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Economic and Consumer Psychology


Entry requirements

All 60 ec of the first-year in Psychology obtained.


Economic and consumer behavior is to a large extent social behavior, which means that understanding social cognition is essential to understanding economic and consumer behavior. This course provides advanced knowledge of social cognition (theories, paradigms, empirical findings) and of how this knowledge can in turn be applied to understand and influence economic and consumer behavior. The course consists of 2 complementary parts: lectures and work group sessions. The lectures will provide a solid theoretical basis in social cognition.

The work group sessions consist of discussions, presentations, and assignments, on assigned readings. The discussions are initiated by students’ presentations of the topics. Further, students will work on assignments in which they can apply the readings in a more practical way.

Course objectives

Upon completion of the course, students are able to:

  • recognize and reproduce knowledge about the most important theories, paradigms, and empirical findings in the field of social cognition;

  • apply knowledge of social cognition to understand and analyse economic and consumer behaviour;

  • explain, discuss, and report on problems regarding economic and consumer behaviour; and

  • has further developed his or her academic skills through reading, presenting, assessing, and discussing recent literature on economic and consumer behaviour.


For the timetable of this course please refer to MyTimetable

This course is offered twice a year.



Students must register themselves for all course components (lectures, tutorials and practicals) they wish to follow. You can register up to 5 days prior to the start of the course. The exception here is that first-year bachelor students are assigned and registered for all components in the first semester or academic year by the administration of their bachelor programme. The programme will communicate to these students for which course components and for which period the registration applies.


It is mandatory for all students, including first-year bachelor students, to register for each exam and to confirm registration for each exam in My Studymap. This is possible up to and including 10 calendar days prior to the examination. You cannot take an exam without a valid pre-registration and confirmation in My Studymap.

Carefully read all information about the procedures and deadlines for registering for courses and exams.

Students who take this course as part of a LDE minor or a premaster programme, exchange students and external guest students will be informed by the education administration about the current registration procedure.

Mode of instruction

Eight two-hour lectures and eight two-hour mandatory work group sessions.

Assessment method

Examination consists of multiple-choice questions (50%) and work group sessions assignments (50%). The book “Thinking, Fast and Slow” (Kahneman, 2011), the assigned readings, and the information presented in the lectures are part of the examination material. The examination is in English.. Work group sessions and the work group session assignments are in Dutch or English.

The Institute of Psychology uses fixed rules for grade calculation and compulsory attendance. It also follows the policy of the Faculty of Social and Behavioural Sciences to systematically check student papers for plagiarism with the help of software. Disciplinary measures will be taken when fraud is detected. Students are expected to be familiar with and understand the implications of these three policies.

Reading list

Lecture Readings:

  • Kahneman, D. (2011). Thinking, fast and slow. Farrar, Straus and Giroux.. ISBN-13: 978-0141033570

Additional Readings:

  • Yang, M., & Roskos-Ewoldsen, D. R. (2007). The effectiveness of brand placements in the movies: Levels of placements, explicit and implicit memory, and brand-choice behavior. Journal of Communication, 57 (3), 469-489.

  • Cheung, C. M. Y., Sia, C. L., & Kuan, K. K. (2012). Is this review believable? A study of factors affecting the credibility of online consumer reviews from an ELM perspective. Journal of the Association for Information Systems, 13(8), 618-635.

  • Antonetti, P., & Maklan, S. (2014). Feelings that make a difference: How guilt and pride convince consumers of the effectiveness of sustainable consumption choices. Journal of Business Ethics, 124 (1), 117-134.

  • Chang, C. (2021). How morality judgments influence humor perceptions of prankvertising. International Journal of Advertising, 40(2), 246-271.

  • Paek, H. J., Yoon, H. J., & Hove, T. (2011). Not all nutrition claims are perceived equal: Anchoring effects and moderating mechanisms in food advertising. Health communication, 26(2), 159-170.

  • Cui, Y. G., Kim, S. S., & Kim, J. (2021). Impact of preciseness of price presentation on the magnitude of compromise and decoy effects. Journal of Business Research, 132, 641-652.

  • Vo, T. T., Xiao, X., & Ho, S. Y. (2019). How does corporate social responsibility engagement influence word of mouth on Twitter? Evidence from the airline industry. Journal of Business Ethics, 157(2), 525-542.

  • Aqueveque, C. (2018). Ignorant experts and erudite novices: Exploring the Dunning-Kruger effect in wine consumers. Food Quality and Preference, 65, 181-184.

  • Nash, J. G., & Rosenthal, R. A. (2014). An investigation of the endowment effect in the context of a college housing lottery. Journal of Economic Psychology, 42, 74-82.

  • Wohl, M. J., Branscombe, N. R., & Lister, J. J. (2014). When the going gets tough: Economic threat increases financial risk taking in games of chance. Social Psychological and Personality Science, 5(2), 211-217.

  • Tiefenbeck, V., Staake, T., Roth, K., & Sachs, O. (2013). For better or for worse? Empirical evidence of moral licensing in a behavioral energy conservation campaign. Energy Policy, 57, 160-171.

  • Cho, H., & Schwarz, N. (2008). Of great art and untalented artists: Effort information and the flexible construction of judgmental heuristics. Journal of Consumer Psychology , 18(3), 205-211.

  • Guan, J., Ma, E., & Bi, J. (2021). Impulsive Shopping Overseas: Do Sunk Cost, Information Confusion, and Anticipated Regret Have a Say?. Journal of Hospitality & Tourism Research, 10963480211024450.

  • Loveland, K. E., Smeesters, D., & Mandel, N. (2010). Still preoccupied with 1995: The need to belong and preference for nostalgic products. Journal of Consumer Research, 37(3), 393-408.

  • Carter, T. J., & Gilovich, T. (2012). I am what I do, not what I have: The differential centrality of experiential and material purchases to the self. Journal of Personality and Social Psychology , 102(6), 1304-1317.

  • Kervyn, N., Fiske, S. T., & Malone, C. (2022). Social perception of brands: Warmth and competence define images of both brands and social groups. Consumer Psychology Review, 5(1), 51-68.

  • Connors, S., Spangenberg, K., Perkins, A., & Forehand, M. (2021). Health-Based Weight Stereotypes in Advertising: Perpetuating Unhealthy Responses among Overweight Identifiers. Journal of Advertising, 50(2), 97-118.

  • Grau, S. L., & Zotos, Y. C. (2016). Gender stereotypes in advertising: a review of current research. International Journal of Advertising, 35(5), 761-770.

  • To be announced on Brightspace.

Contact information

Dr. Marco van Bommel