Mario Rizzo

Mario Rizzo
New York University | NYU · Department of Economics

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40
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666
Citations
Citations since 2017
15 Research Items
242 Citations
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Publications

Publications (40)
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Recently there has been a lively discussion of "Hayekian Behavioral Economics" in Behavioral Public Policy (Sunstein 2021, Sugden 2021, Whitman and Rizzo 2021). 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 a...
Article
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Menger’s distinction between “true” and “imaginary” goods and his attempt to relate the account of goods back to human needs invites a discussion of whether his work constitutes a fruitful basis for modern welfare economics. In this paper, we show that Menger’s system contains indeed a form of welfare economics, but only in a limited sense. For Men...
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Menger's distinction between "true" and "imaginary" goods and his attempt to relate the account of goods back to human needs invites a discussion of whether his work constitutes a fruitful basis for modern welfare economics. In this paper, we show that Menger's system contains indeed a form of welfare economics, but only in a limited sense. For Men...
Article
Full-text available
The original version of this article unfortunately contained a mistake. The name of corresponding author Mario Mario Rizzo was incorrect. The correct name should be Mario J. Rizzo.
Article
What should be the ‘informational base’ of welfare economics if one takes the insights from behavioral economics seriously? Sugden proposes individuals’ sets of opportunities. This paper discusses his opportunity criterion and argues that it largely neglects intricate problems of context-dependence and personal agency. We contrast Sugden’s approach...
Article
Frank Knight is famous for the distinction between risk and uncertainty. In this paper, we argue that Knight’s distinction is different from the one made by those who seek to interpret it within a neoclassical framework. Knight does not reduce ‘true uncertainty’ to the application of (axiomatic) subjective probability. Instead, Knight highlights th...
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In Risk, Uncertainty and Profit (RUP), Knight (1921) develops a theory of the firm that stresses the important role of entrepreneurial judgment for a firm's success. For Knight, entrepreneurial judgment is first and foremost the selection of ‘proxy entrepreneurs’ who are capable of making good judgments under uncertainty. In this sense, entrepreneu...
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In Risk, Uncertainty, and Profit (RUP), Knight (1921) develops a theory of the firm that stresses the important role of entrepreneurial judgment for a firm’s success. For Knight, entrepreneurial judgment is first and foremost the selection of ‘proxy entrepreneurs’ who are capable of making good judgments under uncertainty. In this sense, entreprene...
Preprint
Full-text available
Frank Knight is famous for the distinction between risk and uncertainty. In this paper, we argue that Knight's distinction is different from the one made by those who seek to interpret it within a neoclassical framework. Knight does not reduce "true uncertainty" to the application of (axiomatic) subjective probability. Instead, Knight highlights th...
Preprint
Full-text available
What should be the 'informational base' of welfare economics if one takes the insights from behavioral economics seriously? Sugden proposes individuals' sets of opportunities. This paper discusses his opportunity criterion and argues that it largely neglects intricate problems of context-dependence and personal agency. We contrast Sugden's approach...
Article
Full-text available
At various points in his work, James Buchanan mentions favorably the idea of private constitutional choice, that is, it can be rational for a present-biased individual to constrain her future behavior by self-imposed rules of personal conduct. Given that in a classical liberal world such self-constitutions would face no political or legal obstacle,...
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At various points in his work, James Buchanan mentions favorably the idea of private constitutional choice, that is, it can be rational for a present-biased individual to constrain her future behavior by self-imposed rules of personal conduct. Given that in a classical liberal world such self-constitutions would face no political or legal obstacle,...
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The economic analysis of law is rooted in a tradition of static welfare economics with the assumption of stable preferences. Although behavioral economics has criticized the empirical accuracy of this assumption, it supports the normative view that welfare-increasing choice presupposes stable and context-independent preferences. We argue that this...
Chapter
The development of new paternalism has added a whole new dimension to the increasing power and reach of the state. It creates the impression that areas of behavior which were previously in the domain of private individual behavior can be brought under the domain of state concerns with only minimal restrictions on liberty and autonomy. But this is a...
Article
Behavioral paternalism raises deep concerns that do not arise in traditional welfare economics. These concerns stem from behavioral paternalism’s acceptance of the defining axioms of neoclassical rationality for normative purposes, despite having rejected them as positive descriptions of reality. We argue (1) that behavioral paternalists have indee...
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Israel M. Kirzner has been a pivotal figure in the development of modern Austrian economics. His scholarly contributions have been, of course, his main contribution. However, it is less well known that he has been a successful academic entrepreneur who established an important program at New York University. This program has educated many influenti...
