Focusing on the work of Friedrich von Hayek and Vernon Smith, we discuss some conceptual links between Austrian economics and recent work in behavioral game theory and experimental economics. After a brief survey of the main methodological aspects of Austrian and experimental economics, we suggest that common views on subjectivism, individualism, and the role of qualitative explanations and pre...

In retrospect, it is inevitable that the business world will take notice of experimental economics. Laboratory experiments have become an increasing important tool in economics to study behavior, test policies and provide information to design better mechanisms. On one hand, pioneers such as Vernon Smith and Charles Plott have provided the link between economics theory and actual economics beha...