216:, for example), that pursuing one's individual self-interest promotes social well-being. In Book V, Chapter I, Smith argues, "The man whose whole life is spent in performing a few simple operations, of which the effects are perhaps always the same, or very nearly the same, has no occasion to exert his understanding or to exercise his invention in finding out expedients for removing difficulties which never occur. He naturally loses, therefore, the habit of such exertion, and generally becomes as stupid and ignorant as it is possible for a human creature to become." This could be seen as prefiguring one part of
225:
factors, natural and social. It had been found to be the foundation of neoclassical theory of the firm which assumed that individual agents would act rationally amongst other rational individuals. In which Adam Smith explains that the actions of those that are rational and self-interested under homo economicus promotes the general good overall which was understood as the efficient allocation of material wealth. However, social scientists had doubted the actual importance of income and wealth to overall happiness in societies.
618:. From this they argued the endowment effect acts on us by making it painful for us to give up the endowment. Kahneman also argued against the rational-agent model in which agents make decisions with all of the relevant context including weighing all possible future opportunities and risks. Evidence supports the claim that decisions are often made by "narrow framing" with investors making portfolio decisions in isolation from their entire portfolio (Nicholas Barberis et al., 2003).
464:
221:
the time needed for travel and trade, through "expedients", such as steam-engine ships, here means the typical argument that capitalism brings freedom of entrepreneurship and innovation, which then bring prosperity. Thus, Smith is not unreasonably called "The Father of
Capitalism"; early on, he theorized many of today's most widespread and deep-seated pro-capitalism arguments.
626:
opposed Homo
Economicus had found that individuals will constantly adjust their choices according to changes in their income and market prices. Furthermore, Kahneman and Tversky had conducted experiments exploring prospect theory where results from several experiments concluded that individuals will generally put higher importance on avoiding loss over making a gain.
606:, Thaler wrote features on the many ways observed economic behavior in markets deviated from theory. One such anomaly was the endowment effect by which individual preferences are framed based on reference positions (Kahneman et al., 1990). In an experiment in which one group was given a mug and the other was asked how much they were
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eating chocolate cake and losing weight) or between individual goals and societal values. Such conflicts may lead to "irrational" behavior involving inconsistency, psychological paralysis, neurosis, and psychic pain. Further irrational human behaviour can occur as a result of habit, laziness, mimicry
233:
sought to demote this model from its broad classification under the 'genus homo', arguing that it insufficiently captured the complex ethical and behavioral dimensions of human decision-making. Their critique emphasized the need for a more nuanced understanding of human agency beyond the mere pursuit
555:
in the making of economic decisions, rather than relying on the rational man who is fully informed of all circumstances impinging on his decisions. They argue that perfect knowledge never exists, which means that all economic activity implies risk. Austrian economists rather prefer to use as a model
220:
of labor; and also as a pro-worker argument against the division of labor and the restrictions it places upon freedom of occupation. But even so, taken in the context of the work as a whole, Smith clearly intends it in a pro-capitalism, pro-bourgeoisie, way: "removing difficulties", such as reducing
514:
The system established by the concept of the homo economicus has become the basis for the concepts used in economics."Self-interest is the main motivation of human beings in their transactions" is a theoretical structure in the concept of homo economicus. Over the years, economists have studied and
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are rational. In 1995, Tversky demonstrated the tendency of investors to make risk-averse choices in gains, and risk-seeking choices in losses. The investors appeared as very risk-averse for small losses but indifferent for a small chance of a very large loss. This violates economic rationality as
304:
is optimized given perceived opportunities. That is, the individual seeks to attain very specific and predetermined goals to the greatest extent with the least possible cost. Note that this kind of "rationality" does not say that the individual's actual goals are "rational" in some larger ethical,
177:
Later in the same work, Mill stated that he was proposing "an arbitrary definition of man, as a being who inevitably does that by which he may obtain the greatest amount of necessaries, conveniences, and luxuries, with the smallest quantity of labour and physical self-denial with which they can be
444:
has argued there are grave pitfalls in assuming that rationality is limited to selfish rationality. Economics should build into its assumptions the notion that people can give credible commitments to a course of conduct. He demonstrates the absurdity with the narrowness of the assumptions by some
625:
In
Kahneman-Tverskyâs criticism of the Homo Economicus model, many mainstream economists had utilised deductive logic to further progress the Homo Economicus idea as opposed to Daniel Kahneman and Amos Tversky in which they had applied inductive logic. Further findings of their experiments that
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possessing stable and well-defined preferences that they consistently act upon in a self-interested manner. Using insights from psychological experiments found explanations for anomalies in economic decision-making that seemed to violate rational choice theory. Writing a column in the
Journal of
224:
The early role of Homo
Economicus within neoclassical theory was summarised to include a general objective of discovering laws and principles to accelerate further growth within the national economy and the welfare of ordinary citizens. These laws and principles were determined by two governing
172:
does not treat the whole of man's nature as modified by the social state, nor of the whole conduct of man in society. It is concerned with him solely as a being who desires to possess wealth, and who is capable of judging the comparative efficacy of means for obtaining that
697:. Frey and others argue that too much emphasis on rewards and punishments can "crowd out" (discourage) intrinsic motivation: paying a boy for doing household tasks may push him from doing those tasks "to help the family" to doing them simply for the reward.
