Although decision makers are often reported to have difficulties in making comparisons between multi-dimensional decision outcomes, economic theory assumes a uni-dimensional utility measure. This paper reviews evidence from behavioral and brain sciences to assess whether, and for what reasons,...

The concept of "utility" is often used in ambiguous ways in economics, from having substantive psychological connotations to being a formal placeholder representing a person's preferences. In the accounts of the early utilitarians, it was a multidimensional measure that has been condensed during...

In recent sociological studies of markets, especially financial markets, researchers have argued that economics is performative (MacKenzie, Callon et al.). By this they refer to the observation that theories such as the Black-Scholes formula do not simply describe reality, but contributed to the...

Combining different new approaches to human behavior in neuroeconomics, the cognitive sciences and institutional economics, this paper sketches the fundamentals of a naturalistic theory of economic order. In this endeavour, the argument follows the track laid down by Hayek's comprehensive...

Although decision makers are often reported to have difficulties in making comparisons between multi-dimensional decision outcomes, economic theory assumes a uni-dimensional utility measure. This paper reviews evidence from behavioral and brain sciences to assess whether, and for what reasons,...

I argue that it is microeconomics that needs foundations, not macroeconomics. Preferences need to be built on biology, and, in particular, on neuroscience. In contrast, macroeconomics could benefit from rationalizations of aggregate economic phenomena by non-equilibrium statistical physics. --...

I argue that it is microeconomics that needs foundations, not macroeconomics. Preferences need to be built on biology, and, in particular, on neuroscience. In contrast, macroeconomics could benefit from rationalizations of aggregate economic phenomena by non-equilibrium statistical physics. --

In recent sociological studies of markets, especially financial markets, researchers have argued that economics is performative (MacKenzie, Callon et al.). By this they refer to the observation that theories such as the Black-Scholes formula do not simply describe reality, but contributed to the...

The author argues that it is microeconomics that needs foundations, not macroeconomics. Preferences need to be built on biology, and, in particular, on neuroscience. In contrast, macroeconomics could benefit from rationalizations of aggregate economic phenomena by non-equilibrium statistical physics

Transaction Byte Analysis (TBA) creates a methodology to analyze, evaluate and compare any human and/or non-human social systems. Any co-ordination between social creatures requires the creation, transmission, reception and internal processing of signals that can be measured in bytes. The...