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F.A. Hayek and the Rationality of Individual Choice

Rizzo, Mario J. - 2019

An under-appreciated aspect of F.A. Hayek's mature views about rationality is the inter-relation of the “pure logic of … rationality and replaced it with a completely rule-oriented conception of decisionmaking. In fact, however, the analysis in Hayek ….Furthermore, this framework also shows that his fundamental conception of individual rationality is pragmatic, contextual, modifiable …

Persistent link: https://www.econbiz.de/10012904211

Under risk, over time, regarding other people : language and rationality within three dimensions

Jullien, Dorian - 2018

This paper conducts a systematic comparison of behavioral economics’s challenges to the standard accounts of economic behaviors within three dimensions: under risk, over time and regarding other people. A new perspective on two underlying methodological issues, i.e., interdisciplinarity and...

Persistent link: https://www.econbiz.de/10011809698

Rational Choice as If the Choosers Were Human

Boettke, Peter J. - 2018

This book chapter demonstrates that there has been from Adam Smith to Vernon Smith a tradition of economic scholarship that is grounded in the decision calculus of individuals, or what F.A. Hayek referred to as the logic of choice, which requires neither the heroic assumptions of omniscience,...

Persistent link: https://www.econbiz.de/10012937174

Frank Knight and Behavioral Economics

Hands, D. Wade - 2021

Abstract: Frank Knight was an enigmatic thinker: not only about economics, but also about individual and social behavior more generally, ethics, political philosophy, epistemology, and a number of other subjects. However, his views on some topics often created tensions with his views on other...

Persistent link: https://www.econbiz.de/10013212538

Measuring Utility : From the Marginal Revolution to Behavioral Economics. Prologue

Moscati, Ivan - 2019

This paper is the penultimate version of the Prologue to my book Measuring Utility. From the Marginal Revolution to Behavioral Economics, published in 2018 by Oxford University Press in the series Oxford Studies in the History of Economics

Persistent link: https://www.econbiz.de/10012895453

Homo Economicus and Homo Stramineus

Hudik, Marek - 2015

The model of Homo economicus has often been criticized as unrealistic. In particular, it has been found lacking for allegedly assuming that people are selfish, an assumption which is contradicted by both introspection and empirical evidence. The aim of this paper is to show that never in the...

Persistent link: https://www.econbiz.de/10013036487

Ausgewählte Felder und Themen

Kurz, Heinz D. - 2021

Persistent link: https://www.econbiz.de/10012602457

The problem of rationality : Austrian economics between classical behaviorism and behavioral economics

Rizzo, Mario J. - In: The Oxford handbook of Austrian economics, (pp. 364-392). 2015

Persistent link: https://www.econbiz.de/10011389299

From Wald to Savage : Homo Economicus Becomes a Bayesian Statistician

Giocoli, Nicola - 2012

Bayesian rationality is the paradigm of rational behavior in neoclassical economics. A rational agent in an economic …. The paper raises the question of how, when and why this characterization of rationality came to be endorsed by mainstream …

Persistent link: https://www.econbiz.de/10013113861

Two Types of Ecological Rationality : Or How to Best Combine Psychology and Economics

Dekker, Erwin - 2018

This paper argues that there are two rival meanings of the concept of ecological rationality, which are often believed … to be closely related if not similar. The first type is ecological rationality (ER1) as used in the work of Gerd … is ecological rationality (ER2) as used in the work of Vernon Smith, which refers to cognitive systems consisting of …

Persistent link: https://www.econbiz.de/10012920677