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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
Grado: debutante
Perspective: Economía conductual
Topic: Microeconomía y mercados, Reflexión sobre economía
Format: Ensayo
Enlace: 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
Die Studie untersucht, wie Studierende der Volkswirtschaftslehre (VWL) an deutschen Hochschulen ihr Fach und die Pluralismusdebatte wahrnehmen. Schriftlich befragt wurden 351 Studierende der VWL im vierten Semester an den Universitäten Bonn, Frankfurt/M., Hamburg, Heidelberg und Mannheim. Level: debutante Wie denken Studierende über die Pluralismusdebatte in der Volkswirtschaftslehre? Tim Engartner & Eva Schweitzer-Krah Forschungsinstitut für gesellschaftliche Weiterentwicklung (FGW) The article is a formal response to the debate between the economists Diane Coyle and Howard Reed, whose articles were published online by Prospect magazine in 2018. Then, it was taken by Rethinking Economics as representative for the vision of the global network which advocates for changing economics curricula. In fact, it clearly solves some issues within the debate around pluralism by explaining its common misunderstandings among academics and its true - often mislead - meaning. 2018 Level: adelantado Deliberate Misunderstandings in Economics: What Pluralism Really Means Leonardo Conte Rethinking Economics Lukas Zeise gives an overview of economic and financial crises in the past decades (since 80s). He explains how policies and which kinds of policy were used to mitigate the crises, but also how the emergence of the crises was influenced by these policies. Furthermore, he introduces past attempts of financial market regulation and argues why present policies have not been effective and which further regulatory measures should be implemented in order to overcome financial instability and to avoid future crises. 2013 Level: debutante Regulierung der Finanzmärkte Lukas Zeise Netzwerk Plurale Ökonomik e.V. Die ökonomische Theorie hat mit Moral wenig oder gar nichts zu tun. In den gängigen Lehrbüchern der Mikroökonomie findet sich in den Stichwortverzeichnissen kein Eintrag zu Moral oder Ethik. Die Studierenden lernen über die Wirtschaft nachzudenken, aber sie lernen dabei nicht, systematisch über ethische Fragen zu reflektieren. Nach der neoklassischen Lehre, wie sie in den Lehrbüchern präsentiert wird, weist wirtschaftliches Handeln nicht grundsätzlich moralische Aspekte auf. 2015 Level: adelantado Ökonomie und Moral: Eine kurze Theoriegeschichte Walter Otto Ötsch Institute für Ökonomie und Philosophie Cusanus Hochschule

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