844:, aimed at practical use in the economic sphere (e.g. economic calculus), and the" anthropological" version, aimed at depicting a certain type of man, or even human nature in general. The former has proved unrealistic, liable to be corrected resorting to
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ignores an extremely important question, i.e. the origins of tastes and the parameters of the utility function by social influences, training, education, and the like. The exogeneity of tastes (preferences) in this model is the major distinction from
788:, by comparison, shows an elevated stimulation of the pleasure circuits of the whole brain, reduction in the levels of stress, optimal functioning of the immune system, reduction in cortico-steroids and epinephrine and cortisol, activation of the
449:"Where is the railway station?" he asks me. "There," I say, pointing at the post office, "and would you please post this letter for me on the way?" "Yes," he says, determined to open the envelope and check whether it contains something valuable.
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in 1958, to parody the image of human nature given in some sociological models that attempt to limit the social forces that determine individual tastes and social values. (The alternative or additional source of these would be biology.) Hirsch
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levels are minimised, and the general immune system shows a level of suppression. Such a pattern is associated with a generalised reduction in the levels of trust. Unsolicited "gift giving", considered irrational from the point of view of
228:
The term 'Homo economicus' was initially critiqued for its portrayal of the economic agent as a narrowly defined, money-making animal, a characterization heavily influenced by the works of Adam Smith and John Stuart Mill. Authors from the
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model assume that agents know what is best for their long-term physical and mental health. For example, an agent's utility function could be linked to the perceived utility of other agents (such as one's husband or children), making
110:, and are capable of arbitrarily complex deductions towards that end. They will always be capable of thinking through all possible outcomes and choosing that course of action which will result in the best possible result.
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Falk, A. (2003). Homo
Economicus versus Homo Reciprocans: Studies on a New Social Political Model of Change? Perspektiven der WirtschaftspolitikâŻ: PWPâŻ: eine Zeitschrift des Vereins fĂŒr Socialpolitik, 4(1),
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came to dominate mainstream economics. The term "economic man" then took on a more specific meaning: a person who acted rationally on complete knowledge out of self-interest and the desire for wealth.
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model assume that this hypothetical individual knows what is best for their long-term physical and mental health and can be relied upon to always make the right decision for themself. See
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In advanced-level theoretical economics, scholars have modifyied models enough to more realistically depict real-life decision-making. For example, models of individual behavior under
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assumptions have been criticized not only by economists on the basis of logical arguments, but also on empirical grounds by cross-cultural comparison. Economic anthropologists such as
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usually understood. Further research on this subject, showing other deviations from conventionally defined economic rationality, is being done in the growing field of experimental or
771:, associated with elevated levels of stress. It seems that the dopaminic system is only activated upon achieving the reward, and otherwise the "pain" receptors, particularly in the
610:(WTP) for the mug, it was found that the price that those endowed with the mug where willingness to accept (WTA) greatly exceeded that of the WTP. This was seen as falsifying the
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Rilling, J.K.; Sanfey, A.G.; Aronson, J.A.; Nystrom, L.E.; Cohen, J.D. (2004). "Opposing BOLD responses to reciprocated and unreciprocated altruism in putative reward pathways".
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in which tastes are taken as partially or even totally determined by the societal environment. Comparisons between economics and sociology have resulted in a corresponding term
759:" suggests that there are serious shortcomings in the conventional theories of economic rationality. Rational economic decision making has been shown to produce high levels of
662:
model put forward from the standpoint of ethics usually refer to this traditional ethic of kinship-based reciprocity that held together traditional societies. Philosophers
1306:
Urbina, D. A., & Ruiz-Villaverde, A. (2019). A Critical Review of Homo
Economicus from Five Approaches. The American Journal of Economics and Sociology, 78(1), 63â93.
