This notion of the Homo Economic has been under tremendous criticism, not least by Economists themselves. Humans, how rational are their choices? How do they form their preferences? How do they make decision under uncertainty and risk? How do they minimize the costs of evaluating all possible, even unexpected outcomes? How do market participants decide in imperfect markets where transaction costs and time-lags are prevailing?

This blog is based on the notion that it is possible to save the Homo Economicus, if you put him in a simple invention: a network. Humans do make rational choices, but what is a rational heuristic is a based on what a rational heuristic is in their network. Humans do have ordered preferences which they take from the network which surrounds them. Humans make decisions under uncertainty and risk by copying what their network does. They minimize the costs of evaluating outcomes by checking how their network evaluates an outcome. And, finally, the characteristics of networks have an important impact on the imperfections of markets and the choices of market participants.

The theory that humans are situated in a network of other people, from which they get postive and negative ideas, preferences, feedback, incentives, is nothing really new. But it repudiates the Marxian notion that our economic condition simply dictates our preferences, or the Constructivist notion that we simply reproduce our social roles.

Homo kasinomicus describes human beings which use their knowledge and their social intelligence to make rational choices situated on the grid of life they have developed throughout their life. Kasinomics.com is a blog about the homo kasinomicus.