Mario J Rizzo
Biographic Data
| ID | 3692480 |
|---|---|
| NAME | Mario J Rizzo |
| GIVEN NAMES | Mario J |
| FAMILY NAME | Rizzo |
| SIGNATURE | RIZZO M J |
| AFFILIATIONS | New York University |
| ORCID | 0000-0003-4008-5152 |
| VERIFIED | Yes |
| TOTAL WORKS | 18 |
| TOTAL CITATIONS | 10 |
| AUTHOR COUNT | 18 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1987 |
| LATEST PUBLICATION YEAR | 2025 |
| H-INDEX | 2 |
Normative rationality after behavioral economics: What is left
The research of many decades by behavioral economists and psychologists has shown that the standard rationality axioms do not describe how individuals actually behave in many circumstances. Nevertheless, behavioral economists still argue for the normative character of the axioms: they describe how individuals should behave. Violations of the axioms are red flags for some type of pathology. This article argues that the history of the axiomatic app…
Liberalism as a philosophy of indirection: Some early perspectives
Why Kahneman matters
Daniel Kahneman’s legacy is best understood in light of developments in economic theory in the early-mid-20th century, when economists were eager to put utility functions on a firm mathematical foundation. The axiomatic system that provided this foundation was not originally intended to be normative in a prescriptive sense but later came to be seen that way. Kahneman took the axioms seriously, tested them for descriptive accuracy, and found them …
Hayekian psychological economics: A preliminary look
Recently, there has been a lively discussion of “Hayekian Behavioral Economics” in Behavioral Public Policy ). We aim to contribute to this debate by identifying the main building blocks of a Hayekian psychology. We highlight that the starting point for Hayek was the quest to understand why humans are typically quite successful in navigating the world. In Hayek's framework, the individual mind is conceptualized as a “system within a system”, i.e.…
The antipaternalist psychology of William James
The purpose of this paper is to first review William James's explicit positions on paternalism in the context of medical licensure and the annexation of the Philippines. Then I wish to show that these positions, as well as a more generalized antipaternalist stance, are the implications of James's philosophy and psychology and not simply his ‘personal’ sentiments. The elements of James's thought are arranged in such a way as to facilitate a compar…
Construal Level Theory and The Rule of Law: The Erosion of Biases by Abstract Rules
Evidence suggests that public sector decision makers are cognitively biased. Such biases can lead to poor public policy. This article explores the extent to which the traditional formal characteristics of the Rule of Law can debias decision makers. In particular, I claim that general abstract rules erode many biases. Construal level theory is used to support this claim
The political economy of public health
Abstract rules for complex systems
Old Chicago against Static Welfare Economics
Although behavioral economists have criticized the empirical accuracy of the neoclassical rationality assumption, they support the normative view that welfare-increasing choice presupposes stable, context-independent preferences. We argue that this position neglects important features of decision-making that were essential to the thinking of Frank H. Knight and James M. Buchanan (Old Chicago economics). Knight and Buchanan embrace the idea that w…
The unsolved Hayekian knowledge problem in behavioral economics
An abstract is not available for this content. As you have access to this content, full HTML content is provided on this page. A PDF of this content is also available in through the 'Save PDF' action button
Can a contractarian be a paternalist? The logic of James M. Buchanan’s system
Inconsistency is not pathological: A pragmatic perspective
The Thirty Years War
Kampmann (Marburg), Gunner Lind (Copenhagen), Mario Rizzo (Pavia) and Anuschka Tischer (Wrzburg) to reflect on four enduring issues associated with the war, and to consider the historical methodologies underpinning the more recent research. The Forum was jointly convened by Peter H. Wilson (Oxford) and
The Problem of Rationality: Austrian Economics between Classical Behaviorism and Behavioral Economics
This chapter draws on the history of economic thought to elucidate the foundations of the Austrian economics conception of rationality. First, it shows how Austrian subjectivism was originally differentiated from nineteenth-century and early-twentieth-century psychologically based economics. Then it shows how the Austrians differentiated themselves from the behaviorist approach that began to affect economics as early as the 1910s but mainly from …
Austrian Economics Re-Examined: The Economics of Time and Ignorance
A subjectivist theory of a capital-using economy 1
To formulate a subjectivist theory of a capital-using economy, we can begin by considering, from a subjectivist viewpoint, what Adam Smith called “that early and rude state of society which precedes both the accumulation of stock and the appropriation of land. Smith sought to link the objects of consumption to a different sort of object, namely labor, so as to establish that there is a regular pattern in the natural order of things. The primary f…
Hayek's Four Tendencies Toward Equilibrium
In the first section of this essay, we distinguish between analytical and empirical tendencies. This distinction is central to the subsequent analysis. In the second section, we present a very brief overview of the four meanings that Hayek attaches to the general term "tendency toward equilibrium." Section Three digresses from our main task to provide the reader with a clear picture of the equilibrium toward which it is claimed we are tending. Se…
The Economics of Time and Ignorance
Inconsistency is not pathological: A pragmatic perspective
Hayekian psychological economics: A preliminary look
Recently, there has been a lively discussion of “Hayekian Behavioral Economics” in Behavioral Public Policy ). We aim to contribute to this debate by identifying the main building blocks of a Hayekian psychology. We highlight that the starting point for Hayek was the quest to understand why humans are typically quite successful in navigating the world. In Hayek's framework, the individual mind is conceptualized as a “system within a system”, i.e.…
Hayek's Four Tendencies Toward Equilibrium
In the first section of this essay, we distinguish between analytical and empirical tendencies. This distinction is central to the subsequent analysis. In the second section, we present a very brief overview of the four meanings that Hayek attaches to the general term "tendency toward equilibrium." Section Three digresses from our main task to provide the reader with a clear picture of the equilibrium toward which it is claimed we are tending. Se…