1484:
Hirsch, Paul, Stuart
Michaels and Ray Friedman. 1990. "Clean Models vs. Dirty Hands: Why Economics Is Different from Sociology." In Sharon Zukin and Paul DiMaggio, eds.
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in which the person giving the gift receives a pleasure equivalent to the person receiving it. This confirms the findings of anthropology which suggest that a "
1717:
472:
1089:
Mill, John Stuart. "On the
Definition of Political Economy, and on the Method of Investigation Proper to It," London and Westminster Review, October 1836.
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acts not to pursue selfish interests but to fulfill social roles (though the fulfillment of social roles may have a selfish rationaleâe.g. politicians or
324:
As in social science, these assumptions are at best approximations. The term is often used derogatorily in academic literature, perhaps most commonly by
282:
that acts to obtain the highest possible well-being for themself given available information about opportunities and other constraints, both natural and
989:
200:
It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.
1628:
Bowles, Samuel and
Herbert Gintis "A Cooperative Species: Human Reciprocity and its Evolution" (Princeton University Press; Reprint edition)
1758:
558:
1287:
AK Sen, âRational Fools: A Critique of the Behavioural Foundations of Economic Theoryâ (1977) 6 Philosophy and Public Affairs 317, 332
1936:
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Kluver, Jesse; Frazier, Rebecca; Haidt, Jonathan (2014). "Behavioral ethics for Homo economicus, Homo heuristicus, and Homo duplex".
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have demonstrated that in traditional societies, choices people make regarding production and exchange of goods follow patterns of
477:
1658:
17:
1682:, 'On the Definition of Political Economy, and on the Method of Investigation Proper to It' (1836) London and Westminster Review
230:
1969:
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1706:, âRational Fools: A Critique of the Behavioural Foundations of Economic Theoryâ (1977) 6 Philosophy and Public Affairs 317
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as an actor with too great an understanding of macroeconomics and economic forecasting in his decision making. They stress
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and simple obedience. According to Sergio Caruso, one should distinguish between the purely "methodological" version of
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2018:
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Smith, Adam. âOn the Division of Labour,â The Wealth of Nations, Books IâIII. New York: Penguin Classics, 1986, p. 119.
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in reference to Mill's writings, as one of a number of phrases that imitate the scientific name for the human species:
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model as ignoring the inner conflicts that real-world individuals suffer, as between short-term and long-term goals (
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1751:
156:, which assumes that practical elements such as cognitive and time limitations restrict the rationality of agents.
848:. Depicting different types of "economic man" (each depending on the social context) is possible with the help of
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and Thaler found that investors also tended to use unreasonable time periods in evaluating their investments.
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social, or human sense, only that they try to attain them at minimal cost. Only naĂŻve applications of the
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819:" preceded the more recent market systems where win-lose or risk-avoidance lose-lose calculations apply.
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discussed institutional economics, behavioural economics, political economy, economic anthropology and
328:, many of whom tend to prefer structural explanations to ones based on rational action by individuals.
286:, on their ability to achieve their predetermined goals. This approach has been formalized in certain
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1962:
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Homo Sociologicus: ein Versuch zur Geschichte, Bedeutung und Kritik der Kategorie der sozialen Rolle
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2008:
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if only those types are contrived as socially and/or historically determined abstractions (such as
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Rodriguez-Sickert, C. (2009). Homo economicus. In Handbook of Economics and Ethics (Edward Elgar).
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as a useful abstraction on the ground of economic theory, provided that we grant there be as many
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1998:
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190:, had claimed that individuals have sympathy for the well-being of others. On the other hand, in
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The term "economic man" was used for the first time in the late nineteenth century by critics of
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1511:"Quo vadis Homo economicus? References to rationality/emotionality in neuroeconomic discourses"
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The Economics Book: From Xenophon to Cryptocurrency, 250 Milestones in the History of Economics
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Self-Interest, Homo Islamicus and Some Behavioral Assumptions in Islamic Economics and Finance
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168:'s work on political economy. Below is a passage from Mill's work that critics referred to:
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411:("feIb@(r)) , a term used to designate man as a maker of tools.) Variants are often comic:
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1093:, 2nd ed. London: Longmans, Green, Reader & Dyer, 1874, essay 5, paragraphs 38 and 48.
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and intended to personify some aspect of human life or behaviour (indicated by the adj.).
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does not restrict what sort of preferences are admissible. Only naive applications of the
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253:âbuilt mathematical models on these economic assumptions. In the 20th century, the
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1488:: 39â56. Cambridge; New York and Melbourne: Cambridge University Press, 1990 (
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bases its choices on a consideration of its own personal "utility function".
