Vernon Smith: Rationality in economics: Constructivist and ecological forms

Vernon Smith: Rationality in economics: Constructivist and ecological forms Rev Austrian Econ (2011) 24:455–459 DOI 10.1007/s11138-011-0166-0 Vernon Smith: Rationality in economics: Constructivist and ecological forms Cambridge University Press, New York, 2008, 364 + xx pp., index, ISBN 9780511353208, $56.00 Loïc Sauce Published online: 26 August 2011 Springer Science+Business Media, LLC 2011 This four part book deals with an essential theme in economic theory. We cannot talk about individuals’ behavior without making assumptions about their cognitive and computational capacities and about the amount and nature of information they need to select the best strategy. Vernon Smith’s whole career has been devoted to the study of these two assumptions. This book can be seen as a synthesis of his lifetime work and as an exposition of the main outcomes of experimental economics, a field that Smith has helped to build for more than 40 years. The main result of this research program can be stated as follows: laboratory experiments demonstrate that repeated impersonal exchanges through well-defined rules of interaction (whether markets- like or not) may converge toward the optimal equilibrium configuration described by economic theory, even though subjects are not described by the strong assumptions that are commonly conceived as necessary to obtain this outcome. A learning by trial-and-error process http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

Vernon Smith: Rationality in economics: Constructivist and ecological forms

Loading next page...
 
/lp/springer_journal/vernon-smith-rationality-in-economics-constructivist-and-ecological-kEW8fatRZj
Publisher
Springer US
Copyright
Copyright © 2011 by Springer Science+Business Media, LLC
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1007/s11138-011-0166-0
Publisher site
See Article on Publisher Site

There are no references for this article.

You’re reading a free preview. Subscribe to read the entire article.


DeepDyve is your
personal research library

It’s your single place to instantly
discover and read the research
that matters to you.

Enjoy affordable access to
over 12 million articles from more than
10,000 peer-reviewed journals.

All for just $49/month

Explore the DeepDyve Library

Unlimited reading

Read as many articles as you need. Full articles with original layout, charts and figures. Read online, from anywhere.

Stay up to date

Keep up with your field with Personalized Recommendations and Follow Journals to get automatic updates.

Organize your research

It’s easy to organize your research with our built-in tools.

Your journals are on DeepDyve

Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.

All the latest content is available, no embargo periods.

See the journals in your area

Monthly Plan

  • Read unlimited articles
  • Personalized recommendations
  • No expiration
  • Print 20 pages per month
  • 20% off on PDF purchases
  • Organize your research
  • Get updates on your journals and topic searches

$49/month

Start Free Trial

14-day Free Trial

Best Deal — 39% off

Annual Plan

  • All the features of the Professional Plan, but for 39% off!
  • Billed annually
  • No expiration
  • For the normal price of 10 articles elsewhere, you get one full year of unlimited access to articles.

$588

$360/year

billed annually
Start Free Trial

14-day Free Trial