By Patrick Samson
Behavioral Economics
4/12/17

HOW PREDICTABLY IRRATIONAL ARE CUSTOMERS?

Some people cringe at the term homo economicus; to others, he has become an old familiar (and quaint) friend. No doubt, the term has taken hold and remains ubiquitous. Even though the homo economicus concept is well accepted in many economic circles as a fait accompli, the term has not always brought positive reactions. The one-sided image of man has been criticized for a long time – mainly because the late 19th century theory portrays humans as consistently rational and self-interested, pursuing their ends for monetary gains. More...