Homo Economicus

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Homo Economicus

A person that desires to maximize his/her needs or desires. Homo economicus is used most of the time to refer to the rational economic actor, who desires wealth, does not desire to work if it can be avoided, and is able to find ways achieve those ends. This assumption is accepted by many economists, especially those who follow rational choice theory, but it remains controversial. The concept of homo economicus was developed by utilitarian thinkers, and contrasts with the constructs of behavioral economics.
References in periodicals archive ?
deviations in real behavior from predictions of the rational actor model
Since rational actors behave according to their interests, the activities they employ are indicative of the condition at hand.
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.
At the global level, Iran Clearly defines its goals through the process of rationalization which falls under rational actor model.
From a historical point of view, understanding economic behavior has been linked to the concept of distributive justice, and behavior was based on the notions of a rational actor whose main interest is the favorable outcome of a decision-making process (Folger, Cropanzano, 1998).
It does have a foreign and security policy, but maybe not one that fits well with the traditional Western rational actor model of decisionmaking, or even with alternative pluralist models proposed for the analysis of states such as the United States.
Asked if Iranian leader were acting rationally, the US military commander said: "We are of the opinion that the Iranian regime is a rational actor.
A sociological approach to the issue of climate change is important and overdue, not least because the market-based, rational actor approaches of economics have so far dominated social science responses to the issue.
Most theories on the origins of war are based on the premise of a rational actor in pursuit of power or wealth.
This is not a rational actor who thinks in terms of 'How do we avert civil war?
This article describes and analyzes US nuclear policy from 1945 to 1968, uses the rational actor model to assess US actions during that period, and recommends a future nuclear policy that draws on our Cold War experience to deal with an emerging threat from Iran.
Active defenses and damage limitation measures may serve as a defensive deterrent against rogue states or terrorists who do not fit the usual profile of a rational actor.