Austrian Economics and Game Theory a Preliminary Methodological Stocktaking
This paper discusses, from the perspective of Austrian economics, the merits and drawbacks of game theory in economics. It begins by arguing that Austrians have neglected game theory at their peril, and then argues that game theoretic reasoning may be one way of modelling key Austrian insights, although some aspects of game theory doesn’t square easily with Austrian economics. However, a major stumbling block for an Austrian acceptance of game theory may lie in the traditional Austrian resistance to formal methods.
|Date of creation:||1998|
|Date of revision:|
|Contact details of provider:|| Web page: http://www.druid.dk/|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Schotter, Andrew, 1991.
"Oskar Morgenstern's Contribution to the Development of the Theory of Games,"
91-08, C.V. Starr Center for Applied Economics, New York University.
- Andrew Schotter, 1992. "Oskar Morgenstern's Contribution to the Development of the Theory of Games," History of Political Economy, Duke University Press, vol. 24(5), pages 95-112, Supplemen.
- Rubinstein, Ariel, 1989. "The Electronic Mail Game: Strategic Behavior under "Almost Common Knowledge."," American Economic Review, American Economic Association, vol. 79(3), pages 385-91, June.
- Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 60-85, March.
- Aumann, Robert J., 1974.
"Subjectivity and correlation in randomized strategies,"
Journal of Mathematical Economics,
Elsevier, vol. 1(1), pages 67-96, March.
- R. Aumann, 2010. "Subjectivity and Correlation in Randomized Strategies," Levine's Working Paper Archive 389, David K. Levine.
- AUMANN, Robert J., . "Subjectivity and correlation in randomized strategies," CORE Discussion Papers RP 167, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Radner, Roy, 1996. "Bounded Rationality, Indeterminacy, and the Theory of the Firm," Economic Journal, Royal Economic Society, vol. 106(438), pages 1360-73, September.
- Kreps, David M., 1990. "Game Theory and Economic Modelling," OUP Catalogue, Oxford University Press, number 9780198283812.
- Crawford, Vincent P & Haller, Hans, 1990. "Learning How to Cooperate: Optimal Play in Repeated Coordination Games," Econometrica, Econometric Society, vol. 58(3), pages 571-95, May.
- Vickers, John, 1995. "Concepts of Competition," Oxford Economic Papers, Oxford University Press, vol. 47(1), pages 1-23, January.
- Nicolai Juul Foss, 1995. "More on “Hayek's Transformation”," History of Political Economy, Duke University Press, vol. 27(2), pages 345-364, Summer.
- Sugden, Robert, 1989. "Spontaneous Order," Journal of Economic Perspectives, American Economic Association, vol. 3(4), pages 85-97, Fall.
- Philip Mirowski, 1992. "What Were von Neumann and Morgenstern Trying to Accomplish?," History of Political Economy, Duke University Press, vol. 24(5), pages 113-147, Supplemen.
- Andrew Colman, 1997. "Salience and focusing in pure coordination games," Journal of Economic Methodology, Taylor & Francis Journals, vol. 4(1), pages 61-81.
- Aumann, Robert & Brandenburger, Adam, 1995.
"Epistemic Conditions for Nash Equilibrium,"
Econometric Society, vol. 63(5), pages 1161-80, September.
- Witt, Ulrich, 1986. "Evolution and Stability of Cooperation without Enforceable Contracts," Kyklos, Wiley Blackwell, vol. 39(2), pages 245-66.
- Morgenstern, Oskar, 1972. "Thirteen Critical Points in Contemporary Economic Theory: An Interpretation," Journal of Economic Literature, American Economic Association, vol. 10(4), pages 1163-89, December.
- Rubinstein, Ariel, 1991. "Comments on the Interpretation of Game Theory," Econometrica, Econometric Society, vol. 59(4), pages 909-24, July.
- Rizvi, S Abu Turab, 1994. "Game Theory to the Rescue?," Contributions to Political Economy, Oxford University Press, vol. 13(0), pages 1-28.
- Daniel Klein, 1997. "Convention, Social Order, and the Two Coordinations," Constitutional Political Economy, Springer, vol. 8(4), pages 319-335, December.
- Reder, Melvin W, 1982. "Chicago Economics: Permanence and Change," Journal of Economic Literature, American Economic Association, vol. 20(1), pages 1-38, March.
- Farrell, Joseph, 1988. "Communication, coordination and Nash equilibrium," Economics Letters, Elsevier, vol. 27(3), pages 209-214.
When requesting a correction, please mention this item's handle: RePEc:aal:abbswp:98-28. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Keld Laursen)
If references are entirely missing, you can add them using this form.