I am just curious. Is there any work that looks at Austrian Economics and Game theory together? Does anyone know how Game theory fits into Austrian Economics, or is it just a fallacy?
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Game Theory is helpful for the analysis of bargaining and the formation of institutional frameworks like private property. It's also helpful in understanding cooperation.
For example, since we usually start economic analysis from the assumption of a free market, an assumption which presupposes certain insitituions, game theory could supplement these assumptions by providing a mathematical theoretical framework for why they exist.. And for those situations where factor prices or other prices cannot be strictly determined it could supplement AE.
But for most of the hard economics which makes up Austrian Economics it is not so applicable.
Obviously it is not fallacy. A field of Math with certain important applications.
there was an article about this awhile ago. It stated that game theory wasn't helpful to austrianism because it needs to include some bad assumptions about action and motivations to work. That is, it is too limited to be of much help.
Austrian Economics and Game Theory: a Stocktaking and an Evaluation
AnalyticalAnarchism.net - The Positive Political Economy of Anarchism
Seeing that the question has been answered, you might want to google before asking. If you type in "game theory" (with the quotes) or "game + theory" (not necessarily with the quotes) and "site:mises.org" (not with quotes), you'll search all the pages of mises.org for the words "game theory" in precise order. Here were my results.
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