Rationality in Economics: Constructivist and Ecological Forms

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.

Author: Vernon L. Smith
Publisher: Cambridge University Press
Published: 10/12/2009
Pages: 386
Binding Type: Paperback
Weight: 1.20lbs
Size: 8.90h x 6.00w x 0.50d
ISBN: 9780521133388

About the Author
Smith, Vernon L.: - 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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