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Rationality in Economics: Constructivist and Ecological Forms

Vernon L. Smith

4/5 ( ratings)

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.

Language: English

Pages: 388

Format: Hardcover

Publisher: Cambridge University Press

Release: November 05, 2007

ISBN: 0521871352

ISBN 13: 9780521871358

Rationality in Economics: Constructivist and Ecological Forms

Vernon L. Smith

4/5 ( ratings)

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.

Language: English

Pages: 388

Format: Hardcover

Publisher: Cambridge University Press

Release: November 05, 2007

ISBN: 0521871352

ISBN 13: 9780521871358

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