REFLECTIONS ON HUMAN ACTION AFTER 50 YEARS (2008)
The core of Ludwig von Mises ’ thought is the theory of human action, or praxeology, the general science he seeks to articulate. Within this general science is included—embedded in...
Economics - The promise of prediction markets (2008)
Arrow, Kenneth J., Forsythe, Robert, Gorham, Michael, Hahn, Robert, Hanson, Robin, Ledyard, John O., ...
The ability of groups of people to make predictions is a potent research tool that should be freed of unnecessary government restrictions.
Concurrent Trading in Two Experimental Markets with Demand Interdependence (2007)
Arlington W. Williams, Vernon L. Smith, John O. Ledyard
Summary. We report results from fteen computerized double auctions with concurrent trading of two commodities. In contrast to prior experimental markets, buyers ' demands are induced via CES...
Correspondence regarding this manuscript should be sent to: (2007)
Kevin Mccabe, Vernon L. Smith, Bart J. Wilson, Robert Kurzban, Robert Kurzban
Real Time Public Goods 2 Allowing players in public goods games to make small incremental commitments to contributing to the good might facilitate cooperation because it helps to prevent players from...
Concurrent Trading in Two Experimental Markets with Demand Interdependence (2007)
Arlington W. Williams, Vernon L. Smith, John O. Ledyard
Summary. We report results from fteen computerized double auctions with concurrent trading of two commodities. In contrast to prior experimental markets, buyers ' demands are induced via CES...
El hilo conductor de este artículo es el principio de la existencia simultánea de dos órdenes racionales (racionalidad constructivista y racionalidad ecológica). Intentaré argumentar que ambos...
Kujal, Praveen, Smith, Vernon L.
The divergence between the willingness-to-pay (WTP) and willingness-to-accept (WTA) has resulted in two explanations. First, that this may be due to the manifestation of the endowment effect...
Fairness and short run price adjustment in posted offer markets (2003)
Kujal, Praveen, Smith, Vernon L.
Questionnaire studies show that perceptions of fairness cause people to resist price increases following abrupt changes in conditions with no cost justification. We examine this hypothesis in...
Fairness and short run price adjustment in posted offer markets (2003)
Kujal, Praveen, Smith, Vernon L.
Questionnaire studies show that perceptions of fairness cause people to resist price increases following abrupt changes in conditions with no cost justification. We examine this hypothesis in...
Kujal, Praveen, Smith, Vernon L.
The divergence between the willingness-to-pay (WTP) and willingness-to-accept (WTA) has resulted in two explanations. First, that this may be due to the manifestation of the endowment effect...
Constructivist and ecological rationality in economics (2003)
Vernon L. Smith, Professor Of Economics
When we leave our closet, and engage in the common affairs of life, (reason’s) conclusions seem to vanish, like the phantoms of the night on the appearance of the morning; and ‘tis difficult for...
When we leave our closet, and engage in the common affairs of life, (reason’s) conclusions seem to vanish, like the phantoms of the night on the appearance of the morning; and ‘tis difficult for...
Using experiments to inform the privatization/deregulation movement in electricity (2002)
Stephen J. Rassenti, Vernon L. Smith, Bart J. Wilson
known as e-commerce) in the experimental laboratory began in 1976 when Arlington Williams conducted the initial experiments testing the first electronic “double-auction ” trading system, which he...
Using Experiments to Inform the Privatization/Deregulation Movement in Electricity (2002)
Stephen Rassenti Vernon, Vernon L. Smith, Bart J. Wilson
this paper is based: the Arizona Corporation Commission (Commissioners: Richard Kimball, Junius Hoffman, and Marianne Jennings) who in 1984 had the vision to fund our first efforts to study...
Structural Features that Contribute to Market Power (2000)
Stephen J. Rassenti, Vernon L. Smith, Bart J. Wilson
In this paper we report an experiment that examines a primary concern of policy makers: how a structural feature of electric power networks can contribute to the exercise of market power by...
