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“There’s Life in the Old Dog Yet”: The Homo economicus model and its value for behavioral ethics

Author

Listed:
  • Philipp Schreck

    (Martin-Luther-University Halle-Wittenberg)

  • Dominik Aaken

    (University of Salzburg)

  • Karl Homann

    (Ludwig-Maximilians-University Munich)

Abstract

The Homo economicus model (HEM) is widely used in the social sciences in general and in business ethics in particular. Despite its success, the model is frequently criticized for being empirically flawed and normatively dangerous, and its critics argue that it should be abandoned and replaced by more realistic models of human behavior. In response to the HEM’s critics, this paper develops a precise methodological approach that makes it possible to integrate within the HEM seemingly contradictory empirical evidence. Using the methodology we develop, we will integrate recent findings in behavioral economics and show how a rational-choice approach to behavioral ethics can illuminate the emergence, salience and persistence of morality.

Suggested Citation

  • Philipp Schreck & Dominik Aaken & Karl Homann, 2020. "“There’s Life in the Old Dog Yet”: The Homo economicus model and its value for behavioral ethics," Journal of Business Economics, Springer, vol. 90(3), pages 401-425, April.
    • Handle: RePEc:spr:jbecon:v:90:y:2020:i:3:d:10.1007_s11573-019-00964-z
    DOI: 10.1007/s11573-019-00964-z
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    Cited by:

    1. M. Lunkenheimer & A. Kracklauer & G. Klinkova & M. Grabinski, 2022. "Homo economicus to model human behavior is ethically doubtful and mathematically inconsistent," Papers 2207.02902, arXiv.org.

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