What Is Homo Economicus In Behavioral Economics?

Homo economicus, also known as “economic man,” is a concept in economics that refers to an idealized version of a human being who is rational, selfish, and primarily motivated by self-interest. This concept is often used as a theoretical construct to model human behavior in economic models and theories. In reality, human beings are not always completely rational or selfish, and their behavior is influenced by a variety of factors, including emotions, cultural norms, and social pressures. However, the concept of Homo economicus is useful for helping economists understand and predict certain aspects of human behavior.

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