Homo Oeconomicus versus Homo Reciprocans: Ansätze für ein neues Wirtschaftspolitisches Leitbild?

Armin Falk

Perspektiven der Wirtschaftspolitik, 2003, vol. 4, issue 1, 141-172

Abstract: Abstract Public opinion and politics are strongly influenced by economic theory and economic policy advice. Most of the underlying economic reasoning is based on the assumptions of a universal homo oeconomicus. Whether people act according to these assumptions is an empirical question, however. In this paper we report evidence of controlled laboratory experiments, which clearly indicates that contrary to the standard assumptions, reciprocity and fairness are central motives of human behavior. This has important implications for policy advice. We discuss several examples, e.g., tax moral, the design of the welfare state, hidden costs of incentives, wage rigidities and the economics of crime.

Date: 2003
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