Episode Ten: Homo Economicus 2.0

photo credit: <a href='http://www.flickr.com/photos/brentdanley/2205021283/'>brentdanley</a>

photo credit: brentdanley


Economists often use models to explain economic theory at work. In the simplest models, we humans are depicted as coldly rational beings who compute all our options, and act only in our own self interest.
This prototype of a person is called Homo Economicus.
New thinking by researchers like Duke University's Dan Ariely, however, is giving us a much more well-rounded view of human behaviour within economics. In this episode we reveal a new model of a man, Homo Economicus 2.0.