«Homo economicus» in behavioral economics: a retrospective analysis and the formation of the concept

2021 ◽  
Vol 2021 (3) ◽  
pp. 81-100
Author(s):  
Gleb Pozhilov ◽  
◽  
Vladimir Khabarov ◽  
Keyword(s):  
Behavioral Economics ◽  
Retrospective Analysis ◽  
Homo Economicus

Neuromarketing as interdisciplinary area: Theoretical and methodological analysis

2021 ◽  
Vol 39 (6) ◽  
Author(s):  
Vitalii S. Reikin ◽  
Serhii YA. Voitovych ◽  
Tetiana I. Danyliuk ◽  
Kateryna YU. Dedeliuk ◽  
Iryna F. Lorvi
Keyword(s):  
Behavioral Economics ◽  
Experimental Studies ◽  
Necessary Condition ◽  
Methodological Principle ◽  
Consumer Decision Making ◽  
Homo Economicus ◽  
Sensory Marketing ◽  
Informational Uncertainty ◽  
Methodological Principles ◽  
Information Incompleteness

Modern neuromarketing is a synthesis of behavioral economics theoretical and methodological foundations in close connection with the tools of neurophysiology which are successfully used in the practice of sensory marketing. At the same time, the basic methodological principle of neuromarketing is limited rationality in the context of behavioral and informational uncertainty. Purpose of publication – сarrying out theoretical and methodological analysis of neuromarketing as a complex interdisciplinary and innovative area; disclosure of methodological principles and theoretical provisions of behavioral economics in the context of their applications in touch marketing. Such methods as analysis, comparison, generalization, systemic and logical ones were used in the research. It is argued that consumer decision-making in choice situations is influenced by emotions based on subconscious perception. It is proved that visual, sound and aromarketing are the main “nudging” factors of R. Thaler’s theory in the context of neuromarketing. For the first time in the scientific discourse, the elements of the sensory component of neuromarketing are considered as stimulating factors for the implicit “nudging” of R. Thaler's behavioral economics theory. The theoretical and methodological foundations of neuromarketing research, which based on more realistic postulates of limited rationality, influence of emotions and information incompleteness in contrast to “homo economicus” neoclassical paradigm are improved. It is shown that a necessary condition for further successful development of neuromarketing is a combined interaction of psychology behavioral direction, neurophysiological technologies and empirical experience of marketers due to possible achievement of synergistic effect. The results of experimental studies, based on the empirical experience of a number of well-known scientists using neurophysiological methods, have proved the verification of the basic theoretical and methodological positions and individual effects of behavioral economics, which are actively used by Ukrainian marketers and marketers of other countries.

Are people with high psychoticism the true homo economicus?

2020 ◽  
Vol 38 (3) ◽  
Author(s):  
Rafael Manuel Lopez ◽  
José Luis Calvo ◽  
Iván Ruíz ◽  
Sergio Martín
Keyword(s):  
Decision Making ◽  
Behavioral Economics ◽  
Homo Economicus ◽  
Final Grade ◽  
Common Fund ◽  
Knowing That ◽  
The Common ◽  
Behavioral Games ◽  
The Relationship ◽  
Web Platform

Homo Economicus behaves rationally, maximizing his own utility over that of the group. The relationship with non-prosocial behavior seems clear. This behavior, typical of people with high psychoticism, could affect their decision-making. Therefore, not only the situation will be critical when making a decision, but also stable variables related to personality. In the context of the Common Goods Game, a web platform for implementing behavioral games was developed. The system allows users to play collaborative games such as the Common Goods Game. 97 students participated in that game and contributed to a common fund. They had 25 units, corresponding to 25 tenths of one subject final grade score, which can contribute to the common fund to the extent that they wish, knowing that the total amount of the common fund will be doubled and will be distributed equally among all the participants. The results show that the subjects with the lowest levels of consciousness and agreeableness traits adopt the antisocial strategy and are the ones that obtain the most benefits. Although the limitations of the study the results suggest that both types of variables, situational and dispositional, should be taken into account when studying decision-making in behavioral economics.

A Challenge to Homo Economicus: Behavioral Economics

2020 ◽  
pp. 181-200
Author(s):  
Hatice Isıl Alkan
Keyword(s):  
Behavioral Economics ◽  
Homo Sapiens ◽  
Neoclassical Economics ◽  
Unique Equilibrium ◽  
Real Word ◽  
Mainstream Economic ◽  
Homo Economicus ◽  
Economic Man ◽  
Economic Paradigm ◽  
Current Events

Neoclassical economics is the mainstream economic paradigm of the present era and has certain assumptions such as rationality, perfect knowledge and unique equilibrium. In this regard, homo economicus, namely rational economic man is the main agent of mainstream economics. However, this main agent has aspects that are inconsistent with reality. In other words, decision units are likely to be irrational in the real word because individuals are emotional and social beings. Considering that this conception of rationality contradicts with the instability of economies and crises that have happened, it seems that the dominant economic view cannot exactly explain current events. This chapter questions the concept of homo economicus, the compatibility of homo economicus with homo sapiens and attempts to reveal the shortcomings of the dominant view. It substantially tries to explore why behavioral economics is necessary and how behavioral economics can make up for the shortcomings of the mainstream economic paradigm by the help of its branches; experimental economics and neuroeconomics.

