homo economicus

(redirected from Rational Economic 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 ?
The argument is that individuals are not always rational economic actors possessing perfect information, but often misperceive or do not perceive the true costs of their actions and are influenced by their social context (Alm, 2011), reflected in the fact that they voluntarily comply even when the benefit/cost ratio indicates that they should not (Alm et al., 2010; Kirchler, 2007; Murphy, 2008; Murphy and Harris, 2007).
Corporations are generally taken to be rational economic actors and laws and regulations in relation to corporations are often understood in terms of costs and incentives.
The key factor to explain variation in the timing of the democratic shift is education, the point in time in which parents, as rational economic actors, begin to make the choice to have fewer children at the expense of better educating those they do have.
He models how both criminals and victims operate as rational economic actors in their decision-making.
In a similar way to Hayek's liberalism it treated people as rational economic actors whose logic was to 'earn and own'.
(33) These results seem to suggest that, with regard to interest rates, borrowers are rational economic actors. (34)
Modern social and laboratory science is illuminating with clinical clarity the ways in which individuals do not behave like rational economic actors. Humans have biases--for example, we tend to interpret new information in a manner that confirms our preconceived notions-that are difficult to overcome, and we are prone to enthusiasms, panics, and a host of emotions that cloud our judgment.
Central to Dyer's approach is the refreshing premise that medieval people were rational economic actors: they were neither blinded by superstitious religious beliefs nor hidebound by tradition, but actively worked to improve their circumstances as they saw best.
In Gibson's Zambia, all parties involved in wildlife utilization and policy formulation operate as rational economic actors, trying to optimize the benefits for themselves.
Public choice theory and organizational economics [agency theory and transaction-cost economics] start with the basic assumption that human beings are rational economic actors driven by competitive self interest.
In the author's view, large landlords, small sheep farmers, and even laborers behaved as rational economic actors. Stereotypes, such as the estancia owner who wasted his patrimony through conspicuous consumption, have no place in Sabato's book.
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