企业家行为:误导还是主动——兼论奥地利学派的企业家精神理论

The Entrepreneurial Behavior:Misled or Active——Discussion on the Entrepreneurial Spirit in Austrian Theory

奥地利学派的企业家精神理论认为企业家是市场中最重要的参加者。企业家是市场过程的驱动力量。奥地利商业周期理论中认为正是由于企业家受到了中央银行信贷扩张的诱导才导致集体投资不当,最后导致对不当投资的清算和萧条。本文从企业家追逐利润的本质出发,运用"囚徒困境"方法和最大最小化原则解释企业家充分考虑其他竞争者时的投资策略选择,重新对企业家行为做出分析。认为企业家追求利润最大化的目的导致了信贷扩张下经济繁荣。

The entrepreneurial spirit theory in Austrian considers that entrepreneurs are the most important participators in the market. The standard account of Austrian Business Cycle theory posits that central bank manipulations of interest rates fool entrepreneurs into believing that there has been an increase in the real supply of funds. This induces the liqui-dation and recession at last. We use the prisoner＇s dilemma framework to reanalyse the profit maximizing behavior of entrepreneurs under the maximin criteria. We see that profit maximization behavior on the part of individual entrepre-neurs can explain the start of the economic boom under credit expansion.