Overreactions, Momentum, Liquidity, and Price Bubbles in Laboratory and Field Asset Markets (2000)
Gunduz Caginalp, David Porter, Vernon L. Smith
Laboratory asset markets provide an experimental setting in which to observe investor behavior. Over more than a decade, numerous studies have found that participants in laboratory experiments...
BEHAVIORAL FOUNDATIONS OF RECIPROCITY: EXPERIMENTAL ECONOMICS AND EVOLUTIONARY PSYCHOLOGY (1998)
HOFFMAN, ELIZABETH, MCCABE, KEVIN A., SMITH, VERNON L.
Laboratory experiments have generally supported the theorem that, in classical property rights environments, noncooperative behavior in markets yields efficient social outcomes. Experiments, however,...
Experimental tests of the endowment effect (1994)
Franciosi, Robert, Kujal, Praveen, Michelitsch, Roland, Smith, Vernon L.
The discrepancy between WTA and WTP is supposed to be a manifestation of the endowment effect (KKT). The discrepancy between the average WTA-WTP disappears in the sense of statistical significance...
Economics in the Laboratory (1994)
Why do economists conduct experiments? To answer that question, it is first necessary briefly to specify the ingredients of an experiment. Every laboratory experiment is defined by an environment,...
REWARDS, EXPERIENCE AND DECISION COSTS IN FIRST PRICE AUCTIONS (1993)
SMITH, VERNON L., WALKER, JAMES M.
Consistent with a model of asymmetric risk aversion, subjects in first price auctions consistently bid above the risk neutral Nash prediction. It has been argued that this is due to low opportunity...
MONETARY REWARDS AND DECISION COST IN EXPERIMENTAL ECONOMICS (1993)
SMITH, VERNON L., WALKER, JAMES M.
A surtey of thirty-one experimental studies whith report data on the comparative effects of monetary rewards and opportunity cost shows: (1) several studies in whith increased rewards shift the...
Using an overlapping-generations model in which households may have either finite or infinite horizons, I derive the implications of each horizon for the steady-state real interest rate. I then...
ELECTRIC POWER DEREGULATION: BACKGROUND AND PROSPECTS (1988)
The incentive failures of rate-of-return regulation are well known and thus raise the question of whether to deregulate electric power. The development of long-distance transmission and of...
INCENTIVES AND BEHAVIOR IN ENGLISH, DUTCH AND SEALED-BID AUCTIONS (1980)
COPPINGER, VICKI M., SMITH, VERNON L., TITUS, JON A.
The Pareto optimality and Price behavior of English and Dutch oral auctions, and First-Price and Second-Price sealed-bid auctions are compared under various procedures for assigning valuations among...
Incluye bibliografía e índice
The integrability condition in the pure theory of consumer's behavior / (1951)
Thesis (M.A.)--University of Kansas, Economics, 1951.
A comparison of naïve and sophisticated subject behavior with game theoretic predictions
McCabe, Kevin A., Smith, Vernon L.
We use an extensive form two-person game as the basis for two experiments designed to compare the behavior of two groups of subjects with each other and with the subgame perfect theoretical...
Intentionality detection and “mindreading”: Why does game form matter?
McCabe, Kevin A., Smith, Vernon L., LePore, Michael
By around the age of 4 years, children “can work out what people might know, think or believe” based on what they say or do. This is called “mindreading,” which builds upon the human ability...
Controlling market power and price spikes in electricity networks: Demand-side bidding
Rassenti, Stephen J., Smith, Vernon L., Wilson, Bart J.
In this article we report an experiment that examines how demand-side bidding can discipline generators in a market for electric power. First we develop a treatment without demand-side bidding; two...
A comparison of naïve and sophisticated subject behavior with game theoretic predictions
McCabe, Kevin A., Smith, Vernon L.
We use an extensive form two-person game as the basis for two experiments designed to compare the behavior of two groups of subjects with each other and with the subgame perfect theoretical...
Intentionality detection and “mindreading”: Why does game form matter?
McCabe, Kevin A., Smith, Vernon L., LePore, Michael
By around the age of 4 years, children “can work out what people might know, think or believe” based on what they say or do. This is called “mindreading,” which builds upon the human ability...
