Self-interest and altruism motivate human behaviour
In his experiments, economist Ernst Fehr, a leading exponent of behavioural economics, demonstrates that human beings are not actually homo economicus, rationally optimising their advantage. He shows that solidarity and fairness play a large role in the way economic entities act on the market. This has enormous consequences for the way in which labour markets operate. Professor Fehr’s research findings can also be applied to current economic problems such as banking bonuses or excessive state debt.