scholarly journals THE EVOLUTION OF HOMO ECONOMICUS

2016 ◽  
pp. 129-142
Author(s):  
N. V. Komarovskaia
Keyword(s):  
Decision Making ◽  
Behavioral Economics ◽  
Human Behavior ◽  
Law And Economics ◽  
Interdisciplinary Approach ◽  
Economic Thought ◽  
Economic Behavior ◽  
Economic Research ◽  
Homo Economicus ◽  
Economic Decision Making

The article provides a review of the ways in which interdisciplinary research in modern economic thought gives a more realistic understanding of human behavior and economic decision making. On the one hand, economic imperialism drove wider application of economics methods across social sciences and brought about new interdisciplinary fields, such as law and economics, economic sociology, public choice theory, etc. On the other hand, the origin of behavioral economics, experimental economics, and neuroeconomics bridging psychology, neurobiology, and economics influences the change in the methodology used by the economics itself and fuels transformation of the model of rational economic behavior 'homo economicus', one of the central assumptions of the neoclassical economics. George Akerlof and Robert Shiller's animal spirits, prospect theory of Daniel Kahneman and Amos Tversky, research by Amartya Sen, Daniel McFadden, Vernon Smith, and other economists focusing on decision making either significantly limit, or supplement the homo economicus concept providing a deeper insight into the nature of human rationality. Behavioral economics has already become so strong as a separate discipline that it can be classified into two streams - Classical and Modern, and its main principles should be incorporated into a basic course of traditional economics. The achievements of behavioral economics yield higher quality of economic research and forecasting. Interdisciplinary approach to the human behavior studies and transformation of homo economicus offer new tools for the development policy making.

Human Ethicality

2019 ◽  
pp. 179-207
Author(s):  
Sanjit Dhami ◽  
Ali al-Nowaihi
Keyword(s):  
Behavioral Economics ◽  
Empirical Evidence ◽  
Neoclassical Model ◽  
Homo Economicus ◽  
Human Motivation ◽  
Great Progress ◽  
Morality Play ◽  
Continued Use ◽  
And Behavior ◽  
Made In

The neoclassical model in economics envisages humans as amoral and self-regarding (Econs). This model, also known as the homo economicus model, is not consistent with the empirical evidence. In light of the evidence, the continued use of the homo economicus model is baffling. It also stymies progress in the field by putting the burden of adjustment on auxiliary assumptions that need to compensate for an unrealistic picture of human motivation and behavior. This essay briefly outlines the evidence for a more inclusive picture of humans in which ethics and morality play a central role. It argues for replacing the homo economicus model with a homo behavioralis model that has already enabled great progress to be made in the field of behavioral economics.

How Homo economicus lost her mind and how we can revive her

2018 ◽  
Vol 41 ◽  
Author(s):  
Peter DeScioli
Keyword(s):  
Economic Thought ◽  
History Of Economic Thought ◽  
Homo Economicus ◽  
Economic Theories ◽  
Target Article ◽  
History Of ◽  
The Mind ◽  
And Behavior

AbstractThe target article by Boyer & Petersen (B&P) contributes a vital message: that people have folk economic theories that shape their thoughts and behavior in the marketplace. This message is all the more important because, in the history of economic thought, Homo economicus was increasingly stripped of mental capacities. Intuitive theories can help restore the mind of Homo economicus.

Sound Production Treatment for Acquired Apraxia of Speech: An Examination of Dosage in Relation to Probe Performance

2020 ◽  
pp. 1-16
Author(s):  
Julie L. Wambaugh ◽  
Lydia Kallhoff ◽  
Christina Nessler
Keyword(s):  
Retrospective Analysis ◽  
Sound Production ◽  
Apraxia Of Speech ◽  
Practice Schedule ◽  
Practice Schedules ◽  
Baseline Performance ◽  
The Mean ◽  
Number Of Treatment ◽  
The Impact

Purpose This study was designed to examine the association of dosage and effects of Sound Production Treatment (SPT) for acquired apraxia of speech. Method Treatment logs and probe data from 20 speakers with apraxia of speech and aphasia were submitted to a retrospective analysis. The number of treatment sessions and teaching episodes was examined relative to (a) change in articulation accuracy above baseline performance, (b) mastery of production, and (c) maintenance. The impact of practice schedule (SPT-Blocked vs. SPT-Random) was also examined. Results The average number of treatment sessions conducted prior to change was 5.4 for SPT-Blocked and 3.9 for SPT-Random. The mean number of teaching episodes preceding change was 334 for SPT-Blocked and 179 for SPT-Random. Mastery occurred within an average of 13.7 sessions (1,252 teaching episodes) and 12.4 sessions (1,082 teaching episodes) for SPT-Blocked and SPT-Random, respectively. Comparisons of dosage metric values across practice schedules did not reveal substantial differences. Significant negative correlations were found between follow-up probe performance and the dosage metrics. Conclusions Only a few treatment sessions were needed to achieve initial positive changes in articulation, with mastery occurring within 12–14 sessions for the majority of participants. Earlier occurrence of change or mastery was associated with better follow-up performance. Supplemental Material https://doi.org/10.23641/asha.12592190

Abstract #701: A Retrospective Analysis of The Impact of Weight Loss on Renal Function

2016 ◽  
Vol 22 ◽  
pp. 145-146
Author(s):  
Tiffany Schwasinger-Schmidt ◽  
Georges Elhomsy ◽  
Fanglong Dong ◽  
Bobbie Paull-Forney
Keyword(s):  
Weight Loss ◽  
Renal Function ◽  
Retrospective Analysis ◽  
The Impact
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