Hayek and Behavioral Economics - download pdf or read online

By Roger Frantz, Robert Leeson (eds.)

ISBN-10: 1137278153

ISBN-13: 9781137278159

ISBN-10: 1349336831

ISBN-13: 9781349336838

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56, June, pp. 392–415]; see also Roger Frantz, 1997, 2007. 9. Leibenstein often quoted Tolstory’s War and Peace, “... military science assumes the strength of an army to be identical with its numbers. Military science says that the more troops the greater the strength ... Military science, seeing in history innumerable instances of the fact that the size of any army does not coincide with its strength ... ”(Leon Tolstoy, War and Peace, Book 14, Chapter 2). In Keynes, Bloomsbury and the General Theory, Piero Mini says that Keynes had “a tendency to think in terms of the spiritual, the psychological, the non-material and the imponderable” (Mini, 1991, p.

However, it also creates an expectation of a greater quantity purchased by others, which further increases the demand. The bandwagon demand curve is thus more elastic than in the absence of a bandwagon effect. Another outcome is the case where the expectation of a greater quantity purchased by others reduces an individual’s demand. ” The snob demand curve is more elastic than the traditional demand curve. The third case is one in which the price of the product allows the individual to display their wealth.

Cambridge: Harvard University Press. , and Rizzo, M. (1985). The Economics of Time and Ignorance. New York: Routledge. Polanyi, Michael (1966). Tacit Knowledge. Garden City, New York: Doubleday. Polanyi, Michael (1974). Personal Knowledge: Towards a Post-Critical Philosophy. Chicago: University of Chicago Press. Rizzello, Salvatore (1999). The Economics of the Mind. E. Elgar. Ryle, Gilbert (1945). ” Proceedings of the Aristotelian Society, New Series, Vol. 46:1–16. Sent, Esther-Mirjam (2004). ” History of Political Economy.

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Hayek and Behavioral Economics by Roger Frantz, Robert Leeson (eds.)

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