The antipaternalist psychology of William James
The purpose of this paper is to first review William James's explicit positions on paternalism in the context of medical licensure and the annexation of the Philippines. Then I wish to show that these positions, as well as a more generalized antipaternalist stance, are the implications of James's philosophy and psychology and not simply his ‘personal’ sentiments. The elements of James's thought are arranged in such a way as to facilitate a compar…
The unsolved Hayekian knowledge problem in behavioral economics
An abstract is not available for this content. As you have access to this content, full HTML content is provided on this page. A PDF of this content is also available in through the 'Save PDF' action button
Can a contractarian be a paternalist? The logic of James M. Buchanan’s system
The Economics of Time and Ignorance
Hayek's Four Tendencies Toward Equilibrium
In the first section of this essay, we distinguish between analytical and empirical tendencies. This distinction is central to the subsequent analysis. In the second section, we present a very brief overview of the four meanings that Hayek attaches to the general term "tendency toward equilibrium." Section Three digresses from our main task to provide the reader with a clear picture of the equilibrium toward which it is claimed we are tending. Se…
Austrian Economics Re-Examined: The Economics of Time and Ignorance
A subjectivist theory of a capital-using economy 1
To formulate a subjectivist theory of a capital-using economy, we can begin by considering, from a subjectivist viewpoint, what Adam Smith called “that early and rude state of society which precedes both the accumulation of stock and the appropriation of land. Smith sought to link the objects of consumption to a different sort of object, namely labor, so as to establish that there is a regular pattern in the natural order of things. The primary f…
The Problem of Rationality: Austrian Economics between Classical Behaviorism and Behavioral Economics
This chapter draws on the history of economic thought to elucidate the foundations of the Austrian economics conception of rationality. First, it shows how Austrian subjectivism was originally differentiated from nineteenth-century and early-twentieth-century psychologically based economics. Then it shows how the Austrians differentiated themselves from the behaviorist approach that began to affect economics as early as the 1910s but mainly from …
The Thirty Years War
Kampmann (Marburg), Gunner Lind (Copenhagen), Mario Rizzo (Pavia) and Anuschka Tischer (Wrzburg) to reflect on four enduring issues associated with the war, and to consider the historical methodologies underpinning the more recent research. The Forum was jointly convened by Peter H. Wilson (Oxford) and
Inconsistency is not pathological: A pragmatic perspective
Can a contractarian be a paternalist? The logic of James M. Buchanan’s system
Abstract rules for complex systems
Old Chicago against Static Welfare Economics
Although behavioral economists have criticized the empirical accuracy of the neoclassical rationality assumption, they support the normative view that welfare-increasing choice presupposes stable, context-independent preferences. We argue that this position neglects important features of decision-making that were essential to the thinking of Frank H. Knight and James M. Buchanan (Old Chicago economics). Knight and Buchanan embrace the idea that w…
The unsolved Hayekian knowledge problem in behavioral economics
An abstract is not available for this content. As you have access to this content, full HTML content is provided on this page. A PDF of this content is also available in through the 'Save PDF' action button
Construal Level Theory and The Rule of Law: The Erosion of Biases by Abstract Rules
Evidence suggests that public sector decision makers are cognitively biased. Such biases can lead to poor public policy. This article explores the extent to which the traditional formal characteristics of the Rule of Law can debias decision makers. In particular, I claim that general abstract rules erode many biases. Construal level theory is used to support this claim
The political economy of public health
The antipaternalist psychology of William James
The purpose of this paper is to first review William James's explicit positions on paternalism in the context of medical licensure and the annexation of the Philippines. Then I wish to show that these positions, as well as a more generalized antipaternalist stance, are the implications of James's philosophy and psychology and not simply his ‘personal’ sentiments. The elements of James's thought are arranged in such a way as to facilitate a compar…
Why Kahneman matters
Daniel Kahneman’s legacy is best understood in light of developments in economic theory in the early-mid-20th century, when economists were eager to put utility functions on a firm mathematical foundation. The axiomatic system that provided this foundation was not originally intended to be normative in a prescriptive sense but later came to be seen that way. Kahneman took the axioms seriously, tested them for descriptive accuracy, and found them …
Hayekian psychological economics: A preliminary look
Recently, there has been a lively discussion of “Hayekian Behavioral Economics” in Behavioral Public Policy ). We aim to contribute to this debate by identifying the main building blocks of a Hayekian psychology. We highlight that the starting point for Hayek was the quest to understand why humans are typically quite successful in navigating the world. In Hayek's framework, the individual mind is conceptualized as a “system within a system”, i.e.…
Normative rationality after behavioral economics: What is left
The research of many decades by behavioral economists and psychologists has shown that the standard rationality axioms do not describe how individuals actually behave in many circumstances. Nevertheless, behavioral economists still argue for the normative character of the axioms: they describe how individuals should behave. Violations of the axioms are red flags for some type of pathology. This article argues that the history of the axiomatic app…
Liberalism as a philosophy of indirection: Some early perspectives
Economics (13 works) · Political science (10 works) · Economic Theory and Institutions (9 works) · Epistemology (8 works) · Philosophy (8 works) · Decision-Making and Behavioral Economics (7 works) · Psychology (7 works) · Computer Science (6 works) · Law and economics (6 works) · Law (5 works)