Homo Economicus

(redirected from Rational Actors)
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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 ?
largely focused on rational actors and typically are thought to consider
Since rational actors behave according to their interests, the activities they employ are indicative of the condition at hand.
By definition, rational actors should not be affected by irrelevant features of the environment, but many people fail to behave as the ideal rational actor would.
Cost-benefit bargaining between rational actors will assign the entitlements efficiently to the actor who values them the most, regardless of the starting point.
The use of Twitter during the Arab Spring events, for example, demonstrates a motivation that cannot be explained only through the coordination of rational actors (Conover et al.
Whereas classical economics presupposes that consumers are rational actors who are perfectly informed about their options and choose the best one for them, in real life, people are "boundedly" rational, meaning there are limitations to how much information they can collect and process in making a decision, and people often limit their search to a couple alternatives.
12) The early European notion of nations as inherently competitive stands in contrast to the United States' view of people as rational actors who can build peaceful and cooperative societies through participatory government and free markets.
The Taliban cannot be thought of as rational actors, and what would be stopping them from simply disregarding the treaty altogether.
So, let us assume another scenario, that the Iranians are not crazed fanatics but rational actors looking out for what is best for their country.
But in the real world of politics and policy, they are rational actors, calculating the costs and benefits of federal grant laws.
Calm, rational actors explain that they looked at studies on high fructose corn syrup (HFCS) and found to their surprise that it was the same as cane sugar.