The Representativeness Of Homo Oeconomicus And Its Rationality
The homo oeconomicus model is an essential concept of the neoclassical analysis. It defines the agent capable of rational choices in pursuing the maximization of his own utility functions. Over time, the notion remained at the basis of many debates, related mainly to its relevance. However, the concept remained, until now, a fundamental component of mainstream analysis. This article aims to present a brief overview of the arguments that support the use of this model, but also its limitations and inconsistencies. Our main goal is to analyze if homo oeconomicus can be or not considered an ideal representation of the economic agent. Further, the analysis emphasize on the attribute of rationality, which is one of the most disputed feature in the literature.
Volume (Year): 6(3) (2014)
Issue (Month): 3 (September)
|Contact details of provider:|| Web page: http://cse.uaic.ro|
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Zafirovski, Milan, 2008. "Classical and neoclassical conceptions of rationality--Findings of an exploratory survey," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(2), pages 789-820, April.
When requesting a correction, please mention this item's handle: RePEc:jes:wpaper:y:2014:v:6:i:3:p:29-35. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Alupului Ciprian)
If references are entirely missing, you can add them using this form.