Search the World's Largest Database of Information Science & Technology Terms & Definitions
InfInfoScipedia LogoScipedia
A Free Service of IGI Global Publishing House
Below please find a list of definitions for the term that
you selected from multiple scholarly research resources.

What is Homo Economicus

Chapter 15
Handbook of Research on Sustainable Supply Chain Management for the Global Economy
Standard economic theory is based on a special kind of orgasm which we sometimes call homo economic. Members of that sort are always rational. As managers in factories, they maximize profits. As consumers, they maximize utility or, equivalently, choose the point on the highest indifference curve. With the limitations they face, they rationally measure all the costs and benefits and always choose the best course of action.
Published in Chapter:
Behavioral Economics: New Dimension in Understanding the Real Economic Behavior
Miloš Krstić (Faculty of Science and Mathematics, University of Niš, Serbia) and Nebojša Pavlović (Faculty of Hotel and Tourism, University Kragujevac, Serbia)
Copyright: © 2020 |Pages: 18
DOI: 10.4018/978-1-7998-4601-7.ch015
Abstract
The idea of the significance of the psychological dimension of human behavior is not new and has existed in the social sciences since ancient times. Accordingly, there is an endeavor to place economic analysis on the foundations of psychological research, which takes its form of expression in economic theory through the affirmation of behavioral economics. The aim of this chapter is to critically analyze various normative research programs in behavioral economics and to consider the importance of alternative concepts, models, and theories from the point of view of improving understanding of real economic and social behavior. The particular value of this chapter lies in affirming the importance of a program of behavioral economics known as new paternalism, which is based on challenging the concept of maximizing rationality and opens a new dimension of understanding the justification of state interference in the sphere of economy and society.
Full Text Chapter Download: US $37.50 Add to Cart
More Results
Chapter 14
Nudge Theory and Decision Making: Enabling People to Make Better Choices
A fundamental assumption in traditional economic theory that presumes individuals to be rational in all that they do. Rational means that individuals are completely objective; they analyze all available data to weigh pros and cons before taking a decision and are concerned with their self-interest only.
Published in Chapter: Nudge Theory and Decision Making: Enabling People to Make Better Choices; From: Multi-Criteria Decision Analysis in Management
Full Text Chapter Download: US $37.50 Add to Cart
Chapter 1
Thinking Critically About the Fourth Industrial Revolution as a Wicked Problem
Broadly, the ‘economic human’ that attempts to maximize utility in decision making.
Published in Chapter: Thinking Critically About the Fourth Industrial Revolution as a Wicked Problem; From: Handbook of Research on Using Global Collective Intelligence and Creativity to Solve Wicked Problems
Full Text Chapter Download: US $37.50 Add to Cart
eContent Pro Discount Banner
InfoSci OnDemandECP Editorial ServicesAGOSR