Real-World Decision Making

Coming soon:

The first and only encyclopedia to focus on the economic and financial behaviors of consumers, investors, and organizations, including an exploration of how people make good—and bad—economic decisions.

Features

• Contains an informative introductory essay that familiarizes students with the various aspects of behavioral economics

  • Provides a list of additional readings for those interested in learning more about the topic

• Includes cross-references in each entry to help readers make connections between related topics

• Defines key terms that are likely to be unfamiliar to those without advance knowledge of the subject

• Helps readers identify and study particular entry categories through accompanying Topic Finders

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1529-2134

Experts and Epistemic Monopolies

Having just received copies of the book in which our paper appears, here is another excuse to plug both our paper and the rest of the book’s contents. Here is an extract from Roger Koppl’s introduction:

This volume contains papers given at the third biennial Wirth Institute for Austrian and Central European Studies Conference on Austrian Economics. The conference was held at a beautiful waterfront facility of Simon Fraser University on October 15 and 16, 2010. In spite of all warnings to expect fog and rain in the Pacific Northwest, the weather was sunny and mild, as were the spirits of the conferees. Our topic title, ‘‘Austrian Views on Experts and Epistemic Monopolies,’’ was perhaps a bit misleading because some of the views represented were not ‘‘Austrian.’’ Indeed, the editorial mission of Advances in Austrian Economics has been to promote dialogue between the ‘‘Austrian’’ tradition of economics and other traditions both within in economics and beyond. Participants discussed the problem of experts from several Austrian and non-Austrian perspectives. While representing different points of view, the participants did tend toward the view that experts may pose a problem in one way or another, especially when they enjoy an epistemic monopoly.