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Austrian Economics and Game Theory: A Stocktaking and an Evaluation

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  • Foss, Nicolai

Abstract

I discuss the merits and drawbacks of game theory in economics from the perspective of Austrian economics. I begin by arguing that Austrians have neglected game theory at their peril, and then suggest that game theoretic reasoning could be one way of modelling key Austrian insights. However, admittedly some aspects of game theory don't square easily with Austrian economics. Moreover, a major stumbling block for an Austrian acceptance of game theory may lie in the traditional Austrian resistance to formal methods. Copyright 2000 by Kluwer Academic Publishers

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  • Foss, Nicolai, 2000. "Austrian Economics and Game Theory: A Stocktaking and an Evaluation," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 13(1), pages 41-58, February.
    • Handle: RePEc:kap:revaec:v:13:y:2000:i:1:p:41-58
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    Cited by:

    1. Rodolphe Buda, 2007. "Propositions for the Building of a Quantitative Austrian Modelling: An Answer to Prof. Rizzo and to Prof. Vriend," Working Papers hal-04139234, HAL.
    2. William Luther, 2014. "Evenly rotating economy: A new modeling technique for an old equilibrium construct," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(4), pages 403-417, December.
    3. Mohammad Keyhani & Moren Lévesque & Anoop Madhok, 2015. "Toward a theory of entrepreneurial rents: A simulation of the market process," Strategic Management Journal, Wiley Blackwell, vol. 36(1), pages 76-96, January.
    4. Christopher J. Coyne, 2010. "Economics as the Study of Coordination and Exchange," Chapters, in: Peter J. Boettke (ed.), Handbook on Contemporary Austrian Economics, chapter 2, Edward Elgar Publishing.
    5. Jamee K. Moudud, 2010. "Strategic Competition, Dynamics, and the Role of the State," Books, Edward Elgar Publishing, number 4241.
    6. J. Subrick & Andrew Young, 2010. "Nobelity and novelty: Finn Kydland and Edward Prescott’s contributions viewed from Vienna," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 23(1), pages 35-53, March.
    7. Michael Wohlgemuth, 2002. "Democracy and Opinion Falsification: Towards a New Austrian Political Economy," Constitutional Political Economy, Springer, vol. 13(3), pages 223-246, September.
    8. Hudik, Marek, 2021. "Push factors of endogenous institutional change," Journal of Economic Behavior & Organization, Elsevier, vol. 189(C), pages 504-514.

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