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 rationality' in a laboratory (documented in Smith...

Teaching Austrian economics to graduate students is an important part of spreading the ideas of Austrian economics throughout the profession. In the classroom, it is important for graduate students to not only master the ideas of Austrian economics but also to train them to become productive...

For decades, experimental economics has been very interested in behavior that could be characterized as practicing solidarity (although the term is rarely used). Solidarity is a key concept in Catholic Social Teaching. This paper builds a bridge between these two endeavors that, thus far, had...

An exploration of Friedrich Hayek's contribution to the foundation of behavioural economics, and how his work interacted with and complemented that of his contemporaries. Chapters include detailed discussions of the concept of rationality, psychology and Hayek's philosophical theories as well as...

Deceiving someone in our everyday lives is a moral failing, one that we are adept at detecting and quick to judge in the words and actions of others. In our professional lives as economic scientists we are also quick to judge experimental procedures as deceptive, but we have problems...

This article discusses the problem of "thought experiments" in Austrian economics and takes as a starting point Lawrence Moss’ argument on the divide between the older Austrian economists - for whom thought experiments were crucial - and the new generation that, in Moss’ view, has...

The article discusses the concepts of altruism and prosocial behavior and their importance in interdisciplinary studies of behavioral economics. The basic theoretical models and concepts of altruism in Behavioral Economics are reviewed. Altruism is shown to be a hidden and complicated form of...