The Psychology of Contracting

David Frydlinger (), Kate Vitasek (), Jim Bergman () and Tim Cummins ()
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David Frydlinger: Cirio Law Firm
Kate Vitasek: University of Tennessee at Knoxville
Jim Bergman: Commercial Officers Group, Inc
Tim Cummins: World Commerce & Contracting

Chapter Chapter 6 in Contracting in the New Economy, 2021, pp 71-87 from Springer

Abstract: Abstract This chapter, The Psychology of Contracting, focuses shifts to the often overlooked and ignored psychological research that proves that we must think about how people think—and act—when it comes to contracting. Why have a chapter on psychology in a contracting book? The answer is simple. Psychology and behavioral economics focus on what motivates people to act in different ways. Simply put, it is easier to write effective contracts when one understands what motivates people and how common biases can impact decision making. This chapter also discusses the important insights from behavioral economics. Psychology and behavioral economics are highly important areas for contracting professionals to understand. Contracting professionals need to understand the big thinking from some of the most renowned scholars in the field of behavioral economics—and those insights are included in this chapter.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-65099-5_6

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DOI: 10.1007/978-3-030-65099-5_6

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