Psychology of Economic Life

Overview

Overview

The Psychology of Economic Life programme from London School of Economics and Political Science content is organised along two themes: understanding economic behaviour and shaping economic behaviour. Firstly, understanding economic behaviour. In this theme, students will be exposed to key thinkers, theories and recent research in social sciences and economic psychology. Topics in this theme are for instance mental accounts, psychological contracts, decision-heuristics, and social norms for consumption. Secondly, shaping economic behaviour. In this theme, students are introduced to new approaches in behavioural design. Topics here include nudging and installations. Putting both themes together, this MSc seeks to integrate theory with practical application.

The aspiration of the MSc programme is to apply the knowledge learned towards making the world a better place. As such, we seek to apply realistic psychological knowledge to enable more sustainable business models, products, and organisations. We intend to explore new pathways for the economic life of society, beyond the status quo.

The contents of this master's is best represented by former students’ essays. Two notes regarding the orientation of the programme. Firstly, it's grounded in psychological and behavioural science. Hence, although it makes use of statistics, it does not cover formal mathematical modelling of economic phenomena, and is also open to qualitative investigations.  Secondly, it draws inspiration from social science theorists. As such, the MSc will have a broader scope than other conventional programmes in psychology.

Careers

Roles for which the contents are of particular interests include (but are not limited to): consultancy roles (eg management consultant), market interface roles (e.g., product manager, project manager, marketing manager), behavioural insights roles (eg market researcher, policy analyst), and business psychology roles (eg organisational designer)