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This tribute to the late James Buchanan is an elaboration of themes he developed on the importance of processes in real, experienced time, especially for individual choice. The conventional way of modeling choice is to think of it as the solution to a constrained maximization problem. If, however, we look at choice as a process in time it is insepa...
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The Economics of Time and Ignorance grew out of the need to reinvigorate the Austrian School in light of the challenges of contemporary economics. It did this by re-examining the foundations of the Austrian tradition and by making explicit many of its hidden assumptions and implications. The book also attempted to make Austrian economics more of an...
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The “new paternalism” is a set of policy prescriptions based on recent findings in behavioral economics whose purpose is to help individuals overcome a wide variety of behavior and cognitive biases. According to its proponents, it does not aim at replacing the preferences of individuals with those of the paternalist but rather to uncover the “true”...
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The "new paternalism" claims that careful policy interventions can help people make better decisions in terms of their own welfare, with only mild or nonexistent infringement of personal autonomy and choice. This claim to moderation is not sustainable. Applying the insights of the modern literature on slippery slopes to new paternalist policies sug...
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The authors provide a general theory for understanding and evaluating slippery slope arguments (SSAs) and their associated slippery slope events (SSEs). The central feature of the theory is a structure of discussion within which all arguments take place. The structure is multi-layered, consisting of decisions, rules, theories,and research programs....
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Two strategic perspectives are analyzed, the neoclassical microeconomic perspective (using the Ricardo-Marshall approach to rent) and the Market Process perspective (using the Fetter approach to rent). In a neoclassical world, rents indicate "unsolved" or unexploited "inefficiencies" as every hypothetical outcome is viewed against the standard of p...
Chapter
This chapter describes the mainstream economic theory that has largely ignored the possibility of an economics in real time during the twentieth century. This occurred mainly because its practitioners sought to emulate the success of Newtonian physics. As we move into the twenty-first century, it remains to be seen whether the real-time challenge w...
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Introduction Murray Rothbard was a tenacious defender of the praxeological project originated by Ludwig von Mises. In his most extensive and most consciously theoretical work, Man Economy and State he attempted to give clear and complete expression to Mises's vision. This is particularly evident in his treatment of Interest and Capital 1 . He exami...
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Herbert Spencer (1820-1930) believed that Victorian Britain was moving toward a society of total regimentation ("slavery"). This movement was part of a cosmic process of evolution and dissolution. While the long-run (but not ultimate) destination of society was a "higher" form of social organization based on voluntary and complex interpersonal rela...
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This paper is an analysis of a specific tradition of causal thinking in economics--this was most self-consciously developed in the work of the Austrian school but spilled over into other approaches. Genetic-causal explanations place emphasis, inter alia, on processes in time, emanating from changes in agents' desires and beliefs. The authors presen...
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We survey the relationship between government and science (concentrating on the situation in the U.S.). We discuss the theoretical rationale for government funding, showing that it is open to serious question – its model of science as market is highly suspect, and its implications for the remedial effects of intervention do not stand up to even cas...
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Why are coerced decisions incapable of being virtuous? Is it because “free will” is a necessary requirement? Can virtue be a characteristic of only acts freely chosen? The most common argument against the compelling of virtue rests on affirmative answers to the latter questions. Compulsion, practically speaking, negates free will, and without freed...
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This Article applies a theory of rational choice to moral decisionmaking. In this theory, agents act primarily on local and personal knowledge to instantiate moral principles, virtues and moral goods. The State may seek to prevent them from acting as they independently determine by prescribing or proscribing certain conduct by formal legal means. I...
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A growing literature in law and public policy harnesses research in behavioral economics to justify a new form of paternalism. Contributors to this literature typically emphasize the modest, non-intrusive character of their proposals. A distinct literature in law and public policy analyzes the validity of “slippery slope” arguments. Contributors to...
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Thesis (Ph. D.)--University of Chicago, Dept. of Economics, August 1977. Includes bibliographical references (leaf 62).

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