What is behavioral economy

Basics of behavioral economics - has homo oeconomicus obsolete?


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    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.

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