THE EVOLUTION OF HOMO ECONOMICUS

The article provides a review of the ways in which interdisciplinary research in modern economic thought gives a more realistic understanding of human behavior and economic decision making. On the one hand, economic imperialism drove wider application of economics methods across social sciences and...

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Autor principal:	N. V. Komarovskaia
Formato:	article
Lenguaje:	EN RU
Publicado:	MGIMO University Press 2016
Materias:	rational economic behavior homo economicus gary becker economic imperialism amartya sen george akerlof and robert shiller’s theory of animal spirits daniel mcfadden prospect theory of daniel kahneman and amos tversky vernon smith economic decision making behavioral economics experimental economics neuroeconomics International relations JZ2-6530
Acceso en línea:	https://doaj.org/article/a2819bddc4a348438ef930e1ca3e12a8
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spelling	oai:doaj.org-article:a2819bddc4a348438ef930e1ca3e12a82021-11-23T14:51:00ZTHE EVOLUTION OF HOMO ECONOMICUS2071-81602541-909910.24833/2071-8160-2016-1-46-129-142https://doaj.org/article/a2819bddc4a348438ef930e1ca3e12a82016-02-01T00:00:00Zhttps://www.vestnik.mgimo.ru/jour/article/view/494https://doaj.org/toc/2071-8160https://doaj.org/toc/2541-9099The article provides a review of the ways in which interdisciplinary research in modern economic thought gives a more realistic understanding of human behavior and economic decision making. On the one hand, economic imperialism drove wider application of economics methods across social sciences and brought about new interdisciplinary fields, such as law and economics, economic sociology, public choice theory, etc. On the other hand, the origin of behavioral economics, experimental economics, and neuroeconomics bridging psychology, neurobiology, and economics influences the change in the methodology used by the economics itself and fuels transformation of the model of rational economic behavior 'homo economicus', one of the central assumptions of the neoclassical economics. George Akerlof and Robert Shiller's animal spirits, prospect theory of Daniel Kahneman and Amos Tversky, research by Amartya Sen, Daniel McFadden, Vernon Smith, and other economists focusing on decision making either significantly limit, or supplement the homo economicus concept providing a deeper insight into the nature of human rationality. Behavioral economics has already become so strong as a separate discipline that it can be classified into two streams - Classical and Modern, and its main principles should be incorporated into a basic course of traditional economics. The achievements of behavioral economics yield higher quality of economic research and forecasting. Interdisciplinary approach to the human behavior studies and transformation of homo economicus offer new tools for the development policy making.N. V. KomarovskaiaMGIMO University Pressarticlerational economic behaviorhomo economicusgary beckereconomic imperialism amartya sengeorge akerlof and robert shiller’s theory of animal spiritsdaniel mcfaddenprospect theory of daniel kahneman and amos tverskyvernon smitheconomic decision makingbehavioral economicsexperimental economicsneuroeconomicsInternational relationsJZ2-6530ENRUVestnik MGIMO-Universiteta, Vol 0, Iss 1(46), Pp 129-142 (2016)
institution	DOAJ
collection	DOAJ
language	EN RU
topic	rational economic behavior homo economicus gary becker economic imperialism amartya sen george akerlof and robert shiller’s theory of animal spirits daniel mcfadden prospect theory of daniel kahneman and amos tversky vernon smith economic decision making behavioral economics experimental economics neuroeconomics International relations JZ2-6530
spellingShingle	rational economic behavior homo economicus gary becker economic imperialism amartya sen george akerlof and robert shiller’s theory of animal spirits daniel mcfadden prospect theory of daniel kahneman and amos tversky vernon smith economic decision making behavioral economics experimental economics neuroeconomics International relations JZ2-6530 N. V. Komarovskaia THE EVOLUTION OF HOMO ECONOMICUS
description	The article provides a review of the ways in which interdisciplinary research in modern economic thought gives a more realistic understanding of human behavior and economic decision making. On the one hand, economic imperialism drove wider application of economics methods across social sciences and brought about new interdisciplinary fields, such as law and economics, economic sociology, public choice theory, etc. On the other hand, the origin of behavioral economics, experimental economics, and neuroeconomics bridging psychology, neurobiology, and economics influences the change in the methodology used by the economics itself and fuels transformation of the model of rational economic behavior 'homo economicus', one of the central assumptions of the neoclassical economics. George Akerlof and Robert Shiller's animal spirits, prospect theory of Daniel Kahneman and Amos Tversky, research by Amartya Sen, Daniel McFadden, Vernon Smith, and other economists focusing on decision making either significantly limit, or supplement the homo economicus concept providing a deeper insight into the nature of human rationality. Behavioral economics has already become so strong as a separate discipline that it can be classified into two streams - Classical and Modern, and its main principles should be incorporated into a basic course of traditional economics. The achievements of behavioral economics yield higher quality of economic research and forecasting. Interdisciplinary approach to the human behavior studies and transformation of homo economicus offer new tools for the development policy making.
format	article
author	N. V. Komarovskaia
author_facet	N. V. Komarovskaia
author_sort	N. V. Komarovskaia
title	THE EVOLUTION OF HOMO ECONOMICUS
title_short	THE EVOLUTION OF HOMO ECONOMICUS
title_full	THE EVOLUTION OF HOMO ECONOMICUS
title_fullStr	THE EVOLUTION OF HOMO ECONOMICUS
title_full_unstemmed	THE EVOLUTION OF HOMO ECONOMICUS
title_sort	evolution of homo economicus
publisher	MGIMO University Press
publishDate	2016
url	https://doaj.org/article/a2819bddc4a348438ef930e1ca3e12a8
work_keys_str_mv	AT nvkomarovskaia theevolutionofhomoeconomicus AT nvkomarovskaia evolutionofhomoeconomicus
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THE EVOLUTION OF HOMO ECONOMICUS

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