Evolution of the concept of Homo Economicus in light of advances in Neuroeconomics: towards a more realistic model of economic decision-making

Evolution du concept de l'Homo Economicus à la lumière des avancées en Neuroéconomie: vers un modèle plus réaliste de décision économique

Adam S. Tuzolele Mbuku

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Abstract: Historically, Homo Economicus has been conceptualized as a perfectly rational individual who always seeks to maximize his utility. However, this assumption has been challenged by recent discoveries in neuroeconomics, which suggest that emotions and neural processes play a key role in economic decision-making. We have examined a variety of research works in the field of neuroeconomics, including those that explore the interaction between emotion and deliberation, the role of emotions in economic decisions, and how neural structures and mechanisms influence economic choices. These works have highlighted the importance of emotions in economic decision-making and have challenged the traditional assumption of Homo Economicus. Furthermore, we have explored how discoveries in neuroeconomics can help improve existing economic models by integrating knowledge about brain functioning. We have also discussed the potential implications of neuroeconomics for economic policy, particularly in the context of the Democratic Republic of Congo.

Keywords: Neuroeconomics; Cognitive biases; Behavioral economics; Economic model; Homo economicus; Neuroéconomie; Biais cognitifs; Économie comportementale; Modèle économique (search for similar items in EconPapers)
Date: 2024-04-30
New Economics Papers: this item is included in nep-eur, nep-evo, nep-hpe and nep-upt
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Published in 2024

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