by Summary:
Explanation of why expected utility theory is "an ex-hyoptheis." Actually, there is a lot more wrong with it such hypotheses used as assumptions in the construction of homo economicus, and the exportation of homo economicus from theory to practical use. Homo economicus is a theoretical construct used to simplify the complexities of human behavior for use in an economic model. But human behavior is not limited to economics other than in quite specialized cases, where it is reasonable to exclude the range of motivation that generally influences the range of behavior. This has been debated literally for millennia in ethics, for example, and studied in psychology, anthropology, and sociology. The reality is homo socialis rather than homo economics, chiefly motivated by "utility" or
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Mike Norman considers the following as important: economics profession, expected utility theory, nobel prize in economics, Richard Thaler, Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, teaching economics
This could be interesting, too:
Explanation of why expected utility theory is "an ex-hyoptheis." Actually, there is a lot more wrong with it such hypotheses used as assumptions in the construction of homo economicus, and the exportation of homo economicus from theory to practical use. Homo economicus is a theoretical construct used to simplify the complexities of human behavior for use in an economic model. But human behavior is not limited to economics other than in quite specialized cases, where it is reasonable to exclude the range of motivation that generally influences the range of behavior. This has been debated literally for millennia in ethics, for example, and studied in psychology, anthropology, and sociology. The reality is homo socialis rather than homo economics, chiefly motivated by "utility" or
Topics:
Mike Norman considers the following as important: economics profession, expected utility theory, nobel prize in economics, Richard Thaler, Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, teaching economics
This could be interesting, too:
Mike Norman writes REVIEW ESSAY–The Reformation in Economics: A Deconstruction and Reconstruction of Economic Theory by Philip Pilkington Marc Morgan
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Actually, there is a lot more wrong with it such hypotheses used as assumptions in the construction of homo economicus, and the exportation of homo economicus from theory to practical use.
Lars P. Syll’s Blog
Richard Thaler gets the 2017 ‘Nobel prize’
Lars P. Syll | Professor, Malmo University
Homo economicus is a theoretical construct used to simplify the complexities of human behavior for use in an economic model. But human behavior is not limited to economics other than in quite specialized cases, where it is reasonable to exclude the range of motivation that generally influences the range of behavior.
This has been debated literally for millennia in ethics, for example, and studied in psychology, anthropology, and sociology. The reality is homo socialis rather than homo economics, chiefly motivated by "utility" or "preferences" as material satisfaction, or homo politicus, chiefly motivated by power and dominance, as well as prestige and fame.
Nor are humans motivated only by fame, fortune, power and pleasure. In fact, fame, fortune, power and pleasure have been regarded by the wise as vanity and glamor, veiling the true source of happiness as abiding fulfillment, which lies in purification of the heart. The primary pursuit of fame, fortune, power and pleasure harden the heart and put what all human seek most beyond reach. This is the teaching of the wise.
There is nothing wrong with using simple models like Robinson Crusoe models as long as the limitations are explained. But I recall that when taking Econ 101 the prof just put the model out there without explaining modeling and its use. We were all looking at each other, like WTF?
Lars P. Syll’s Blog
Richard Thaler gets the 2017 ‘Nobel prize’
Lars P. Syll | Professor, Malmo University