Austrian Economics and Game Theory: a Preliminary Methodological Stocktaking

    Research output: Working paperResearch

    Abstract

    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
    Original languageEnglish
    Place of PublicationFrederiksberg
    PublisherDRUID - Danish Research Unit for Industrial Dynamics
    Number of pages36
    ISBN (Print)8778730678
    Publication statusPublished - 1998
    SeriesDRUID Working Paper
    Number98-28

    Cite this

    Foss, N. J. (1998). Austrian Economics and Game Theory: a Preliminary Methodological Stocktaking. DRUID - Danish Research Unit for Industrial Dynamics. DRUID Working Paper, No. 98-28