment and Decision Making describes itself as an interdisciplinary academic organization studying judgments and decisions from normative, descriptive and prescriptive perspectives.

    What it studiesThe organization's own descriptionSource: [1]Where: Home page, opening description

  • The society's membership includes psychologists, economists, organizational researchers and decision analysts.

    What it studiesThe organization's own descriptionSource: [1]Where: Home page, description of members

  • The Society for Judgment and Decision Making states that it was formally established in 1986; its history page also lists a 1980 meeting program and an undated predecessor meeting, and its officer lists include service before 1986.

    History and peopleThe organization's own descriptionSource: [2]Where: Officers section, note on service prior to formal establishment

  • The International Association for Research in Economic Psychology (IAREP) states that it was founded in 1982.

    History and peopleThe organization's own descriptionSource: [3]Where: Association description, opening line

  • IAREP founded the Journal of Economic Psychology and elects its editors-in-chief.

    History and peopleThe organization's own descriptionSource: [3]Where: Journal paragraph

  • IAREP lists among its aims to further research, teaching and the study of economic psychology; it holds an annual conference, usually at a European university, and supports graduate summer schools and workshops.

    Training and applicationsThe organization's own descriptionSource: [3]Where: Aims paragraph

  • James C. Shanteau is the earliest president listed on the society's history page, for 1986 to 1987.

    History and peopleDocumented in the sourceSource: [2]Where: Past officers list

  • The society holds an annual meeting where members present research and publishes the journal Judgment and Decision Making.

    MethodsThe organization's own descriptionSource: [1]Where: Home page, meeting and journal paragraphs

In the Psy101 course

  • OpenStax Psychology 2e, section 7.3: Problem SolvingChapter 7, Thinking and Intelligence. Topic reading. Nearest related reading; direct coverage of this field has not been verified.Problem solving is the nearest textbook reading on judgment and choice; not opened.

This is course relevance only. It is not evidence for the historical or practice claims on this page.See the full course map.

Sources and inspection

3 of 3 sources were opened and read at the level shown. A source marked as not verified supports no claim on this page by itself.

  1. [1]
    Society for Judgment and Decision MakingSociety for Judgment and Decision Making, undated. Professional association. Supports the definition of the area.Selected text readRead the home page description of the society, its members, annual meeting, journal and FABBS/Psychonomic ties; the linked history and records pages were not opened from this page.
  2. [2]
    SJDM history pageSociety for Judgment and Decision Making, undated. Society history. Supports the history.Selected text readRead the statement on formal establishment in 1986, the officer lists, a 1980 program link and an undated predecessor meeting; the page title shown here is descriptive and linked program archives were not opened.
  3. [3]
    What is IAREP?International Association for Research in Economic Psychology, undated. Professional association. Supports the history.Selected text readRead the association description: founding in 1982, aims, journal, annual conference and workshops; the page has little further history.

Independent source review: Claude Code reviewer agent, separate from the writer, 2026-10-21. Verdict: Admitted after corrections. Of 8 claims checked, 7 were supported as written, 1 were reworded and 0 were removed.