8 found
  1.  48
    Vernon L. Smith (2008). Rationality in Economics: Constructivist and Ecological Forms. Cambridge University Press.
    The principal findings of experimental economics are that impersonal exchange in markets converges in repeated interaction to the equilibrium states implied by economic theory, under information conditions far weaker than specified in the theory. In personal, social, and economic exchange, as studied in two-person games, cooperation exceeds the prediction of traditional game theory. This book relates these two findings to field studies and applications and integrates them with the main themes of the Scottish Enlightenment and with the thoughts of (...)
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  2.  6
    Steven Gjerstad & Vernon L. Smith (2009). Monetary Policy, Credit Extension, and Housing Bubbles: 2008 and 1929. Critical Review 21 (2-3):269-300.
    ABSTRACT Asset?market bubbles occur dependably in laboratory experiments and almost as reliably throughout economic history?yet they do not usually bring the global economy to its knees. The Crash of 2008 was caused by the bursting of a housing bubble of unusual size that was fed by a massive expansion of mortgage credit?facilitated, in turn, by the longest sustained expansionary monetary policy of the past half century. Much of this mortgage credit was extended to people with little net wealth who made (...)
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  3. Elizabeth Hoffman, Kevin A. McCabe & Vernon L. Smith (1998). Behavioral Foundations of Reciprocity: Experimental Economics and Evolutionary Psychology, 36 ECON. Inquiry 335:338.
  4. Vernon L. Smith & James M. Walker (1993). Monetary Rewards and Decision Cost in Experi-Mental Economics, 31 Econ. Inquiry 245:259.
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  5.  10
    William J. Baumol, Robert E. Litan, Martin E. Cave, Peter Cramton, Robert W. Hahn, Thomas W. Hazlett, Paul L. Joskow, Alfred E. Kahn, John W. Mayo, Patrick A. Messerlin, Bruce M. Owen, Robert S. Pindyck, Vernon L. Smith, Scott Wallsten, Leonard Waverman, Lawrence J. White & Scott Savage, Economists' Statement on Network Neutrality Policy.
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  6.  8
    Vernon L. Smith (2005). Sociality and Self Interest. Behavioral and Brain Sciences 28 (6):833-834.
    Selfishness narrowly defined as choosing dominant outcomes independent of context is widely rejected by experimentalists. Humans live in two worlds of personal and impersonal exchange; both are manifestations of human sociality, but the emphasis on preferences rather than cultural norms of personal exchange across time too much reflects a limited economic modeling, and fails to capitalize on the fresher experimental economics message of culture and diversity.
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  7.  1
    Vernon L. Smith (2003). Markets, Institutions and Experiments. In L. Nadel (ed.), Encyclopedia of Cognitive Science. Nature Publishing Group
  8.  4
    Vernon L. Smith (2001). From Old Issues to New Directions in Experimental Psychology and Economics. Behavioral and Brain Sciences 24 (3):428-429.
    The rhetoric of hypothesis testing implies that game theory is not testable if a negative result is blamed on any auxiliary hypothesis such as “rewards are inadequate.” This is because either the theory is not falsifiable (since a larger payoff can be imagined, one can always conclude that payoffs were inadequate) or it has no predictive content (the appropriate payoff cannot be prespecified).
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