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 F. (...) A. Hayek. (shrink)

While neo-classical analysis works well for studying impersonal exchange in markets, it fails to explain why people conduct themselves the way they do in their personal relationships with family, neighbors, and friends. In Humanomics, Nobel Prize-winning economist Vernon L. Smith and his long-time co-author Bart J. Wilson bring their study of economics full circle by returning to the founder of modern economics, Adam Smith. Sometime in the last 250 years, economists lost sight of the full range of (...) human feeling, thinking, and knowing in everyday life. Smith and Wilson show how Adam Smith's model of sociality can re-humanize twenty-first century economics by undergirding it with sentiments, fellow feeling, and a sense of propriety - the stuff of which human relationships are built. Integrating insights from The Theory of Moral Sentiments and the Wealth of Nations into contemporary empirical analysis, this book shapes economic betterment as a science of human beings. (shrink)

Professor Vernon L. Smith is a major creator of the new discipline of experimental economics. This collection of his papers from 1962 to 1990 surveys key developments in the field from early attempts to study economic behaviour in now classic double oral auction markets through recent studies of industrial organization and decision making. Topics covered include monopoly and oligopoly, supply and demand theory under posted pricing, uniform pricing, double continuous auction, and sealed bid-offer auctions; hypothetical valuation and market (...) pricing; asset price bubbles; predatory pricing; market contestability and natural monopoly; and the methodology of experimental economics. Taken together, the papers form a history of the study of economics under controlled conditions. (shrink)

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 (...) slender down payments, so that when the bubble burst and housing prices declined, their losses quickly exceeded their equity. These losses were transmitted to the financial system—including banks, investment banks, insurance companies, and the institutional and private investors who provided liquidity to the mortgage market through structured securities. It seems that many of these institutions became insolvent; it is certain that they became illiquid. Liquidity loss and solvency fears created a feedback cycle of diminished financing, reduced housing demand, falling housing prices, more borrower losses, and further damage to the financial system and eventually the stock market and the real economy. There are important parallels with the housing and financial‐market booms that led up to the Crash of 1929 and the Great Depression. (shrink)

This second Cambridge University Press collection of papers by Vernon L. Smith, a creator of the field of experimental economics, includes many of his primary authored and coauthored contributions on bargaining and market behavior between 1990 and 1998. The essays explore the use of laboratory experiments to test propositions derived from economics and game theory. They also investigate the relationship between experimental economics and psychology, particularly the field of evolutionary psychology, using the latter to broaden the perspective in (...) which experimental results are interpreted. The volume complements Professor Smith's earlier work by demonstrating the importance of institutional features of markets in understanding behavior and market performance. Specific themes investigated include rational choice, the notion of fairness, game theory and extensive form experimental interactions, institutions and market behavior, and the study of laboratory stock markets. (shrink)

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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).

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.

Why eschew luxury? The traditional arguments for frugality typically focus on what is good for the individual. Some see frugality as morally valuable because it tends to be associated with other virtues such as wisdom, honesty, or sincerity. Some find the natural, uncluttered, focused character of a simple lifestyle aesthetically appealing. The most common argument, though, is that simple living is the surest route – some even say the only route – to happiness.

Why eschew luxury? The traditional arguments for frugality typically focus on what is good for the individual. Some see frugality as morally valuable because it tends to be associated with other virtues such as wisdom, honesty, or sincerity. Some find the natural, uncluttered, focused character of a simple lifestyle aesthetically appealing. The most common argument, though, is that simple living is the surest route – some even say the only route – to happiness.

The study of anarchism as a philosophical, political, and social movement has burgeoned both in the academy and in the global activist community in recent years. Taking advantage of this boom in anarchist scholarship, Nathan J. Jun and Shane Wahl have compiled twenty-six cutting-edge essays on this timely topic in New Perspectives on Anarchism.

In this article, the author offers a discussion of the evidential role of the Galilean constant in the history of physics. The author argues that measurable constants help theories constrain data. Theories are engines for research, and this helps explain why the Duhem-Quine thesis does not undermine scientific practice. The author connects his argument to discussion of two famous papers in the history of economic methodology, Milton Friedman's 'Methodology of Positive Economics', which appealed to example of Galilean Law of Fall (...) in its argument; and Vernon Smith's 'Economics in the Laboratory'. While the author offers some criticism of Friedman and Smith, most of the article is a friendly reinterpretation of their insights. (shrink)

