Rationality in Economics
Constructivist and Ecological Forms
By (author) Vernon L. Smith
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Rationality in Economics by Vernon L. Smith
Book DescriptionThe 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: through emergent socio-economic institutions and cultural norms, people achieve ends that are unintended and poorly understood. In cultural changes, the role of constructivism, or reason, is to provide variation, and the role of ecological processes is to select the norms and institutions that serve the fitness needs of societies.
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Book DetailsISBN: 9780521871358
(228mm x 152mm x 25mm)
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 5-Nov-2007
Country of Publication: United Kingdom
Books By Author Vernon L. Smith
Rethinking Housing Bubbles, Hardback (May 2014)
Steven D. Gjerstad and Nobel Laureate Vernon L. Smith demonstrate the critical role that household and bank balance sheets play in economic cycles.
Rationality in Economics, Paperback (October 2009)
This book explores constructivist and ecological approaches to rationality in economics.
Handbook of Experimental Economics Results, Hardback (January 2008)» View all books by Vernon L. Smith
Experimental methods in economics respond to circumstances that are not completely dictated by accepted theory or outstanding problems. This book reflects the spirit of adventure that experimentalists share and focuses on experiments in general rather than forcing an organization into traditional categories that do not fit.
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Author Biography - Vernon L. Smith
Vernon L. Smith was awarded the Nobel Prize in Economic Science in 2002 for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms. He holds joint appointments with the Argyros School of Business and Economics and the School of Law at Chapman University, California, where he also is part of the team that will create and run the Economic Science Institute there. Cambridge University Press published his Papers in Experimental Economics in 1991 and a second collection, Bargaining and Market Behavior, in 2000.
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