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Austrian Behavioral Economics

This paper examines the interplay between Austrian and behavioral economics, highlighting how each can critique and enhance the other. It argues that Austrian economics should reconsider its view of rationality and human agency, while behavioral economics should focus more on how choices are made within micro-institutional contexts. The paper suggests that these critiques can lead to a more comprehensive understanding of economic behavior.

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7 views3 pages

Austrian Behavioral Economics

This paper examines the interplay between Austrian and behavioral economics, highlighting how each can critique and enhance the other. It argues that Austrian economics should reconsider its view of rationality and human agency, while behavioral economics should focus more on how choices are made within micro-institutional contexts. The paper suggests that these critiques can lead to a more comprehensive understanding of economic behavior.

Uploaded by

jefrypramana01
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Austrian behavioral economics

Whitman, G.

Journal of Institutional Economics (DOI: 10.1017/s1744137421000084)

Generated on May 25, 2025


Austrian behavioral economics

Abstract
<jats:title>Abstract</jats:title><jats:p>This paper explores the potential for gains from trade
between Austrian and behavioral economics, with a focus on how the two schools of thoughts
can constructively critique each other. Among other things, the Austrian critique of behavioral
economics would urge it to jettison its restrictive and axiomatic definition of rationality, and to
treat humans as active agents rather than passive recipients of environmental and cognitive
influences. Meanwhile, the behavioral critique of Austrian economics would push it to take more
seriously the fundamental question of how individuals arrive at choices and to analyze how such
choices can interact with ‘micro-institutional’ choice environments.</jats:p>

Affiliation: Department of Economics, California State University, Northridge, USA

Corresponding author. Email: [email protected]

Symposium on Institutional Analysis, Market Processes, and Interdisciplinary Social Science

Journal of Institutional Economics , Volume 18 , Issue 3 , June 2022 , pp. 449 - 466 DOI:
https://doi.org/10.1017/S1744137421000084 [Opens in a new window]

Copyright © Millennium Economics Ltd 2021

Crossref Citations This article has been cited by the following publications. This list is generated
based on data provided by Crossref . D'Amico, Daniel J. and Martin, Adam G. 2022.
Introduction to the symposium on institutional analysis, market processes, and interdisciplinary
social science . Journal of Institutional Economics, p. 1. CrossRef Google Scholar Baaken,
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Markus A. 2023. DIFFERENT TYPES OF INTUITION AT THE WORKPLACE: AN
INTEGRATIVE REVIEW . Business: Theory and Practice, Vol. 24, Issue. 2, p. 334. CrossRef
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Huerta de Soto, Volume I . p. 83. CrossRef Google Scholar Pelly, R. Duncan M. and Abisoye,
Mariam 2025. Markets as Spaces: An Autoethnography of Women’s Solidarity . Telos: Revista
de Estudios Interdisciplinarios en Ciencias Sociales, Vol. 27, Issue. 1, p. 233. CrossRef Google
Scholar

View all Google Scholar citations for this article.


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