The Representativeness of Homo Oeconomicus and its Rationality

Artikel

The homo oeconomicus model is an essential concept of the neoclassical analysis. It defines the agent capable of rational choices in pursuing the maximization of his own utility functions. Over time, the notion remained at the basis of many debates, related mainly to its relevance. However, the concept remained, until now, a fundamental component of mainstream analysis. This article aims to present a brief overview of the arguments that support the use of this model, but also its limitations and inconsistencies. Our main goal is to analyze if homo oeconomicus can be or not considered an ideal representation of the economic agent. Further, the analysis emphasize on the attribute of rationality, which is one of the most disputed feature in the literature.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Journal: CES Working Papers ; ISSN: 2067-7693 ; Volume: 6 ; Year: 2014 ; Issue: 3 ; Pages: 29-35 ; Iasi: Alexandru Ioan Cuza University of Iasi, Centre for European Studies

Classification and Topics

• Classification: Wirtschaft ; Microeconomic Behavior: Underlying Principles
• Subject: homo oeconomicus ; mainstream economics ; economic behaviour ; rationality

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Diacon, Paula-Elena
• Event: Veröffentlichung
• (who): Alexandru Ioan Cuza University of Iasi, Centre for European Studies
• (where): Iasi
• (when): 2014

Further information

• Handle: http://hdl.handle.net/10419/198335
• Last update: 10.03.2025, 11:44 AM CET