What is behavioral economy

Basics of behavioral economics - has homo oeconomicus obsolete?

Back

Instructional videos for teachers

Table of Contents

    The economic standard model of Homo oeconomicus with its basic assumption of the rational utility maximizer has come under increasing criticism since the latest financial crisis at the latest. What can the model achieve and where does it reach its limits?
    In his video presentation, Prof. Dr. Mario Mechtel first made economic decisions from the perspective of the homo-economicus model, in order to then show the weaknesses and possible extensions of the model. Various behavioral economics experiments are presented, the observations and findings of which contradict the assumptions of the standard model. For example, people obviously have a preference for fairness, they behave inconsistently in terms of time in that they plan things for the future and then do not do them, and they evaluate gains and losses in the same amount differently. To explain these behavior patterns, context-specific models are needed, such as B. the Prospect Theory. But even the basic model continues to deliver surprisingly good forecasts.

    View feedback on Vimeo

    Teaching material on the topic

    Simulation games

    Experience and understand economic relationships in a playful way - with our business games WIWAG, Ecoland and Isle of Economy

    To the simulation games

    Instructional videos for teachers

    Understand economic models in 30 minutes - discover our video-based format for teacher training

    To the instructional videos

    Publications

    Entrepreneurial thinking and acting - discovering potential and developing economic skills

    To the publications

    footer