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Homo Economicus: Why are new year’s resolutions so difficult to maintain and economic models so bad at predicting our behaviour?

Homo Economicus: Why are new year’s resolutions so difficult to maintain and economic models so bad at predicting our behaviour?
Antonia T. Schröder
Pluralist Economics Fellowship, 2018
Level: beginner
Perspective: Behavioral Economics
Topic: Microeconomics & Markets, Reflection of Economics
Format: Essay
Link: https://spark.adobe.com/page/IgF3TnwXHDiCd/

This dossier is part of the Pluralist Economics Fellowship, jointly put together by the Minerva Schools at KGI & The Network for Pluralist Economics. For more information on this and a collection of the other student essays check out this page.

Homo Economicus:  Why are new year’s resolutions so difficult to maintain and economic models so bad at predicting our behaviour?

Author: Antonia T. Schröder

Review: Prof. Dollie Davis

 

Abstract:

Have you ever wondered why it is so difficult to follow through on new year’s resolutions, such as to exercise more or to start saving more money towards retirement? The agent that most traditional economic models are based on would not struggle to keep up these resolutions. These agents are referred to as homo economicus.

Homo Economicus

Go to: Homo Economicus: Why are new year’s resolutions so difficult to maintain and economic models so bad at predicting our behaviour?

Tags: behavior | behavioral economics | behavioral macroeconomics | cognitive bias | finance | homo economicus | mainstream critique | nudge | rationality
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