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(Ebook) Rationality in Economics by Vernon L. Smith ISBN 9780511355943, 9780521871358, 0521871352, 0511355947

  • SKU: EBN-1439820
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Instant download (eBook) Rationality in Economics after payment.
Authors:Vernon L. Smith
Pages:386 pages.
Year:2007
Editon:1
Publisher:Cambridge University Press
Language:english
File Size:2.13 MB
Format:pdf
ISBNS:9780511355943, 9780521871358, 0521871352, 0511355947
Categories: Ebooks

Product desciption

(Ebook) Rationality in Economics by Vernon L. Smith ISBN 9780511355943, 9780521871358, 0521871352, 0511355947

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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