An Explanation to Individual Knowledge and Behavior Based on Empirical Substrates

Liang Zhao () and Xian Chen Zhu

MPRA Paper from University Library of Munich, Germany

Abstract: Using recent findings from modern empirical disciplines and mainly building on F.A.Hayek’s thoughts, the paper gives a definition of knowledge in accord with the Austrian School’s tradition, and basing on the definition, it sums up three behavior assumptions and a framework on explaining individual behavior and expounds ideas on hierarchical knowledge and its change in real situations. By this way, the paper believes that the Austrian School can be greatly advanced with the help of modern empirical findings.

Keywords: knowledge; shared knowledge; hierarchy; behavioral assumption; reduced framework; empirical foundation (search for similar items in EconPapers)
JEL-codes: A12 B25 B31 B41 B53 (search for similar items in EconPapers)
Date: 2008-01-18
New Economics Papers: this item is included in nep-cbe and nep-knm
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:6825

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