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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
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
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
much with the rationality of choices as with the rationality of the agent as a person. These two claims are buttressed by a … experimental definition of rationality", this new use consists in letting the experiment itself speak of the rationality or …
Persistent link: https://www.econbiz.de/10012120707
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
Persistent link: https://www.econbiz.de/10003372657
conceptions of rationality defended by Neurath and Mises and suggests some consequent insights with respect to Viennese Late … Enlightenment, contemporary rationality wars, the socialist calculation debates, and the foundations of welfare economics. …
Persistent link: https://www.econbiz.de/10012607642
Recent exchanges between two academics on the Internet ,both experts in conventional and unconventional approaches to decision theory, reveal an astounding lack of knowledge and understanding regarding the makeup of Keynes's logical theory of probability as put forth by Keynes in 1921,...
Persistent link: https://www.econbiz.de/10012866735
This paper addresses the perspective of Hayek's doctrine on monetary arrangements in the economy and his favorable argument for an international central bank over national central bank. I also discussed Hayek's view on free banking (i.e. for the free issue of bank notes) that would enable the...
Persistent link: https://www.econbiz.de/10013077505