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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?

Level: beginner
Antonia T. Schröder | Pluralist Economics Fellowship, 2018
Homo Economicus:  Why are new year’s resolutions so difficult to maintain and economic models so bad at predicting our behaviour?
Perspective: Behavioral Economics
Topic: behavior, mainstream critique
Format: Multimedia Dossier
Link: https://spark.adobe.com/page/IgF3TnwXHDiCd/

Summary

This dossier is part of the Pluralist Economics Fellowship, jointly put together by the Minerva Schools at KGI & The Network for Pluralist Economics.


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

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Das Netzwerk Plurale Ökonomik e.V. wird aufgrund seiner Unabhängigkeit und des Einsatzes für Pluralismus und Vielfalt nicht von finanzstarken Interessensgruppen getragen. Deshalb freuen wir uns sehr über eine einmalige oder dauerhafte Spende.