Homo reciprocans
Encyclopedia
Homo reciprocans, or Reciprocal human, is the concept in some economic theories of humans as cooperative actors who are motivated by improving their environment. This concept stands in contrast to the idea of Homo economicus
, which states the opposite theory that human beings are exclusively motivated by self-interest.
The homo reciprocans concept states that human being players interact with a propensity to cooperate. They will compromise in order to achieve a balance between what is best for them and what is best for the environment they are a part of. Homo reciprocans players, however, also are motivated by justification. If a second player is perceived as having done something wrong or insulting, the first player is willing to "take a hit," even with no foreseeable benefits, in order for the second player to suffer.
A common example of this interaction is the haggler and shopkeeper. If the haggler wants a deal and the shopkeeper wants a sale, the haggler must carefully choose a price for the shopkeeper to consider. The shopkeeper will consider a lower price (or a price in between) based on the benefit of selling a product. If the haggler's offer is a low-ball
, which may be offensive to the shopkeeper, the shopkeeper may refuse simply on the grounds that he is offended, and will knowingly and purposely lose the sale.
Homo economicus
Homo economicus, or Economic human, is the concept in some economic theories of humans as rational and narrowly self-interested actors who have the ability to make judgments toward their subjectively defined ends...
, which states the opposite theory that human beings are exclusively motivated by self-interest.
The homo reciprocans concept states that human being players interact with a propensity to cooperate. They will compromise in order to achieve a balance between what is best for them and what is best for the environment they are a part of. Homo reciprocans players, however, also are motivated by justification. If a second player is perceived as having done something wrong or insulting, the first player is willing to "take a hit," even with no foreseeable benefits, in order for the second player to suffer.
A common example of this interaction is the haggler and shopkeeper. If the haggler wants a deal and the shopkeeper wants a sale, the haggler must carefully choose a price for the shopkeeper to consider. The shopkeeper will consider a lower price (or a price in between) based on the benefit of selling a product. If the haggler's offer is a low-ball
Low-Ball
The low-ball is a persuasion and selling technique in which an item or service is offered at a lower price than is actually intended to be charged, after which the price is raised to increase profits....
, which may be offensive to the shopkeeper, the shopkeeper may refuse simply on the grounds that he is offended, and will knowingly and purposely lose the sale.
See also
- Homo economicusHomo economicusHomo economicus, or Economic human, is the concept in some economic theories of humans as rational and narrowly self-interested actors who have the ability to make judgments toward their subjectively defined ends...
- Agent (economics)Agent (economics)In economics, an agent is an actor and decision maker in a model. Typically, every agent makes decisions by solving a well or ill defined optimization/choice problem. The term agent can also be seen as equivalent to player in game theory....
- Dictator gameDictator gameThe dictator game is a game in experimental economics, similar to the ultimatum game. Experimental results offer evidence against the rationally self-interested individual concept of economic behavior, though precisely what to conclude from the evidence is controversial.-Description:In the...
- Rational agentRational agentIn economics, game theory, decision theory, and artificial intelligence, a rational agent is an agent which has clear preferences, models uncertainty via expected values, and always chooses to perform the action that results in the optimal outcome for itself from among all feasible actions...
- Rational choice theoryRational choice theoryRational choice theory, also known as choice theory or rational action theory, is a framework for understanding and often formally modeling social and economic behavior. It is the main theoretical paradigm in the currently-dominant school of microeconomics...
- Economic rationalismEconomic rationalismEconomic rationalism is an Australian term in discussion of microeconomic policy, applicable to the economic policy of many governments around the world, in particular during the 1980s and 1990s....
- List of alternative names for the human species
- Modern portfolio theoryModern portfolio theoryModern portfolio theory is a theory of investment which attempts to maximize portfolio expected return for a given amount of portfolio risk, or equivalently minimize risk for a given level of expected return, by carefully choosing the proportions of various assets...
- Pirate gamePirate gameThe pirate game is a simple mathematical game. It illustrates how, if assumptions conforming to a homo economicus model of human behaviour hold, outcomes may be surprising. It is a multi-player version of the ultimatum game.-The game:...
- Post-autistic economicsPost-autistic economicsThe movement for Post-Autistic Economics was born through the work of Sorbonne economist Bernard Guerrien. The movement is best seen as a forum of different groups critical of the current mainstream: from behavioral and heterodox to feminist, green economics and econo-physics...
- Rational pricingRational pricingRational pricing is the assumption in financial economics that asset prices will reflect the arbitrage-free price of the asset as any deviation from this price will be "arbitraged away"...
- Homo biologicus
- Samuel BowlesSamuel BowlesSamuel Bowles may refer to:*Samuel Bowles *Samuel Bowles...
- Herbert GintisHerbert GintisHerbert Gintis is an American behavioral scientist, educator, and author. He is notable for his foundational views on Altruism, Cooperation, Epistemic Game Theory, Gene-culture coevolution, Efficiency wages, Strong reciprocity, and Human capital theory. Gintis has also written extensively on...
External links
- Rational self interest, Prof. Roger A. McCain, Drexel UniversityDrexel UniversityDrexel University is a private research university with the main campus located in Philadelphia, Pennsylvania, USA. It was founded in 1891 by Anthony J. Drexel, a noted financier and philanthropist. Drexel offers 70 full-time undergraduate programs and accelerated degrees...
- Self-Interest, Homo Islamicus and Some Behavioral Assumptions in Islamic Economics and Finance (DOC) by Dr. Mohammad Omar Farooq
- Requiem for Homo Economicus Edward J. O’Boyle, Mayo Research Institute, a refutation of reductionism in free willFree will"To make my own decisions whether I am successful or not due to uncontrollable forces" -Troy MorrisonA pragmatic definition of free willFree will is the ability of agents to make choices free from certain kinds of constraints. The existence of free will and its exact nature and definition have long...
using tenets of natural lawNatural lawNatural law, or the law of nature , is any system of law which is purportedly determined by nature, and thus universal. Classically, natural law refers to the use of reason to analyze human nature and deduce binding rules of moral behavior. Natural law is contrasted with the positive law Natural...