This second 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. 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.
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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. 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.
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Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Flap | Back Cover | Surprise Me!
Inside This Book
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First Sentence:
Economic theorists and cognitive (decision behavior) psychologists agree on several core (maintained) hypotheses about human decision making: (1) rationality in social and economic contexts derives directly from the rationality of individual decision makers - if surveys of isolated individuals indicate irrational responses, ipso facto, markets and other group interaction decision systems will be irrational; (2) individual rationality is a self-aware cognitive process - if people get things right, it is through thinking about and understanding the processes in which they partake; and (3) the human mind is modeled as a general purpose problem-solving machine that governs reasoning, learning, memory, and decision making with "no features specialized for processing particular kinds of content" (Gigerenzer, 1996, p. 329). Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
contestable markets hypothesis, mean contract price, marginal cost disclosure, contest entitlement, branch denominators, left subgame, expected dividend value, capital gains expectations, monopoly experiment, ultimatum game results, monopoly effectiveness, dictator exchange, order flow information, dictator experiments, profit disclosure, price tunnel, standing bid, bargaining pairs, excess bids, dictator game, payoff box, dictator offers, constituent games, dividend structure, swastika design Key Phrases - Capitalized Phrases (CAPs): (learn more)
New York Stock Exchange, University of Arizona, American Red Cross, Random Random, Repetitions Left, Price Profit Value, Profit Unit, Spain Fund, Strong Stability, Treatment Coefficient Standard, Weak Stability New!
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Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Flap | Back Cover | Surprise Me!
Economic theorists and cognitive (decision behavior) psychologists agree on several core (maintained) hypotheses about human decision making: (1) rationality in social and economic contexts derives directly from the rationality of individual decision makers - if surveys of isolated individuals indicate irrational responses, ipso facto, markets and other group interaction decision systems will be irrational; (2) individual rationality is a self-aware cognitive process - if people get things right, it is through thinking about and understanding the processes in which they partake; and (3) the human mind is modeled as a general purpose problem-solving machine that governs reasoning, learning, memory, and decision making with "no features specialized for processing particular kinds of content" (Gigerenzer, 1996, p. 329). Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
contestable markets hypothesis, mean contract price, marginal cost disclosure, contest entitlement, branch denominators, left subgame, expected dividend value, capital gains expectations, monopoly experiment, ultimatum game results, monopoly effectiveness, dictator exchange, order flow information, dictator experiments, profit disclosure, price tunnel, standing bid, bargaining pairs, excess bids, dictator game, payoff box, dictator offers, constituent games, dividend structure, swastika design Key Phrases - Capitalized Phrases (CAPs): (learn more)
New York Stock Exchange, University of Arizona, American Red Cross, Random Random, Repetitions Left, Price Profit Value, Profit Unit, Spain Fund, Strong Stability, Treatment Coefficient Standard, Weak Stability New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Flap | Back Cover | Surprise Me!
Citations (learn more)
This book cites 51
books:
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13
books
cite this book:
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- Rational Choice by Robin M. Hogarth on 12 pages
- Experimental Economics (Schools of Thought in Economics) by Vernon L. Smith on 10 pages
- Emissions Permit Experiments (Research in Experimental Economics, Volume 7) by R. Mark Isaac on 5 pages
- Research in Experimental Economics by Vernon L. Smith on 4 pages
- Experimental Economics by Douglas D. Davis in Back Matter (1), and Back Matter (2)
See all 51 books this book cites
- Rescuing Regulation by Reza R. Dibadj in Back Matter (1), and Back Matter (2)
- The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations (Random House Large Print Nonfiction) by James Surowiecki in Back Matter (1), and Back Matter (2)
- Multi-Agent-Based Simulation III: 4th International Workshop, MABS 2003, Melbourne, Australia, July 14th, 2003, Revised Papers (Lecture Notes in ... / Lecture Notes in Artificial Intelligence) by David Hales on page 41
- The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations by James Surowiecki in Back Matter
- Tsukiji: The Fish Market at the Center of the World (California Studies in Food and Culture) by Theodore C. Bestor in Back Matter
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