300:
is usually seen as "rational" in the sense that well-being as defined by the
1726:
Edward J. O'Boyle, Mayo Research Institute, a refutation of reductionism in
872:, "historical specification", and "social character"). Marxist theoretician
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economists with the following example of two strangers meeting on a street.
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Note that such forms should logically keep the capital for the "genus" nameâ
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667:
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67:
1117:"Behavioural controversy concerning homo economicus: a Humean perspective"
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in which for every person the WTA equals the WTP that is the basis of the
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2003:
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Another weakness is highlighted by economic sociologists, who argue that
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83:
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1947:
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Kosfeld, M.; Heinrichs, M; Zak, P.J.; Fischbacher, U.; Fehr, E. (2005).
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Please help rewrite or integrate negative information to other sections
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1842:
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678:
578:. Some of the broader issues involved in this criticism are studied in
519:. The economic man solution is considered to be inadequate and flawed.
181:
1509:; Köeszegi, Sabine T.; Enzenhofer, Bettina; Harrer, Christine (2015).
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of the left hemisphere of the brain show a high level of activation.
2509:
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1736:
1727:
1679:
1307:
857:
776:
752:). This "individual" may appear to be all society and no individual.
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325:
291:
1339:
685:(rewards and punishments from the social environment) as opposed to
2944:
2444:
1076:
Persky, Joseph. "Retrospectives: The Ethology of Homo economicus."
793:
780:
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689:. For example, it is difficult if not impossible to understand how
570:
76:
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is often (but not necessarily) modelled through the assumption of
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809:
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upon which societies and cultures write values and goals; unlike
694:
32:
This article is about the economic concept. For the journal, see
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140:
As a theory on human conduct, it contrasts to the concepts of
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1486:
Structures of Capital: The Social Organization of the Economy
397:
1659:
Pareto Desirable Redistribution: The case of Malice and Envy
1451:"Social Freedom, Morality and Markets | Axel Honneth (2016)"
1530:
917:
693:
would be a hero in war or would get inherent pleasure from
1013:
Moral Markets: The Critical Role of Values in the Economy
1416:. The Form and Reason for Exchange in Archaic Societies.
339:(1906) but notes that it may be older. The English term
335:
is certainly long established; Persky traces it back to
1687:
Essays on Some Unsettled Questions of Political Economy
1236:
Pareto, Vilfredo (1906). "Manual of political economy".
1091:
Essays on Some Unsettled Questions of Political Economy
212:
and, in the 20th century, by the likes of Ayn Rand (in
888:
puts aside all other aspects of human nature (such as
804:), all associated with the building of social trust.
1167:"The Hedonistic Paradox: Is homo economicus happier?"
1043:
204:
This comment is perfectly in line with the notion of
1321:"Myopic Loss Aversion and the Equity Premium Puzzle"
1140:
Organizational Behavior and Human Decision Processes
822:
1689:(2nd ed. Longmans, Green, Reader & Dyer 1874) (
1641:, Florence (Italy): Firenze University Press, 2012
1517:. 2015, 2. University of Vienna (UniversitÀt Wien).
1245:Zabieglik, Stefan (2002). "The Origins of the Term
884:as the modes of production. However the concept of
27:
Model of humans as rational, self-interested agents
1259:
1137:
94:. It assumes that agents always act in a way that
61:, and who pursue their subjectively defined ends
3023:
1639:Homo oeconomicus. Paradigma, critiche, revisioni
654:model postulates. Such systems have been termed
990:List of alternative names for the human species
1515:Recent Notes on Labor Science and Organization
1318:
674:made by the self-interested utility function.
658:rather than market economy. Criticisms of the
1963:
1752:
1319:Benartzi, Shlomo; Thaler, Richard H. (1995).
237:Economists in the late 19th centuryâsuch as
1164:
1080:, Vol. 9, No. 2 (Spring, 1995), pp. 221â231
1016:. Princeton University Press. p. 158.
827:Critics, learning from the broadly defined
1970:
1956:
1759:
1745:
1469:
1977:
1072:
1070:
907:
1110:
1108:
317:for further discussion; the article on
272:is a term used for an approximation or
14:
3024:
1766:
1207:
1121:The Journal of Philosophical Economics
681:, points to the excessive emphasis on
670:are noted for their criticisms of the
602:Economic Perspectives under the title
231:English Historical School of Economics
159:
1951:
1740:
1474:. Köln/Opladen: Westdeutscher Verlag.