Controlling market power and price spikes in electricity networks: Demand-side bidding
Rassenti, Stephen J., Smith, Vernon L., Wilson, Bart J.
In this article we report an experiment that examines how demand-side bidding can discipline generators in a market for electric power. First we develop a treatment without demand-side bidding; two...
Sustaining Cooperation in Trust Games
Mary L. Rigdon, Kevin A. McCabe, Vernon L. Smith
It is well known in evolutionary game theory that population clustering in Prisoner's Dilemma games allows some cooperative strategies to invade populations of stable defecting strategies. We adapt...
A compensation election for binary social choice
Oprea, Ryan D., Smith, Vernon L., Winn, Abel M.
We report experimental results examining the properties of a bidding mechanism, the “Compensation Election,” which is designed to implement a simple binary choice between two options. We may...
The questions addressed in this paper include: What is a laboratory experiment? What are the reasons why economists conduct such experiments? What have we learned? Among the many findings of...
Adaptation and convergence of behavior in repeated experimental Cournot games
Rassenti, Stephen, Reynolds, Stanley S., Smith, Vernon L., Szidarovszky, Ferenc
Praveen Kujal, Vernon L. Smith
The divergence between the willingness-to-pay (WTP) and willingness-to-accept (WTA) has resulted in two explanations. First, that this may be due to the manifestation of the endowment effect...
FAIRNESS AND SHORT RUN PRICE ADJUSTMENT IN POSTED OFFER MARKETS
Praveen Kujal, Vernon L. Smith
Questionnaire studies show that perceptions of fairness cause people to resist price increases following abrupt changes in conditions with no cost justification. We examine this hypothesis in...
Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets.
Smith, Vernon L, Suchanek, Gerry L, Williams, Arlington W
Spot asset trading is studied where the only external source of value is an independent draw from a common information dividend distribution at the end of each of fifteen trading periods. Fourteen of...
Exclusionary Bundling and the Effects of a Competitive Fringe
Anil Caliskan, David Porter, Stephen Rassenti, Vernon L. Smith, Bart J. Wilson
The traditional analysis of exclusionary bundling examines the impact of a monopolist bundling product A with another product B, which is competitively provided. Using experimental posted-offer...
Theory and Individual Behavior of First-Price Auctions.
Cox, James C, Smith, Vernon L, Walker, James M
First-price auction theory is extended to the case of heterogeneous bidders characterized by M-parameter log-concave utility functions. This model, and its specific two-parameter constant relative...
Rassenti, Stephen J, Smith, Vernon L, Wilson, Bart J
A "pay-as-offered" or discriminatory price auction (DPA) has been proposed to solve the problem of inflated and volatile wholesale electricity prices. Using the experimental method we compare the DPA...
Market Contestability in the Presence of Sunk (Entry) Costs
Don Coursey, R. Mark Isaac, Margaret Luke, Vernon L. Smith
This article extends previous laboratory experimental research to examine the competitive discipline of contested markets with a "natural monopoly"-type cost structure where sunk costs are neither...
Interview with the 2002 Laureates in Economics, Daniel Kahneman and Vernon L. Smith
Kahneman, Daniel, Smith, Vernon L.
Interview with the 2002 Laureates in Economics, Daniel Kahneman and Vernon L. Smith, December 12, 2002. Interviewers are Professor Karl-Gustaf Loefgren and Dr Anne-Sophie Crepin.
I was born Vernon Lomax Smith in Wichita, on the flat plains of Kansas, January 1, 1927 in the years leading to the Great Depression. Like many of my generation I am a product of the strange...
Constructivist and Ecological Rationality in Economics
When we leave our closet, and engage in the common affairs of life, (reason's) conclusions seem to vanish, like the phantoms of the night on the appearance of the morning; and 'tis difficult for us...
symposium articles : Concurrent trading in two experimental markets with demand interdependence
Arlington W. Williams, John O. Ledyard, Steven Gjerstad, Vernon L. Smith
We report results from fifteen computerized double auctions with concurrent trading of two commodities. In contrast to prior experimental markets, buyers' demands are induced via CES earnings...
symposium articles : Dividend timing and behavior in laboratory asset markets
Mark Van Boening, Vernon L. Smith, Charissa P. Wellford
This paper investigates the effect of dividend timing on price bubbles and endogenous expectations in twenty-six laboratory asset markets. In ten "A1" markets, a single dividend is paid at the end of...
