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Behavioral scientists have long sought to capture how individuals’ understandings, perceptions and beliefs affect their decisions, often through examining the underlying cognitive processes that drive action (Schendel & Hofer, 1979). Economists, for example, are interested in how individuals’ utility functions influence their actions. Marketing researchers investigate how consumers’ preferences are reflected in their purchase behaviors. Organization researchers examine individual characteristics that influence outcomes such as job satisfaction, promotion, and turnover (Aiman-Smith et al., 2002).

Economic ideas are the product of contemplation, but also of our economic lives. In the history of ideas, Gérard Debreu’s shining book of 1959, Theory of Value, represents the pinnacle of purity in contemplating economic life. Rather than contextualizing this oeuvre through his intellectual life, as is usually done, this essay describes his axiomatic analysis by contextualizing it through his economic life. What do we learn about Debreu’s axioms on consumption when thinking of his own consumption? What do we learn about his theory of value when thinking of his own values? Historiographically, this approach permits the use of a widely neglected source in the history of economics: anecdotes. Epistemologically, blending axioms and anecdotes offers a description of how axioms regulate an economic discourse. Finally, this essay offers a language for the material dimensions of economic life that are so underexposed in Debreu’s own work.

Bloomington scholars are critical of the rather wide-spread “Model Platonism” of both Austrian and Chicago economists. Their empirical, B, perspective avoids the more extreme views of both Austrian “mindful economics,” A, and Chicago “mindless economics,” C. Yet the B is not a mere convex combination of A and C. It is rather a psychologically grounded empirical evidence-oriented approach that keeps clear of the non-empirical spirit of von Mises’ and Selten’s methodological dualism on one hand and the instrumentalist and behaviorist spirit of much of neo-classical economics on the other hand.

This chapter conducts a systematic comparison of behavioral economics’s challenges to the standard accounts of economic behaviors within three dimensions: under risk, over time, and regarding other people. A new perspective on two underlying methodological issues, i.e., inter-disciplinarity and the positive/normative distinction, is proposed by following the entanglement thesis of Hilary Putnam, Vivian Walsh, and Amartya Sen. This thesis holds that facts, values, and conventions have inter-dependent meanings in science which can be understood by scrutinizing formal and ordinary language uses. The goal is to provide a broad and self-contained picture of how behavioral economics is changing the mainstream of economics.

An extant scale concerning festival performance (FESTPERF) was developed to measure service quality perceptions of attendees to an Australian jazz and blues festival. Despite its noted applicability to music festivals, the study by Tkaczynski and Stokes (2010) focused on one festival of a particular type, and the generalizability of its findings to multiple special events and nonmusic events remains untested. To address these research limitations, this study applied FESTPERF to a theater performance and a film festival. One-hundred and sixty valid responses were collected and analyzed using exploratory factor analysis. It was identified that three factors, human service, venue, and performance, represented attendees’ perception of service quality at these special events. The performance factor was also significantly related to satisfaction and repurchase intent. Results from this study provided justification for the usage of the items proposed in the FESTPERF instrument to be applied to different special event settings with some minor modifications. Opportunities for future research are outlined and the limitations of this study are also provided.

Classical economics recognizes three categories of inputs into production: land, labor, and capital goods. The three factors are also germane to Austrian economics.