homo economicus

(redirected from Rational Actors)
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homo economicus

(ˌɛkəˈnɒmɪkəs)
n
a theoretical human being who rationally calculates the costs and benefits of every action before making a decision, used as the basis for a number of economic theories and models
[C21: modelled on homo sapiens, etc. ]
References in periodicals archive ?
States are rational actors even when their leaders behave bizarrely.
individuals systematically fail to behave like rational actors in
It is ludicrous to believe that government bureaucrats and policy-makers are able to make sounder economic judgments than the countless decisions made by mostly rational actors in the free market.
Additionally, it assumes rational actors, defined as states having situational awareness of their external environment and behaving logically to achieve their own goals.
Thus, most nudges, whether choice-independent or choice-dependent, should be of no concern with respect to rational actors, at least not if they do provide an easy opt-out.
It challenges ideas that dictators are crazy and power hungry and assumptions that their primary motivation is retaining power or that they are not rational actors, and considers the role of rationality in their decision-making process, applying the work of Max Weber on rationality and focusing on Pol Pot and Slobodan Milosevic and the specific type of rationality involved in their decision-making processes, choices they made when in power, and their decisions whether or not to give in to pressure from Vietnam and NATO to stop perpetrating mass atrocities.
Chief among them is a refutation of the notion that these early markets were centers of a proto-Adam Smith-style laissez-faire capitalism, full of rational actors making economic calculations independently of moral concerns.
The theory rested on the assumption that people are rational actors.
What is therefore needed is a framework of sensorimotor processing that takes the limited information-processing capacity of bounded rational actors into account and that explains their robust real-world performance.
It is not always a war between rational actors, or even between states.
33) Nevertheless, some rational choice analyses of international law might also generally concede the possibility of miscalculation by rational actors, though this is also not inconsistent with traditional expected utility theory, as only decisions that are haphazard, arbitrary, random, or otherwise a priori inutile are removed from the model.
The theories of motivation based on areas of organizational behavior, classic economics and political psychology were based on the assumption that people are rational actors, i.