Extending Austrian Economics toward Psychology: Rules in Loan Decisions

Vihanto, Martti

doi:10.1023/b:raec.0000044635.48670.9f

The Review of Austrian Economics

2004

DOI: 10.1023/b:raec.0000044635.48670.9f

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Extending Austrian Economics toward Psychology: Rules in Loan Decisions

Martti Vihanto¹

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Cited by 2 publications

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Austrian behavioral economics

Whitman

2021

Journal of Institutional Economics

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This paper explores the potential for gains from trade between Austrian and behavioral economics, with a focus on how the two schools of thoughts can constructively critique each other. Among other things, the Austrian critique of behavioral economics would urge it to jettison its restrictive and axiomatic definition of rationality, and to treat humans as active agents rather than passive recipients of environmental and cognitive influences. Meanwhile, the behavioral critique of Austrian economics would push it to take more seriously the fundamental question of how individuals arrive at choices and to analyze how such choices can interact with ‘micro-institutional’ choice environments.

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Austrian behavioral economics

Whitman

2021

Journal of Institutional Economics

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A new look at the Austrian School of Economics: review and prospects

Shiu

2011

IJPEE

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Extending Austrian Economics toward Psychology: Rules in Loan Decisions

Cited by 2 publications

References 79 publications

Austrian behavioral economics

Austrian behavioral economics

A new look at the Austrian School of Economics: review and prospects

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