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The ruin of Homo Oeconomicus

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  • Van der Rijt, Jan-Willem

Abstract

In this paper it is shown that the most rational of all creatures, Homo Oeconomicus, can be enticed to freely engage in an activity that is guaranteed to lead to his ruin. It is furthermore shown that this is possible if and only if utility functions are unbounded. The paper thus develops an argument in favour of bounded utility functions.

Suggested Citation

  • Van der Rijt, Jan-Willem, 2006. "The ruin of Homo Oeconomicus," LSE Research Online Documents on Economics 27008, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:27008
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    File URL: http://eprints.lse.ac.uk/27008/
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    Cited by:

    1. Hălăngescu, Constantin I., 2012. "HOMO OECONOMICUS și HOMO ACADEMICUS: limite și aspecte conceptuale [HOMO OECONOMICUS and HOMO ACADEMICUS: limits and conceptual aspects]," MPRA Paper 36822, University Library of Munich, Germany.
    2. Basel, Jörn S. & Brühl, Rolf, 2013. "Rationality and dual process models of reasoning in managerial cognition and decision making," European Management Journal, Elsevier, vol. 31(6), pages 745-754.

    More about this item

    JEL classification:

    • J1 - Labor and Demographic Economics - - Demographic Economics

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