Der Apriorist - Abstracts 06. Oct. 2010

Austrian Economics and Game Theory

by Nicolai J. Foss

Tags: game theory, methodology
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Foss, Nicolai. J.. Austrian Economics and Game Theory. DRUID Working Papers 98-28, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies. Also in The Review of Austrian Economics (A Stocktaking and Evaluation) 13.1 (1998), 41–58.

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.

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