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The Illusion of the Homoeconomicus
Transcript of The Illusion of the Homoeconomicus
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
Homoeconomicus efficient allocation of resources including "human" to question
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
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