David Friedman
Economics is built on a simple assumption - that individual behavior can best be predicted by assuming that each individual will take the actions that best achieve his objectives. The justification for that assumption, somewhat misleadingly labeled rationality, is that we have no good theory of mistakes, no way of predicting what particular irrational action an individual will take. That leaves the rational element as the best - although imperfect - way of predicting behavior.1 Evolutionary...
Contents
ECONOMICS EVOLVING AN INTRODUCTION TO THE VOLUME ECONOMICS AND EVOLUTIONARY PSYCHOLOGY MOGUL GAMES IN DEFENSE OF INEQUALITY AS AN EVOLUTIONARY STRATEGY TO COPE WITH MULTIPLE AGENTS OF SELECTION Deby Cassill and Alison Watkins 35 AUSTRIAN ECONOMICS, EVOLUTIONARY PSYCHOLOGY AND INDIVIDUAL ACTIONS HAYEK AND MODERN EVOLUTIONARY THEORY Paul H. Rubin and Evelyn Gick 79 IS HOMO ECONOMICUS EXTINCT VERNON SMITH, DANIEL KAHNEMAN AND THE EVOLUTIONARY PERSPECTIVE C. Athena Aktipis and Robert O. Kurzban 135...
Evolutionary Psychology A Naturalistic Approach To Mental Phenomena
As noted above, methodological arguments are statements about theories. Methodological dualism is a conjecture about the relation between two bodies of theories, theories about mental phenomena on the one side, and theories about external events on the other. It claims that, because of inherent differences between these two realms, theories about the realm of human thought and action Mises, 1957, p. 1 are of a categorically different nature than theories about external events. Even though this...
Daniel Kahneman
Empirical Challenges to Homo economicus While Vernon Smith's work challenged the assumptions of Homo economicus from inside the discipline of economics, psychologists Daniel Kahneman and Amos Tversky, his collaborator, used the methods of experimental psychology to challenge traditional notions of human rationality from the outside. Kahneman and Tversky are best known for their work that chipped away at a cornerstone of classical approaches to decision making, expected utility theory. Expected...
Roger Koppl 1
The modern revival of Austrian economics dates to the South Royalton conference of 1974 Vaughn, 1994, pp. 103-111 . At that time, neoclassical orthodoxy excluded evolutionary concepts. It was, in Ludwig Lachmann's memorable phrase, late classical formalism 1977, p. 35 . Opposition to neoclassical orthodoxy was part of the definition of Austrian economics. It formed part of our identity. Today it is no longer clear what orthodoxy is or whether current mainstream economics is neoclassical at all...