Rationality in Economics. Vernon L. Smith

Rationality in Economics



Download Rationality in Economics



Rationality in Economics Vernon L. Smith ebook pdf
Publisher: CUP
Language: English
Page: 386
ISBN: 0521871352, 9780521871358

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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