Behavioral Foundations of Reciprocity: Experimental Economics and Evolutionary Psychology.
Hoffman, Elizabeth, McCabe, Kevin A, Smith, Vernon L
Laboratory experiments have generally supported the theorem that, in classical property rights environments, noncooperative behavior in markets yields efficient social outcomes. Experiments, however,...
Rewards, Experience and Decision Costs in First Price Auctions.
Smith, Vernon L, Walker, James M
Consistent with a model of asymmetric risk aversion, subjects in first price auctions consistently bid above the risk neu tral Nash prediction. It has been argued that this is due to low opportun ity...
Monetary Rewards and Decision Cost in Experimental Economics.
Smith, Vernon L, Walker, James M
A survey of thirty-one experimental studies that report data on the comparative effects of monetary rewards and opportunity cost shows (1) several studies in which increased reward s shift the...
A theoretical and empirical inquiry into the economic replacement of capital equipment.
Thesis (Ph. D.)--Harvard University, 1955.
Thar She Blows: Can Bubbles Be Rekindled with Experienced Subjects?
Reshmaan N. Hussam, David Porter, Vernon L. Smith
We report 28 new experiment sessions consisting of up to three experience levels to examine the robustness of learning and "error" elimination among participants in a laboratory asset market and its...
Erik O. Kimbrough, Vernon L. Smith, Bart J. Wilson
This laboratory experiment explores the extent to which impersonal exchange emerges from personal exchange with opportunities for long-distance trade. We design a three-commodity production and...
Futures Contracting and Dividend Uncertainty in Experimental Asset Markets.
Porter, David P, Smith, Vernon L
Prices in experimental asset markets tend to bubble and then crash to dividend value at the end of the asset's useful life. Explanations for this phenomenon are (1) that participants cannot form...
Rational Choice: The Contrast between Economics and Psychology.
Rational Choice--the published record of a conference on economics and psychology--frames the issues as a contest between economic theory and the falsifying evidence from psychology. According to a...
INCORPORATING INSTREAM FLOW VALUES INTO A WATER MARKET
Murphy, James J., Dinar, Ariel, Howitt, Richard E., Rassenti, Stephen J., Smith, Vernon L., Weinberg, Marca
We use laboratory experiments to test three different water market institutions designed to incorporate instream flow values into the allocation. The institutions are (1) a baseline with fixed...
MECHANISMS FOR ADDRESSING THIRD PARTY IMPACTS RESULTING FROM VOLUNTARY WATER TRANSFERS
Murphy, James J., Dinar, Ariel, Howitt, Richard E., Mastrangelo, Erin, Rassenti, Stephen J., Smith, Vernon L.
This paper uses laboratory experiments to test alternative water market institutions designed to protect third party interests. The institutions tested include taxing mechanisms that raise revenue to...
From Market Jaws to the Newton Method: The Geometry of How a Market Can Solve Systems of Equations
Bossaerts, Peter, Plott, Charles R., Charles R. Plott, Vernon L. Smith
Exogenous Uncertainty Increases the Bid-Ask Spread in the Continuous Double Auction
Smith, Vernon L., Van Boening, Mark, Charles R. Plott, Vernon L. Smith
Effect of Non-binding Price Controls in Double Auction Trading
Smith, Vernon L., Williams, Arlington W., Charles R. Plott, Vernon L. Smith
Fairness and Short Run Price Adjustment in Posted Offer Markets
Kujal, Praveen, Smith, Vernon L., Charles R. Plott, Vernon L. Smith
Bronfman, Corinne, McCabe, Kevin, Porter, David, Rassenti, Stephen, Smith, Vernon, Charles R. Plott, ...
