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MULTIDIMENSIONAL AND 

INTERDISCIPLINARY APPROACH FOR 
BEHAVIORAL ECONOMICS  

 
Editorial of the International Journal of Economic Behavior, Vol. 9 

  
 

Understanding the human mind is an issue still characterized by great complexity, despite the 
fact that over the years the field of neurosciences has made great advances and technology 
allowed a greater ability to explore the cognitive processes of the human being. In economics, 
it is important to consider how people’s mind regulates and classifies information for making 
decisions and the impact that their coding has on emotional reactions, feelings and choices. 

Since the nineties, behavioral economics has taken on an increasingly important role, 
especially thanks to the contribution of psychologists Kahneman and Tversky, authors of the 
first model aimed at formalizing cognitive decision-making mechanisms in uncertain situations. 
This current of thought is opposed to the principles proposed by the classical economics, based 
on the hypothesis of rationality of decision makers, able through their choices to maximize the 
benefits of organizations. On the other side, a cognitive approach to the choices of economic 
agents considers the influence that a series of cognitive bias have on decision-making processes, 
which often lead to suboptimal results.  

The models developed within the behavioral economics do not have as their ultimate goal 
to replace traditional economic models, but to contribute in providing an explanation of human 
behavior within the economic sphere that classical principles only partially recognize. 
Introducing a cognitive approach allows to understand more in depth both human nature and 
the limits of classical models. 

The economic perspective assumes that decision-makers are rational and consistent with 
the objective of maximizing a subjectively expected utility; the behavioral perspective adds 
more realistic parameters related to the influence of social norms, emotions, environmental 
factors, taking into account that humans' powers of computation and cogitation are limited, and 
people are not consistent. Of course, when interpreting economic phenomena, the assumption 
of purely rational and coherent behavior is unlikely to be realistic. To understand the economic 
behavior, a multidimensional, interdisciplinary approach becomes necessary, the distance 
between different research communities must be reduced and opportunities from the integration 
of research methodologies must be pursued. Sociology, political sciences, psychology, 
neurosciences, biology, anthropology, can contribute in completing the analytical perspectives 
that are needed for the exploration of the human behavior in the economic field. 

The papers of this issue of the International Journal of Economic Behavior (IJEB) 
contribute in the construction of the complex framework of concepts and tools that is necessary 
for studying economic behavior.   

The first article entitled "Equal or Nothing”: Concern for Fairness and Reciprocity in Trust 
Game", by Chiradip Chatterjee, Christopher Johnson and Arthur Sams, presents the results of 
a contingent trust game experiment measuring the impact of a ‘fair’ allocation by the proposer 
on the reciprocal reaction of the responder. Results suggest that in response to unequal 
allocations, responders return more proportionally, as an evidence of negative reciprocity. 

International Journal of Economic Behavior, vol. 9, n. 1, 2019, 1-2 



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The second article from John Kolade Obamiro, Babatunde Oladipupo Kumolu-Johnson, 
and Justice Chidi Ngwamaj entitled "Workforce Diversity and Employees’ Performance: 
Evidence from a Nigerian Bank”, examines the relationship between workforce diversity and 
employee performance in a Nigerian bank. The objective of the study is to examine the 
relationship between gender diversity and job satisfaction, and between ethnic diversity and 
employee intention to quit. Results show a strong relationship between workforce diversity 
variables and employee performance, suggesting promoting equal employment and opportunity 
for career growth for all gender. 

Rahim Ajao Ganiyu, with the article entitled "A Study of the Influence of Entrepreneurial 
Orientation on the Business Performance of Auto Artisans Firms within Lagos State Metropolis 
in Nigeria” investigates the relationship between entrepreneurial orientation and business 
performance of small auto artisans within Lagos state metropolis. Results show that all the 
entrepreneurial orientation dimensions (innovativeness, risk taking, proactiveness, competitive 
aggressiveness, and autonomy) are significantly related to one another and business 
performance. 

“Corruption: Where and Why (and How to Beat It)?” is the subject of the article from 
Štefan Šumah and Matic Borošak. The authors, based on a country analysis, researched the 
main factors that affect the level of corruption, by focusing on two key questions: where 
corruption is occurring and why is it occurring.  

The article entitled “Appraising the Efficacy of the National Economic Empowerment and 
Development Strategy (NEEDS) as Policy Intervention in Nigeria (2003-2007)” by Sunday 
Abayomi Adebisi, Abiodun Adebowale Oyedele, and Christo Gbenga Adelakun, examines the 
efficacy of the NEEDS as policy intervention. The result of the study indicated that the NEEDS 
policy was not effective on the targeted growth and development indicators, and there were no 
significant differences after the intervention of NEEDS. 

Nichel Gonzalez, with the paper entitled “Nominal or Proportional Investments: 
Investment Strategies, Judgments of Asset Accumulations and Time Preference”, analyses how 
fund investment strategies can be influenced by the response format, nominal or proportional.  

The article from George Obeng  (“Contractual Obligation of Claims. A Factor Influencing 
Investors Choices of Capital”) investigates how contractual obligations of claims influence the 
choice of capital in emerging markets. The study reveals influence of security over assets and 
contracted claims on decisions.  

Ik Muo, Adebiyi Abosede, Jonathan Ehimen Ekpudu, and Bilqis Bolanle Amole present a 
research on “Leadership Styles, Organizational Politics and Employees` Commitment in 
Selected Public and Private Organizations in Lagos State, Nigeria”. To achieve its objectives, 
the study probed the direct relationship that exists between organizational politics and the 
leadership styles used in both private and public organization. Results revealed a relationship 
between leadership styles and employees’ commitment, and between organizational politics 
and employees’ commitment. 

“An Examination of Governance Typology in Nigeria Higher Education System” is the 
title of the article authored by Abdulazeez Abioye Lawal, Waidi Adeniyi Akingbade, and 
Hameed Omotola Ojodu. The article explores corporate governance (CG) culture and its 
challenges in Nigeria higher education institutions. The results revealed the adoption of CG 
structures and processes, and the non-existence of disclosure of CG practices. 

 
 
 
Fabio Musso 
Editor-in-Chief