One of the key assumptions of neoclassical economics is the existence of the rational individual, who always tries to maximize his or her utility. The paper shows possibilities of experimental evaluation of this hypothesis with respect to the various groups of people who undertake the...

Czech Abstract: Cílem tohoto článku je představit Kirznerovu teorii podnikatelského objevování jako doplněk a alternativu k teorii hlavního proudu. V první a druhé části autor vysvětluje hlavní vlivy Ludwiga von Misese a Friedricha Augusta von Hayeka na vznik podnikatelské...

The aim of the paper is to introduce Kirzner's theory of entrepreneurial discovery as a complement and an alternative to the mainstream theory. In the first and the second sections, the author explains the main influences of Ludwig von Mises and Friedrich August von Hayek's works on...

What is the role of entrepreneurship in economic development from the perspective of neo-Austrian and new institutional economics and what is the difference between these approaches? Neo-Austrian economists claim that economic development is caused by entrepreneurial discovery. New institutional...

We examine a strategic-choice handicap model in which males send costly signals to advertise their quality to females. Females are concerned with the net viability of the male with whom they mate, where net viability is a function of the male's quality and signal. We identify circumstances in...

We present a model of learning in which agents learn from errors. If an action turns out to be an error, the agent rejects not only that action but also neighboring actions. We find that, keepng memory of his errors, under mild assumptions an acceptable solution is asymptotically reached....