Abstract: “The paper investigates into the assumptions of model homo economicus and changes in developing the theory over the decades. The aim of the paper is to introduce and discuss the assumptions and further offer an overview of different approaches. During past years the theory switched from homo economicus to real description of current people handling at financial markets. At the end we introduce a basic model that could be the background for further investigation of models replacing homo economicus.”

Keywords: homo economicus, rationality, financial market