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/

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

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Ce projet est supervisé par des membres du réseau international pour une science économique pluraliste, dans la sphère germanophone (Netzwerk Plurale Ökonomik e.V.) et dans la sphère francophone (Rethinking Economics Switzerland / Rethinking Economics Belgium / PEPS-Économie France). Nous sommes fortement attachés à notre indépendance et à notre diversité et sommes donc dépendants de donations de personnes telles que vous. Des dons réguliers ou ponctuels sont les bienvenus !