ENGLISH

Rationality in Economics: Constructivist and Ecological Forms

By Vernon L. Smith

Book information

Year
2007
ISBN
0521871352, 9780521871358, 9780511355943
LCC
HB131 .S38 2007
Open Library ID
OL10437893M
Language
english
Format
PDF
Filesize
2 MB (2608269 bytes)
Edition
1
Pages
388\386
Topic
Economy
Time added
2011-06-04 13:46:07

Description

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.

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