Wage Differentials in Experimental Efficiency Wage Markets
Fehr, Ernst, Gächter, Simon, Charles R. Plott, Vernon L. Smith
The Exercise of Market Power in Laboratory Experiments
Davis, Douglas D., Holt, Charles A., Charles R. Plott, Vernon L. Smith
The Classical Experiments on Cournot Oligopoly
Bosch-Domènech, Antoni, Vriend, Nicolaas J., Charles R. Plott, Vernon L. Smith
Experiments in Decentralized Monopoly Restraint
Cox, James C., Isaac, R. Mark, Charles R. Plott, Vernon L. Smith
The Effects of Collusion in Laboratory Experiments
Davis, Douglas D., Holt, Charles A., Charles R. Plott, Vernon L. Smith
Predatory Pricing: Rare Like a Unicorn?
Gomez, Rosario, Goeree, Jacob K., Charles R. Plott, Vernon L. Smith
Avoidable Cost Structures and Competitive Market Institutions
Boening, Mark V., Wilcox, Nathaniel T., Charles R. Plott, Vernon L. Smith
Off-floor Trading, Market Disintegration and Price Volatility in Bid/Ask Markets
Smith, Vernon L., Van Boening, Mark, Charles R. Plott, Vernon L. Smith
Bubbles and Crashes in Experimental Asset Markets: Common Knowledge Failure?
Noussair, Charles, Plott, Charles, Charles R. Plott, Vernon L. Smith
A Comparison of Market Institutions
Cason, Timothy N., Friedman, Daniel, Charles R. Plott, Vernon L. Smith
Coordination Success in Non-cooperative Large Group Market Entry Games
Rapoport, Amnon, Seale, Darryl A., Charles R. Plott, Vernon L. Smith
2. Market Economics of Uncertainty and Information
Plott, Charles R., Smith, Vernon L., Charles R. Plott, Vernon L. Smith
Laboratory Tests of Job Search Models
Cox, James C., Oaxaca, Ronald L., Charles R. Plott, Vernon L. Smith
Information Cascade Experiments
Anderson, Lisa R., Holt, Charles A., Charles R. Plott, Vernon L. Smith
Markets and Information Aggregation Mechanisms
Chen, Kay-Yut, Plott, Charles R., Charles R. Plott, Vernon L. Smith
3. General Equilibrium and Multiple Market Systems
Plott, Charles R., Smith, Vernon L., Charles R. Plott, Vernon L. Smith
Price Discovery and Allocation in Chains and Networks of Markets
Plott, Charles R., Yeung, Jackie, Charles R. Plott, Vernon L. Smith
Reciprocity in Ultimatum and Dictator Games: An Introduction
Hoffman, Elizabeth, McCabe, Kevin, Smith, Vernon, Charles R. Plott, Vernon L. Smith
Preferences and Property Rights in Ultimatum and Dictator Games
Hoffman, Elizabeth, McCabe, Kevin, Smith, Vernon, Charles R. Plott, Vernon L. Smith
Prompting Strategic Reasoning Increases Other-regarding Behavior
Hoffman, Elizabeth, McCabe, Kevin, Smith, Vernon, Charles R. Plott, Vernon L. Smith
Social Distance and Reciprocity in Dictator Games
Hoffman, Elizabeth, McCabe, Kevin, Smith, Vernon, Charles R. Plott, Vernon L. Smith
Coordination Failure in Market Statistic Games
Van Huyck, John, Battalio, Raymond, Charles R. Plott, Vernon L. Smith
The Problem of Common Choice in Symmetric N-person Coordination Games
Rhodes, Carl M., Wilson, Rick K., Charles R. Plott, Vernon L. Smith
463-471
Equilibrium Convergence in Normal Form Games
Bouchez, Nicole, Friedman, Daniel, Charles R. Plott, Vernon L. Smith
Analyzing Choice with Revealed Preference: Is Altruism Rational?
Andreoni, James, Miller, John H., Charles R. Plott, Vernon L. Smith
Testing Theories of Other-regarding Behavior: A Sequence of Four Laboratory Studies
Bolton, Gary E., Brandts, Jordi, Katok, Elena, Ockenfels, Axel, Zwick, Rami, Charles R. Plott, ...
