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The Illusion of the Homoeconomicus

09 01 2013
by

ezgi akşar

on 17 January 2013

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Transcript of The Illusion of the Homoeconomicus

If you choose A, If you choose B, There is one-third probability
that $ 6,000 will be saved $ 2,000 will be saved. and two-thirds of probability that no money will be saved. If you choose A, $ 2,000 will be saved. If you choose B, there is one-third probability that $ 6,000 will be saved and two-thirds of probability that no money will be saved. Which option would you choose ? 78% 22% If you choose A, $ 4,000 liras will be lost. If you choose B, there is one-third probability that no money will lost and two-thirds of probability that $ 6,000 will be lost. Which option would you choose ? 23% 77% 1st Group 2nd Group The Illusion

of the

Homoeconomicus efficient allocation of resources including "human" to question
even
the assumptions
themselves Behavioral Economics
-Judgement and Decision Making (JDM)- economics psychology irrational
individiduals predictably irrational individuals risks unceratinties explanatory strength assumptions Part I historical relationship between economics and psychology Behavioral Economics Classical Economics Early Neo-Classicals Postwar Neo-Classicals Classical Economics Psychoanalysis Early Neo-Classicals origins of the marginal utility Ernst Weber Gustav Fencher Adam Smith David Hume Jeremy Bentham William Stanley Jevons Carl Menger Leon Walras also... Irving Fisher Alfred Marshall Postwar Neo-Classicals John Hicks Paul Samuelson Roy George Allen rational choice theory Maurice Allais

Allais Paradox
Nobel Prize in Economics
1953 Behavioral Economics Amos Tversky Daniel Kahneman Prospect Theory LOSS AVERSION Part II A Loss Aversion Experiment in a Third World Country: Turkey $ 6,000
Full transcript