Vernon L. Smith is the main creator of the burgeoning discipline of experimental economics. This collection of his papers from 1962 to 1988 surveys major developments in the field from early attempts to simulate economic behavior 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 auction; 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. Vernon Smith is Regents Professor of Economics at the University of Arizona, and is the author of over 100 articles and books on capital theory, finance, natural resource economics, and experimental economics. He is president of the Public Choice Society and past founding president of the Economic Science Association.
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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.
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Experimental market economics began with a burst of papers and books from 1959 to 1963: Hoggatt (1959), Sauermann and Selten (1959, 1960), Siegel and Fouraker (1960), Fouraker, Shubik, and Siegel (1961), Smith (1962), Fouraker and Siegel (1963), Suppes and Carlsmith (1962), and Friedman (1963). Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
nonbinding price controls, one asset unit, contestable markets hypothesis, multiple unit discriminative auctions, equilibrium bid function, new trading period, full cash payoffs, many market periods, spread reduction rule, three trading periods, using inexperienced subjects, monopoly experiments, compatible experimental processes, individual bidding behavior, wellhead owners, competitive price theory, ith bidder, predicted isomorphism, using experienced subjects, auctioning institutions, averse bidding, experimental business game, second trading period, unit resale value, excess bids Key Phrases - Capitalized Phrases (CAPs): (learn more)
New York, University of Arizona, American Economic Review, None None, National Science Foundation, Journal of Political Economy, Auction Election, Quarterly Journal of Economics, Effect of Market Organization, Review of Economic Studies, Journal of Business, Auction Number, Indiana University, Journal of Finance, Purdue University, United States, Charles Plott, Wall Street Journal, California Institute of Technology, Mark Isaac, Martin Shubik, Sidney Siegel, Vernon Smith, Don Coursey, Evaluation of Econometric Models New!
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Experimental market economics began with a burst of papers and books from 1959 to 1963: Hoggatt (1959), Sauermann and Selten (1959, 1960), Siegel and Fouraker (1960), Fouraker, Shubik, and Siegel (1961), Smith (1962), Fouraker and Siegel (1963), Suppes and Carlsmith (1962), and Friedman (1963). Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
nonbinding price controls, one asset unit, contestable markets hypothesis, multiple unit discriminative auctions, equilibrium bid function, new trading period, full cash payoffs, many market periods, spread reduction rule, three trading periods, using inexperienced subjects, monopoly experiments, compatible experimental processes, individual bidding behavior, wellhead owners, competitive price theory, ith bidder, predicted isomorphism, using experienced subjects, auctioning institutions, averse bidding, experimental business game, second trading period, unit resale value, excess bids Key Phrases - Capitalized Phrases (CAPs): (learn more)
New York, University of Arizona, American Economic Review, None None, National Science Foundation, Journal of Political Economy, Auction Election, Quarterly Journal of Economics, Effect of Market Organization, Review of Economic Studies, Journal of Business, Auction Number, Indiana University, Journal of Finance, Purdue University, United States, Charles Plott, Wall Street Journal, California Institute of Technology, Mark Isaac, Martin Shubik, Sidney Siegel, Vernon Smith, Don Coursey, Evaluation of Econometric Models New!
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Front Cover | Table of Contents | First Pages | Back Cover | Surprise Me!
Citations (learn more)
This book cites 26
books:
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26
books
cite this book:
See all 26 books citing this book
- Research in Experimental Economics by Vernon L. Smith on 10 pages
- Bidding and Auctioning for Procurement and Allocation: Proceedings of a Conference at the Center for Applied Economics, New York University (Studies in Game Theory and Mathematical Economics) by Yakov Amihud on 9 pages
- Evaluation of Econometric Models by J. Kmenta on 6 pages
- Auctions and Auctioneering by Ralph Cassady Jr. on page 283, page 536, and page 579
- Of Stars and Men by H. Shapley on page 105, and page 285
See all 26 books this book cites
- The Methodology of Experimental Economics by Francesco Guala in Back Matter (1), and Back Matter (2)
- Essential Microeconomics for Public Policy Analysis by John M. Levy on page 43, and Back Matter
- Paving Wall Street : Experimental Economics and the Quest for the Perfect Market by Ross M. Miller in Back Matter
- The Experiment in the History of Economics (Routledge Studies in the History of Economics) by Philippe Fontaine on page 153
- Model Based Reasoning: Science, Technology, Values by L. Magnani on page 74
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