1165:Konow, James; Earley, Joseph (2008).
1114:
1067:
208:and the idea, propounded by Smith in
126:compatible with other models such as
1576:"Oxytocin increases trust in humans"
1278:This is from the CD edition of 2002.
1105:
1078:The Journal of Economic Perspectives
755:The as of 2015 emerging science of "
473:"criticism" or "controversy" section
457:
400:or mock-L. adjs. in names imitating
1663:Culture, Social Norms and Economics
1009:
721:, introduced by German sociologist
650:which differ sharply from what the
24:
2019:First-player and second-player win
1328:The Quarterly Journal of Economics
1308:https://doi.org/10.1111/ajes.12258
823:Psychologists and anthropologists
25:
3063:
1720:(DOC) by Dr. Mohammad Omar Farooq
1711:
1115:Elahi, Khandakar (January 2014).
2126:Coalition-proof Nash equilibrium
1545:10.1097/00001756-200411150-00022
1431:University Of Chicago Press 1999
920:can be found in the literature.
462:
49:, is the portrayal of humans as
1651:
1631:
1622:
1567:
1524:
1499:
1478:
1463:
1434:
1421:
1405:
1389:
1362:
1312:
1300:
1290:
1281:
1272:
1252:
1239:
1230:
1201:
700:
569:questioned the assumption that
2136:Evolutionarily stable strategy
1192:
1158:
1131:
1096:
1083:
1037:
1003:
597:have criticized the notion of
438:Actual usage is inconsistent.
349:A History of Political Economy
343:can be found even earlier, in
187:The Theory of Moral Sentiments
13:
1:
2064:Simultaneous action selection
1672:
1371:The Original Affluent Society
1186:10.1016/j.jpubeco.2007.04.006
916:and of people suffering from
522:
476:may compromise the article's
453:
2996:List of games in game theory
2176:Quantal response equilibrium
2166:Perfect Bayesian equilibrium
2101:Bayes correlated equilibrium
1053:Principles of Microeconomics
7:
3042:Latin philosophical phrases
2465:Optional prisoner's dilemma
2196:Self-confirming equilibrium
1724:Requiem for Homo Economicus
1174:Journal of Public Economics
1152:10.1016/j.obhdp.2013.12.004
1044:Rittenberg and Tregarthen.
1010:Zak, Paul J. (2010-12-16).
923:
616:efficient-market hypothesis
378:, or dollar-hunting animal.
374:Mill has only examined the
368:The Groundwork of Economics
218:Marx's theory of alienation
113:The rationality implied in
10:
3068:
2930:Principal variation search
2646:Aumann's agreement theorem
2309:Strategy-stealing argument
2221:Trembling hand equilibrium
2151:Markov perfect equilibrium
2146:Mertens-stable equilibrium
1382:in: Marshall Sahlins (1972
1208:Medema, Steven G. (2019).
331:The use of the Latin form
31:
2966:Combinatorial game theory
2953:
2912:
2694:
2638:
2625:Princess and monster game
2420:
2322:
2229:
2181:Quasi-perfect equilibrium
2106:Bayesian Nash equilibrium
2087:
1986:
1909:
1856:
1820:
1774:
1470:Dahrendorf, Ralf (1965).
1266:Oxford English Dictionary
831:tradition, criticize the
354:Oxford English Dictionary
234:of economic rationality.
214:The Virtue of Selfishness
2981:Evolutionary game theory
2714:Antoine Augustin Cournot
2600:Guess 2/3 of the average
2397:Strictly determined game
2191:Satisfaction equilibrium
2009:Escalation of commitment
1398:The Great Transformation
996:
290:models, particularly in
264:
2986:Glossary of game theory
2585:Stackelberg competition
2211:Strong Nash equilibrium
1917:Consumers' co-operative
1797:Consumer culture theory
1429:The Enigma of the Gift.
1384:): Stone Age Economics.
955:Post-autistic economics
388:, the human genus name
321:widens the discussion.