In this article, the author offers a discussion of the evidential role of the Galilean constant in the history of physics. The author argues that measurable constants help theories constrain data. Theories are engines for research, and this helps explain why the Duhem-Quine thesis does not undermine scientific practice. The author connects his argument to discussion of two famous papers in the history of economic methodology, Milton Friedman’s “Methodology of Positive Economics,” which appealed to example of Galilean Law of Fall (...) in its argument; and Vernon Smith’s “Economics in the Laboratory.” While the author offers some criticism of Friedman and Smith, most of the article is a friendly reinterpretation of their insights. (shrink)

The article aims to present the concepts of Adam Smith which are important considering the current disputes over liberalism, as well as the challenge that is the maintenance of the world’s economic order. Firstly, the article analyses the significance of the division of labour which is perceived as a fundamental premise for transitioning from small communities and face-to-face exchanges to the impersonal exchange and the expanded social order in which relations with strangers become meaningful. Secondly, the present work indicates (...) that Smith did not neglect the matter of justice when proclaiming the need for freedom. He believed that efficient functioning of the market depends on the political system and a man’s ethical system, and his criticism of interventionism was not directed against the state as an institution co-creating the social order, but against the act of granting special privileges to certain interest groups. Thirdly, the article refers to the concept of coordination described by Scottish moral philosophers and the so-called Smith Problem. In this context, the article presents arguments against the assumption that John Nash’s theory provided proof of the erroneous nature of Adam Smith’s concepts. Arguments in favour of the timelessness of the economic philosophy of the father of economics are also drawn from Vernon Smith’s experimental economy and the research of evolutionary psychologists. (shrink)

The extraordinary story of Krishnamurti, hailed early in life as the messiah for the 20th century, is told here in the light of a century of changing spiritual attitudes. It is a tale of mysticism, sexual scandals, religious fervor and chicanery, out of which emerged one of the most influential thinkers of modern times. Krishnamurti was "discovered" as a young boy on a beach in India by members of the Theosophical Society, convinced that they had found the new world leader, (...) a spiritual savior as historic and as influential as Jesus himself. By the 1920s he was attracting worldwide press attention and people flocked to his talks in the thousands. In 1922, Krishnamurti broke with the society and set out on a teaching mission of his own as a secular philosopher of spirituality. He ultimately had a career that spanned six decades, founded seven schools, published 50 books and encompassed thousands of talks. This extraordinary story is told for the first time by Roland Vernon in the full light of 20th-century attitudes in a narrative that is as compelling as any novel. (shrink)

The book also points to some of the ways in which polities currently termed 'liberal democracies' fall clearly short of the values that might legitimize them.

Mark Vernon links the resources of the philosophical tradition with numerous illustrations from modern culture to ask what friendship is and how it relates to sex, work, politics and spirituality. Unusually, he argues that Plato and Nietzsche, as much as Aristotle and Aelred, should be put center stage. Their penetrating and occasionally tough insights are invaluable if friendship is to be a full, not merely sentimental, way of life for today.

How (Not) to Be Secular is what Jamie Smith calls "your hitchhiker's guide to the present" -- it is both a reading guide to Charles Taylor's monumental work A Secular Age and philosophical guidance on how we might learn to live in our times. Taylor's landmark book A Secular Age (2007) provides a monumental, incisive analysis of what it means to live in the post-Christian present -- a pluralist world of competing beliefs and growing unbelief. Jamie Smith's book (...) is a compact field guide to Taylor's insightful study of the secular, making that very significant but daunting work accessible to a wide array of readers. Even more, though, Smith's How (Not) to Be Secular is a practical philosophical guidebook, a kind of how-to manual on how to live in our secular age. It ultimately offers us an adventure in self-understanding and maps out a way to get our bearings in today's secular culture, no matter who "we" are -- whether believers or skeptics, devout or doubting, self-assured or puzzled and confused. This is a book for any thinking person to chew on. (shrink)

Prologue, invitation to thinking about God In the Hebrew Bible? -- Part I, questions about God? -- Why does God in the Bible have a body? -- What do God's body parts in the Bible mean? -- Why is God angry in the Bible? -- Does God in the Bible have gender or sexuality? -- Part II, questions about God in the world? -- What can creation tell us about God? -- Who-or what-is the Satan? -- Why do people suffer (...) according to the Hebrew Bible? -- Epilogue, God in the Bible and beyond. (shrink)

