BS Economics with minor in Psychology attempts to integrate psychological understanding of human behavior into economic analysis. In this respect, behavioral economics parallels cognitive psychology, which attempts to guide individuals toward healthier behaviors by correcting cognitive and emotional barriers to the pursuit of genuine self-interest. The basic message of this track is that humans are hard wired to make judgment errors and they need a nudge to make decisions that are in their own best interest. The understanding of where people go wrong can help people go right. This approach complements and enhances the rational choice model. No prior knowledge of economics and psychology is needed to enroll on this program.
WHY THIS FIELD OF STUDY?
BS Economics with minor in Psychology typically cover the underlying psychological factors that drive the economic decisions of individuals. This is an interdisciplinary field that teaches about analyzing consumer behavior and economic data in order to design more effective economic policies. The field draws heavily on psychology and sociology, so individuals interested in a career in behavioral economics may want to take courses in these areas in addition to economics classes.