Differences in the Economic Decisions of Men and Women: Experimental Evidence
Eckel, Catherine C., Grossman, Philip J., Charles R. Plott, Vernon L. Smith
This chapter reviews the results from public goods, ultimatum, and dictator experiments for evidence of systematic differences in the behavior of men and women. While the results do not offer...
Self-centered Fairness in Games with More Than Two Players
Bolton, Gary E., Ockenfels, Axel, Charles R. Plott, Vernon L. Smith
Quantal Response Equilibria: A Brief Synopsis
McKelvey, Richard D., Palfrey, Thomas R., Charles R. Plott, Vernon L. Smith
Asymmetric Two-person Bargaining Under Incomplete Information: Strategic Play and Adaptive Learning
Rapoport, Amnon, Daniel, Terry E., Seale, Darryl A., Charles R. Plott, Vernon L. Smith
The Effect of Message Space Size on Learning and Outcomes in Sender-Receiver Games
Blume, Andreas, DeJong, Douglas V., Sprinkle, Geoffrey B., Charles R. Plott, Vernon L. Smith
Payoff Uncertainty and Cooperation in Finitely-repeated Prisoner's Dilemma Games
Kahn, Lawrence M., Murnighan, J. Keith, Charles R. Plott, Vernon L. Smith
Learning and Equilibrium in Games
Camerer, Colin F., Ho, Teck H., Chong, Juin-Kuan, Charles R. Plott, Vernon L. Smith
5. Mechanism Design and Policy Applications
Plott, Charles R., Smith, Vernon L., Charles R. Plott, Vernon L. Smith
Share Trading and Coupon Banking Interact to Improve Performance in Emission Trading Markets
Mestelman, Stuart, Muller, R. Andrew, Charles R. Plott, Vernon L. Smith
Electric Power Market Design Issues and Laboratory Experiments
Rassenti, Stephen, Smith, Vernon, Charles R. Plott, Vernon L. Smith
Transmission Constraints, Incentive Auction Rules and Trader Experience in an Electric Power Market
Backerman, Steven, Rassenti, Stephen, Smith, Vernon L., Charles R. Plott, Vernon L. Smith
A Smart Market for the Spot Pricing and Pricing of Transmission Through a Power Grid
Chao, Hung-Po, Plott, Charles R., Charles R. Plott, Vernon L. Smith
Results from a Dozen Years of Election Futures Markets Research
Berg, Joyce, Forsythe, Robert, Nelson, Forrest, Rietz, Thomas, Charles R. Plott, Vernon L. Smith
Experimental Evidence on the Existence of Hypothetical Bias in Value Elicitation Methods
Harrison, Glenn W., Rutström, E. Elisabet, Charles R. Plott, Vernon L. Smith
6. Non-market and Organizational Research
Plott, Charles R., Smith, Vernon L., Charles R. Plott, Vernon L. Smith
Partners versus Strangers: Random Rematching in Public Goods Experiments
Andreoni, James, Croson, Rachel, Charles R. Plott, Vernon L. Smith
Voluntary Provision of Public Goods: Experimental Results with Interior Nash Equilibria
Laury, Susan K., Holt, Charles A., Charles R. Plott, Vernon L. Smith
Explaining the Comparative Statics in Step-Level Public Good Games
Schram, Arthur, Offerman, Theo, Sonnemans, Joep, Charles R. Plott, Vernon L. Smith
Cooperation in VCM Experiments: Results Using the Contribution Function Approach
Brandts, Jordi, Schram, Arthur, Charles R. Plott, Vernon L. Smith
Voluntary Provision of Public Goods
Chan, Kenneth S., Mestelman, Stuart, Muller, R. Andrew, Charles R. Plott, Vernon L. Smith
Intrinsic Motivation in a Public Good Environment
Van Winden, Frans, Van Dijk, Frans, Sonnemans, Joep, Charles R. Plott, Vernon L. Smith
Theoretical Explanations of Treatment Effects in Voluntary Contributions Experiments
Holt, Charles A., Laury, Susan K., Charles R. Plott, Vernon L. Smith
Institutional Modifications of Majority Rule
