Homo Economicus vs. Human Being: Outcomes of Irrationality
نویسندگان
چکیده
منابع مشابه
Homo Economicus vs. Human Being: Outcomes of Irrationality
This paper investigates the individual outcomes of irrational thinking, including paranormality and non-scientific thinking. These modes of thinking are identified by factor analysis from a 2008 survey. Income and happiness are used as measures of performance. Empirical results reveal that non-scientific thinking lowers income, whereas paranormality does not affect it. While non-scientific thin...
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The current financial and economic crisis is the worst since the stock-market crash of 1929. As with every complex phenomenon, a mixture of causes have been put forward: the housing-market bubble, risky mortgage loans, ‘toxic’ financial products, high personal and corporate debts, inaccurate credit ratings, and much more. The shockwaves have spread so rapidly and hit so hard that entire banking...
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R esponding to a request for a forecast is especially tricky for someone like me, who specializes in other people’s biases. Research in psychology suggests that certain biases are very likely to creep into my forecasts about the future of economics (or anything else). 1. Optimism (and wishful thinking). We all tend to be optimistic about the future. On the first day of my MBA class on decision-...
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As a foundational concept in economics, the homo economicus assumption regards humans as rational and self-interested actors. In contrast, trust requires individuals to believe partners' benevolence and unselfishness. Thus, the homo economicus belief may inhibit trust. The present three experiments demonstrated that the direct exposure to homo economicus belief can weaken trust. And economic si...
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How do reward outcomes affect early visual performance? Previous studies found a suboptimal influence, but they ignored the non-linearity in how subjects perceived the reward outcomes. In contrast, we find that when the non-linearity is accounted for, humans behave optimally and maximize expected reward. Our subjects were asked to detect the presence of a familiar target object in a cluttered s...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2012
ISSN: 1556-5068
DOI: 10.2139/ssrn.2063268