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...

We use data from a field experiment at Kiva, the online microfinance platform, to examine the role of transactions costs and social distance in decision-making. Requests for loans are either written in English or another language, and our treatment consists of posting requests in the latter...

We study the evolution of prices in a symmetric duopoly where firms are uncertain about the degree of product differentiation. Customers sometimes perceive the products as close substitutes, sometimes as highly differentiated. Firms learn about their competitive environment from the quantities...

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...

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...