Hayek's Theory of Knowledge and Behavioural Finance

Abstract

All through last century, the Austrian School of Economics introduced a series of original and interesting ideas into social sciences, which are still fruitful for contemporary research. We are not referring only to the ideas that are particularly relevant in economics, such as marginal utility, competition, market, entrepreneur, time irreversibility, information, risk, uncertainty, economic cycle, money, theory of capital, public choice, to mention only the most relevant ones. What we have in mind is ideas relevant for all social sciences: methodological subjectivism, apriorism, human knowledge, human action, decision making, praxeology, human freedom, evolution, nature and role of institutions. The ideas expressed by the authors belonging to this school are often so heterogeneous, that they are rather a composite collection of ideas than a single consistent corpus. Nevertheless, a few common aspects characterize the school as a whole.

Citation

Cortés, A. and Rizzello, S. (2006), "Hayek's Theory of Knowledge and Behavioural Finance", Krecké, E., Krecké, C. and Koppl, R.G. (Ed.) Cognition and Economics (Advances in Austrian Economics, Vol. 9), Emerald Group Publishing Limited, Leeds, pp. 87-108. https://doi.org/10.1016/S1529-2134(06)09004-1