Munich Personal RePEc Archive

An Explanation to Individual Knowledge and Behavior Based on Empirical Substrates

Zhao, Liang and Zhu, Xian Chen (2008): An Explanation to Individual Knowledge and Behavior Based on Empirical Substrates.

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Abstract

Using recent findings from modern empirical disciplines and mainly building on F.A.Hayek’s thoughts, the paper gives a definition of knowledge in accord with the Austrian School’s tradition, and basing on the definition, it sums up three behavior assumptions and a framework on explaining individual behavior and expounds ideas on hierarchical knowledge and its change in real situations. By this way, the paper believes that the Austrian School can be greatly advanced with the help of modern empirical findings.

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