The Descartes Dictionary is an accessible guide to the world of the seventeenth-century philosopher René Descartes. Meticulously researched and extensively cross-referenced, this unique book covers all his major works, ideas and influences, and provides a firm grounding in the central themes of Descartes' thought. The introduction provides a biographical sketch, a brief account of Descartes' philosophical works, and a summary of the current state of Cartesian studies, discussing trends in research over the past four decades. The A-Z entries include clear (...) definitions of the key terms used in Descartes' writings and detailed synopses of his works. Also included are entries noting philosophical influences, of both figures that influenced Descartes and those that he in turn influenced. For anyone reading or studying Descartes, rationalism, or modern philosophy more generally, this original resource provides a wealth of useful information, analysis, and criticism. Including clear explanations of often complex terminology, The Descartes Dictionary covers everything that is essential to a sound understanding of Descartes' philosophy. (shrink)

This title presents a comprehensive guide to interpretative phenomenological analysis (IPA) which is an increasingly popular approach to qualitative inquiry taught to undergraduate and postgraduate students today.

Hydrogen is troublesome in any periodic table classification. This being so it may as well be placed in a position that confers desirable attributes to the arrangement of the elements, while notionally recognising its lineage to the group 1 alkali metals and the group 17 halogens. Since the noble gases bridge the halogens and the alkali metals, and hydrogen encompasses the transition from the alkali metals to the halogens, there is more to the idea of hydrogen over helium. (Meyer 1870, (...) p. 357) (Proust 1927, p. 559). (shrink)

Examines independent documentary film production in India within a political context.

This article suggests evidence for and reasons why prior acquisition may either facilitate or inhibit acquisition of a new construction. It investigates acquisition of the German passive and future constructions which contain a lexical verb with either the auxiliary sein “to be” or werden “to become”, and are related through these to potential supporting constructions. We predicted that a supported construction should be acquired earlier, faster, and unusually rapidly. An inhibited construction should show an extended depressed usage. We analyzed a (...) dense corpus of a German boy between 2;0 and 5;0. He acquired the sein- before the werden-passive. The former was supported by his prior acquisition of the sein copula, whereas the werden-passive itself supported one werden copula construction. He acquired the werden-future extremely slowly due to the hindrance of a semantically identical construction. These results fit with an emergentist approach in which apparently “sudden” acquisition is still due to gradual learning mechanisms. (shrink)

We ordinarily suppose that there is a difference between having and failing to exercise a rational capacity on the one hand, and lacking a rational capacity altogether on the other. This is crucial for our allocations of responsibility. Someone who has but fails to exercise a capacity is responsible for their failure to exercise their capacity, whereas someone who lacks a capacity altogether is not. However, as Gary Watson pointed out in his seminal essay ’Skepticism about Weakness of Will’, the (...) idea of an unexercised capacity is much more difficult to make sense of than it initially appears. The aim of ’Rational Capacities’ is to provide the needed explication of this idea. (shrink)

WE must first state the subject of our inquiry and the faculty to which it belongs: its subject is demonstration and the faculty that carries it out demonstrative science.

Cosmopolitan theory suggests that we should shift our moral attention from the local to the global. Richard Vernon argues, however, that if we adopt cosmopolitan beliefs about justice we must re-examine our beliefs about political obligation. Far from undermining the demands of citizenship, cosmopolitanism implies more demanding political obligations than theories of the state have traditionally recognized. Using examples including humanitarian intervention, international criminal law, and international political economy, Vernon suggests we have a responsibility not to enhance risks (...) facing other societies and to assist them when their own risk-taking has failed. The central arguments in Cosmopolitan Regard are that what we owe to other societies rests on the same basis as what we owe to our own, and that a theory of cosmopolitanism must connect the responsibilities of citizens beyond their own borders with their obligations to one another"--Provided by publisher. (shrink)

Michel Foucault’s notion of “biopower” has been a highly fertile concept in recent theory, influencing thinkers worldwide across a variety of disciplines and concerns. In The History of Sexuality: An Introduction, Foucault famously employed the term to describe “a power bent on generating forces, making them grow, and ordering them, rather than one dedicated to impeding them, making them submit, or destroying them.” With this volume, Vernon W. Cisney and Nicolae Morar bring together leading contemporary scholars to explore the (...) many theoretical possibilities that the concept of biopower has enabled while at the same time pinpointing their most important shared resonances. Situating biopower as a radical alternative to traditional conceptions of power—what Foucault called “sovereign power”—the contributors examine a host of matters centered on life, the body, and the subject as a living citizen. Altogether, they pay testament to the lasting relevance of biopower in some of our most important contemporary debates on issues ranging from health care rights to immigration laws, HIV prevention discourse, genomics medicine, and many other topics. (shrink)