133:which emphasizes human
18:Rationality (economics)
3047:Rational choice theory
3011:Tragedy of the commons
2991:List of game theorists
2971:Confrontation analysis
2681:SpragueâGrundy theorem
2201:Sequential equilibrium
2121:Correlated equilibrium
1879:Consumer socialization
1874:Consumer ethnocentrism
1787:Autonomous consumption
1418:London: Routledge 2006
1386:London: Routledge 2003
965:Rational choice theory
589:Behavioral economists
584:rational choice theory
451:
419:
380:
311:rational choice theory
255:rational choice theory
243:William Stanley Jevons
202:
175:
65:. It is a wordplay on
2784:Jean-François Mertens
1838:Consumer neuroscience
1411:Marcel Mauss (1924):
1395:Karl Polanyi (1944):
985:Rationality and power
908:Response to criticism
850:cultural anthropology
800:(associated with the
672:normative assumptions
565:Empirical studies by
447:
394:
372:
315:rational expectations
210:The Wealth of Nations
198:
193:The Wealth of Nations
170:
53:who are consistently
3037:Economic methodology
3032:Behavioral economics
2913:Search optimizations
2789:Jennifer Tour Chayes
2676:Revelation principle
2671:Purification theorem
2610:Nash bargaining game
2575:Bertrand competition
2560:El Farol Bar problem
2525:Electronic mail game
2490:Lewis signaling game
2034:Hierarchy of beliefs
1922:Consumer-to-business
1889:Consumption function
687:intrinsic motivation
683:extrinsic motivation
576:behavioral economics
517:ecological economics
142:behavioral economics
2961:Bounded rationality
2580:Cournot competition
2530:Rock paper scissors
2505:Battle of the sexes
2495:Volunteer's dilemma
2367:Perfect information
2294:Dominant strategies
2131:Epsilon-equilibrium
2014:Extensive-form game
1927:Factory-to-consumer
1864:Consumer confidence
1857:Consumer attributes
1792:Induced consumption
1657:Geoffrey Brennan: "
1600:10.1038/nature03701
1592:2005Natur.435..673K
1249:", Gdansk, 123â130.
1214:Sterling Publishing
980:Bounded rationality
914:bounded rationality
846:economic psychology
553:bounded rationality
533:John Maynard Keynes
160:History of the term
154:bounded rationality
92:perfect rationality
2940:Paranoid algorithm
2920:Alphaâbeta pruning
2799:John Maynard Smith
2630:Rendezvous problem
2470:Traveler's dilemma
2460:Gift-exchange game
2455:Prisoner's dilemma
2372:Large Poisson game
2339:Bargaining problem
2244:Backward induction
2216:Subgame perfection
2171:Proper equilibrium
1869:Consumer confusion
1848:Marketing research
1833:Consumer economics
1768:Consumer behaviour
1696:2017-12-08 at the
1427:Maurice Godelier:
1376:2019-07-24 at the
1368:Marshall Sahlins:
1261:"Homo oeconomicus"
936:Consumer confusion
882:homines oeconomici
586:is only a subset.
539:, and many of the
485:through discussion
3019:
3018:
2925:Aspiration window
2894:Suzanne Scotchmer
2849:Oskar Morgenstern
2744:Donald B. Gillies
2686:Zermelo's theorem
2615:Induction puzzles
2570:Fair cake-cutting
2545:Public goods game
2475:Coordination game
2349:Intransitive game
2279:Forward induction
2161:Pareto efficiency
2141:Gibbs equilibrium
2111:Berge equilibrium
2059:Simultaneous game
1945:
1944:
1894:Cultural consumer
1812:Consumer spending
1647:978-88-6655-105-8
1586:(7042): 673â676.
1539:(16): 2539â2543.
1402:Beacon Press 2001
1223:978-1-4549-3008-2
931:Agent (economics)
854:social psychology
813:positive sum game
798:nucleus accumbens
773:prefrontal cortex
732:Homo sociologicus
719:Homo sociologicus
713:Homo sociologicus
506:
505:
382:According to the
366:in his 1883 work
358:cites the use of
345:John Kells Ingram
239:Francis Edgeworth
144:, which examines
73:economic theories
16:(Redirected from
3059:
3006:Topological game
3001:No-win situation
2899:Thomas Schelling
2879:Robert B. Wilson
2839:Merrill M. Flood
2809:John von Neumann
2719:Ariel Rubinstein
2704:Albert W. Tucker
2555:War of attrition
2515:Matching pennies
2156:Nash equilibrium
2079:Mechanism design
2044:Normal-form game
1999:Cooperative game
1972:
1965:
1958:
1949:
1948:
1932:Consumer service
1843:Consumer product
1807:Consumer economy
1761:
1754:
1747:
1738:
1737:
1730:using tenets of
1666:
1655:
1649:
1637:Caruso, Sergio:
1635:
1629:
1626:
1620:
1619:
1571:
1565:
1564:
1528:
1522:
1518:
1503:
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1304:
1298:
1294:
1288:
1285:
1279:
1276:
1270:
1269:
1263:
1256:
1250:
1247:Homo Oeconomicus
1243:
1237:
1234:
1228:
1227:
1205:
1199:
1196:
1190:
1189:
1171:
1162:
1156:
1155:
1135:
1129:
1128:
1112:
1103:
1100:
1094:
1087:
1081:
1074:
1065:
1064:
1062:
1060:
1050:
1041:
1035:
1034:
1032:
1030:
1007:
975:Superrationality
970:Rational pricing
902:Homo reciprocans
876:admitted of the
790:substantia nigra
677:Swiss economist
644:Maurice Godelier
632:Marshall Sahlins
537:Herbert A. Simon
529:Thorstein Veblen
501:
498:
492:
466:
465:
458:
416:Homo turisticus.
