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 Journals
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

Abstract

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

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Aug 26, 2011

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 18 million articles from more than
15,000 peer-reviewed journals.

All for just $49/month

Explore the DeepDyve Library

Search

Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly

Organize

Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place.

Access

Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals.

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

DeepDyve

Freelancer

DeepDyve

Pro

Price

FREE

$49/month
$360/year

Save searches from
Google Scholar,
PubMed

Create lists to
organize your research

Export lists, citations

Read DeepDyve articles

Abstract access only

Unlimited access to over
18 million full-text articles

Print

20 pages / month

PDF Discount

20% off