Evolutionary mechanisms of choice: Hayekian perspectives on neurophilosophical foundations of neuroeconomics

Carsten Herrmann-Pillath

Economics and Philosophy, 2021, vol. 37, issue 2, 284-303

Abstract: Hayek’s seminal contribution to theoretical neurosciences, The Sensory Order (1952) remains neglected in current efforts at integrating the neurosciences, psychology and economics. I defend the view that Hayek presents the case for an evolutionary alternative to leading paradigms in the field and look at two in more detail: the good-based model in neuroeconomics and the dual systems approach in behavioural economics. In both cases, essential Hayekian insights remain valid in the context of modern neuroscience, allow for taking account of recent research, and sketch a dynamic and selectionist model of choice.

Date: 2021
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