376:Homo oeconomicus
360:Homo oeconomicus
302:utility function
166:John Stuart Mill
146:cognitive biases
129:Homo reciprocans
96:maximize utility
34:Homo Oeconomicus
21:
3067:
3066:
3062:
3061:
3060:
3058:
3057:
3056:
3022:
3021:
3020:
3015:
2949:
2935:max^n algorithm
2908:
2904:William Vickrey
2864:Reinhard Selten
2819:Kenneth Binmore
2734:David K. Levine
2729:Daniel Kahneman
2696:
2690:
2666:Negamax theorem
2656:Minimax theorem
2634:
2595:Diner's dilemma
2450:All-pay auction
2416:
2402:Stochastic game
2354:Mean-field game
2325:
2318:
2289:Markov strategy
2225:
2091:
2083:
2054:Sequential game
2039:Information set
2024:Game complexity
1994:Congestion game
1982:
1976:
1946:
1941:
1937:Consumerization
1905:
1900:Homo economicus
1884:Consumer's risk
1852:
1828:Consumer choice
1816:
1770:
1765:
1714:
1709:
1698:Wayback Machine
1675:
1670:
1669:
1656:
1652:
1636:
1632:
1627:
1623:
1572:
1568:
1529:
1525:
1507:Schmitz, Sigrid
1504:
1500:
1483:
1479:
1468:
1464:
1449:
1446:Wayback Machine
1439:
1435:
1426:
1422:
1410:
1406:
1394:
1390:
1378:Wayback Machine
1367:
1363:
1340:10.2307/2118511
1323:
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1305:
1301:
1295:
1291:
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1282:
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1273:
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1231:
1224:
1216:. p. 146.
1206:
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1101:
1097:
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1068:
1058:
1056:
1048:
1042:
1038:
1028:
1026:
1024:
1008:
1004:
999:
994:
949:Homo Sovieticus
926:
910:
886:Homo economicus
878:Homo economicus
842:Homo economicus
833:Homo economicus
825:
786:Homo economicus
769:corticosteroids
723:Ralf Dahrendorf
707:Homo economicus
703:
691:Homo economicus
660:Homo economicus
652:Homo economicus
628:Homo economicus
620:Shlomo Benartzi
599:economic agents
595:Daniel Kahneman
580:decision theory
545:Homo economicus
541:Austrian School
525:
509:Homo economicus
502:
496:
493:
482:
471:This article's
467:
463:
456:
436:omo economicus.
413:Homo insipiens;
333:Homo economicus
307:Homo economicus
298:Homo economicus
288:social sciences
270:Homo economicus
267:
251:Vilfredo Pareto
206:Homo economicus
196:, Smith wrote:
162:
150:irrationalities
124:Homo economicus
119:Homo economicus
115:Homo economicus
88:Homo economicus
71:, used in some
59:self-interested
42:Homo economicus
37:
28:
23:
22:
15:
12:
11:
5:
3065:
3055:
3054:
3049:
3044:
3039:
3034:
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3008:
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2998:
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2988:
2983:
2978:
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2914:
2910:
2909:
2907:
2906:
2901:
2896:
2891:
2886:
2881:
2876:
2871:
2869:Robert Axelrod
2866:
2861:
2856:
2851:
2846:
2844:Olga Bondareva
2841:
2836:
2834:Melvin Dresher
2831:
2826:
2824:Leonid Hurwicz
2821:
2816:
2811:
2806:
2801:
2796:
2791:
2786:
2781:
2776:
2771:
2766:
2761:
2759:Harold W. Kuhn
2756:
2751:
2749:Drew Fudenberg
2746:
2741:
2739:David M. Kreps
2736:
2731:
2726:
2724:Claude Shannon
2721:
2716:
2711:
2706:
2700:
2698:
2692:
2691:
2689:
2688:
2683:
2678:
2673:
2668:
2663:
2661:Nash's theorem
2658:
2653:
2648:
2642:
2640:
2636:
2635:
2633:
2632:
2627:
2622:
2617:
2612:
2607:
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2597:
2592:
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2572:
2567:
2562:
2557:
2552:
2547:
2542:
2537:
2532:
2527:
2522:
2520:Ultimatum game
2517:
2512:
2507:
2502:
2500:Dollar auction
2497:
2492:
2487:
2485:Centipede game
2482:
2477:
2472:
2467:
2462:
2457:
2452:
2447:
2442:
2440:Infinite chess
2437:
2432:
2426:
2424:
2418:
2417:
2415:
2414:
2409:
2407:Symmetric game
2404:
2399:
2394:
2392:Signaling game
2389:
2387:Screening game
2384:
2379:
2377:Potential game
2374:
2369:
2364:
2356:
2351:
2346:
2341:
2336:
2330:
2328:
2320:
2319:
2317:
2316:
2311:
2306:
2304:Mixed strategy
2301:
2296:
2291:
2286:
2281:
2276:
2271:
2266:
2261:
2256:
2251:
2246:
2241:
2235:
2233:
2227:
2226:
2224:
2223:
2218:
2213:
2208:
2203:
2198:
2193:
2188:
2186:Risk dominance
2183:
2178:
2173:
2168:
2163:
2158:
2153:
2148:
2143:
2138:
2133:
2128:
2123:
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2097:
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2081:
2076:
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2056:
2051:
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2036:
2031:
