Ψ represents a letter of the Greek alphabet which, in English, is pronounced 'psi'. I guess that is why it has been used as an abbreviation for 'psychology', or sometimes, 'psychiatry', because it sounds like the first syllable of those words. See http://tagal.us/tag/%CE%A8 if I may quote myself as authority, although I'm a programmer, not a psychologist nor a psychiatrist.:)
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