Vernon Smith (2008) argues that his experimental work is a demonstration of Friedrich Hayek's ‘ecological rationalism …'. This assertion is difficult to square with Hayek's apparent dismissal of the possibility of demonstrating ‘ecological … measure of desirability. Hayek is primarily skeptical of experimental demonstrations of ER2, because in his analysis …

An exploration of Friedrich Hayek's contribution to the foundation of behavioural economics, and how his work …, psychology and Hayek's philosophical theories as well as the historical context in which he lived and worked. …