Human Behavior and Austrian Economics

Leef Dierks

A chapter in The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto, Volume I, 2023, pp 83-87 from Springer

Abstract: Abstract Behavioral economics and Austrian economics feature considerable conceptual differences, making their relationship complex and multifaceted. As both behavioral economics and Austrian economics scrutinize the axiom of human rationality, a combination of these paradigms’ essential features will create considerable academic value-added. There appears to be little doubt that a combination of Austrian economics and behavioral economics could considerably enhance the understanding of humans’ sometimes erratic decision-making under uncertainty as so far as economic models are but an axiomatically simplification of reality.

Keywords: Behavioral economics; Behavioral finance; Decision-making; Risk; Uncertainty; Rationality (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-17414-8_9

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DOI: 10.1007/978-3-031-17414-8_9

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