2029:Graphical game
2026:
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1821:Research types
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1713:
1712:External links
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1146:(2): 150â158.
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960:Rational agent
957:
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927:
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922:
909:
906:
904:, and so on).
829:psychoanalytic
824:
821:
806:Mirror neurons
802:placebo effect
757:neuroeconomics
702:
699:
608:willing to pay
591:Richard Thaler
524:
521:
504:
503:
470:
468:
461:
455:
452:
429:omo economicus
266:
263:
259:Lionel Robbins
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2954:Miscellaneous
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2889:Samuel Bowles
2887:
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2884:Roger Myerson
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2874:Robert Aumann
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2829:Lloyd Shapley
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2814:Kenneth Arrow
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2794:John Harsanyi
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2764:Herbert Simon
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2565:Fair division
2563:
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2551:
2548:
2546:
2543:
2541:
2540:Dictator game
2538:
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2412:Zero-sum game
2410:
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2383:
2382:Repeated game
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2300:
2299:Pure strategy
2297:
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2292:
2290:
2287:
2285:
2282:
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2264:De-escalation
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2209:
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2206:Shapley value
2204:
2202:
2199:
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2182:
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2074:Succinct game
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3052:Game theory
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2774:John Conway
2754:Eric Maskin
2550:Blotto game
2535:Pirate game
2344:Global game
2314:Tit for tat
2249:Bid shading
2239:Appeasement
2089:Equilibrium
2069:Solved game
2004:Determinacy
1987:Definitions
1980:game theory
1782:Consumption
1732:natural law
1691:read online
1685:J.S. Mill,
1533:NeuroReport
1055:. p. 2
1046:"Chapter 6"
942:Homo duplex
898:Homo ludens
765:epinephrine
737:tabula rasa
664:Amartya Sen
648:reciprocity
582:, of which
549:uncertainty
527:Economists
442:Amartya Sen
364:C. S. Devas
319:rationality
247:LĂ©on Walras
178:obtained."
135:cooperation
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3026:Categories
2620:Trust game
2605:Kuhn poker
2274:Escalation
2269:Deterrence
2259:Cheap talk
2231:Strategies
2049:Preference
1978:Topics of
1673:References
890:Homo faber
870:Idealtypus
750:socialites
742:economicus
679:Bruno Frey
559:Homo agens
543:criticise
523:Economists
478:neutrality
454:Criticisms
409:Homo faber
396:Used with
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148:and other
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777:Serotonin
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571:investors
556:tool the
497:June 2021
489:talk page
292:economics
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63:optimally
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2945:Lazy SMP
2639:Theorems
2590:Deadlock
2445:Checkers
2326:of games
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1775:Concepts
1704:A.K. Sen
1694:Archived
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1374:Archived
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1059:June 20,
924:See also
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781:oxytocin
761:cortisol
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108:producer
100:consumer
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2697:figures
2480:Chicken
2334:Auction
2324:Classes
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1588:Bibcode
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1344:JSTOR
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997:Notes
837:e.g.,
423:i.e.,
405:etc.,
274:model
265:Model
184:, in
106:as a
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