Many classical economic theories rely on the assumption that people, and thus markets, are rather predictable; that humans are rational and self-interested beings. Yet, psychologists have argued that human behaviours are highly complex and cannot be understood in these simple terms. The emergence of interdisciplinary research in both economics and psychology has narrowed the gaps and challenged traditional thinking, as participants at a SMU Social Sciences Capstone Seminar found out.
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Questioning the homo economicus: Are concepts of rationality and self-interest outdated?. (2012). Knowledge@SMU.
Available at: http://ink.library.smu.edu.sg/ksmu/230