Bottom, William P., King, Ronald A., Handlin, Larry, Miller, Gary J., Charles R. Plott, Vernon L. Smith
Participation Game Experiments: Explaining Voter Turnout
Sonnemans, Joep, Schram, Arthur, Charles R. Plott, Vernon L. Smith
Growing Organizational Culture in the Laboratory
Camerer, Colin F., Weber, Roberto, Charles R. Plott, Vernon L. Smith
7. Individual Choice, Beliefs and Behavior
Plott, Charles R., Smith, Vernon L., Charles R. Plott, Vernon L. Smith
Motivation Theory and Experimental Behavior under the Decision Cost Hypothesis
Smith, Vernon L., Walker, James M., Charles R. Plott, Vernon L. Smith
Intertemporal Choice under Habit Formation
Fehr, Ernst, Zych, Peter K., Charles R. Plott, Vernon L. Smith
The Endowment Effect: Evidence of Losses Valued More than Gains
Kahneman, Daniel, Knetsch, Jack L., Thaler, Richard H., Charles R. Plott, Vernon L. Smith
Rationality the Fast and Frugal Way: Introduction
Gigerenzer, Gerd, Todd, Peter M., Charles R. Plott, Vernon L. Smith
The Recognition Heuristic and the Less-Is-More Effect
Goldstein, Daniel G., Gigerenzer, Gerd, Charles R. Plott, Vernon L. Smith
The Recognition Heuristic: A Fast and Frugal Way to Investment Choice?
Ortmann, Andreas, Gigerenzer, Gerd, Borges, Bernhard, Goldstein, Daniel G., Charles R. Plott, Vernon L. Smith
Gigerenzer, Gerd, Martignon, Laura, Hoffrage, Ulrich, Rieskamp, Jörg, Czerlinski, Jean, Goldstein, Daniel G., ...
Cognitive Illusions Reconsidered
Gigerenzer, Gerd, Hertwig, Ralph, Hoffrage, Ulrich, Sedlmeier, Peter, Charles R. Plott, Vernon L. Smith
Payoff Scale Effects and Risk Preference Under Real and Hypothetical Conditions
Laury, Susan K., Holt, Charles A., Charles R. Plott, Vernon L. Smith
Rewards and Behavior in First Price Auctions
Smith, Vernon L., Walker, James M., Charles R. Plott, Vernon L. Smith
Men, Women and Risk Aversion: Experimental Evidence
Eckel, Catherine C., Grossman, Philip J., Charles R. Plott, Vernon L. Smith
Experimetrics: The Use of Market Experiments to Evaluate the Performance of Econometric Estimators
Cox, James C., Oaxaca, Ronald L., Charles R. Plott, Vernon L. Smith
On the Performance of the Lottery Procedure for Controlling Risk Preferences
Berg, Joyce E., Rietz, Thomas A., Dickhaut, John W., Charles R. Plott, Vernon L. Smith
Handbook of Experimental Economics Results
Charles R. Plott, Vernon L. Smith
Experimental Economics Results
Handbook of Experimental Economics Results
Charles R. Plott, Vernon L. Smith
Experimental Economics Results
Handbook of Experimental Economics Results
Charles R. Plott, Vernon L. Smith
Experimental Economics Results
Handbook of Experimental Economics Results
Charles R. Plott, Vernon L. Smith
Experimental Economics Results
Handbook of Experimental Economics Results
Charles R. Plott, Vernon L. Smith
Experimental Economics Results
Handbook of Experimental Economics Results
Charles R. Plott, Vernon L. Smith
Experimental Economics Results
Handbook of Experimental Economics Results
Charles R. Plott, Vernon L. Smith
Experimental Economics Results
Handbook of Experimental Economics Results
Charles R. Plott, Vernon L. Smith
Experimental Economics Results
Adam Smith’s two major works are based on apparently contradictory themes in human nature: noncooperative self-interest and other-regarding sympathy. These views are not contradictory if we...
ELECTRIC POWER DEREGULATION: BACKGROUND AND PROSPECTS
The incentive failures of rate-of-return regulation are well known and thus raise the question of whether to deregulate electric power. The development of long-distance transmission and of...