Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/174959
Authors: 
Dhami, Sanjit
Year of Publication: 
2017
Series/Report no.: 
CESifo Working Paper 6836
Abstract: 
The neoclassical model in economics envisages humans as amoral and self-regarding (Econs). This model, also known as the homo-economicus model, is not consistent with the empirical evidence. In light of the evidence, the continued use of the homo-economicus model is baffling. It also stymies progress in the field by putting the burden of adjustment on auxiliary assumptions that need to compensate for an unrealistic picture of human motivation and behavior. This essay briefly outlines the evidence for a more inclusive picture of humans in which ethics and morality play a central role. It argues for replacing the homo-economicus model with a homo-behavioralis model that has already enabled great progress to be made in the field of behavioral economics.
Subjects: 
ethics
morality
intrinsic motivation
consequentialistic choices
lying-aversion
guilt-aversion
markets and morality
moral balancing
self-image
self-serving justifications
partial lying
third party punishment
delegation
social identity
moral suasion
JEL: 
D90
D64
Document Type: 
Working Paper

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