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===Bio=== | ===Bio=== | ||
Vernon Lomax Smith is regarded as one of the leading experimental economists in the world today. Smith was born in Wichita, Kansas, on January 1, 1927. Today, Smith is a professor of economics at George Mason University, a research scholar at George Mason's Interdisciplinary Center for Economic Science, and a Fellow of the Mercatus Center, all in Arlington, Virginia. One of Smith's finest accomplishments came in 2002, when he shared the Nobel Memorial Prize in Economics when he was a research professor at the University of Arizona. However, Smith's interest in experimental economics began when he was starting out as a professor at Purdue University's Krannet School of Economics. | Vernon Lomax Smith is regarded as one of the leading experimental economists in the world today. Smith was born in Wichita, Kansas, on January 1, 1927. Today, Smith is a professor of economics at George Mason University, a research scholar at George Mason's Interdisciplinary Center for Economic Science, and a Fellow of the Mercatus Center, all in Arlington, Virginia. One of Smith's finest accomplishments came in 2002, when he shared the Nobel Memorial Prize in Economics when he was a research professor at the University of Arizona. However, Smith's interest in experimental economics began when he was starting out as a professor at Purdue University's Krannet School of Economics. Over the years, Smith pioneered, along with other collaborators, the use of controlled laboratory experiments in economics, and established it as a legitimate tool in economics and other related fields. | ||
===Market Games=== | ===Market Games=== | ||
When Smith began teaching at Purdue University, one of his first research projects he conducted dealt primarily with economic experiments on the convergence of prices and quantities to their theoretical competitive equilibrium values in experimental markets. Smith studied the behavior of "buyers" and "sellers", who are told how much they "value" a false commodity, and then are asked to competitively bid or ask on these commodities following the rules of various real world market institutions, such as allowing both sides in the market to bid, a situation used in many stock exchanges. | When Smith began teaching at Purdue University, one of his first research projects he conducted dealt primarily with economic experiments on the convergence of prices and quantities to their theoretical competitive equilibrium values in experimental markets. Smith studied the behavior of "buyers" and "sellers", who are told how much they "value" a false commodity, and then are asked to competitively bid or ask on these commodities following the rules of various real world market institutions, such as allowing both sides in the market to bid, a situation used in many stock exchanges. Smith found that in some forms of centralized trading, prices and quantities traded in such markets converge on the values that would be predicted by the economic theory of perfect competition. However, in Smith’s experiment, there were only a small number of competitors and there was no access to perfect information. | ||
Revision as of 20:20, 24 April 2007
Bio
Vernon Lomax Smith is regarded as one of the leading experimental economists in the world today. Smith was born in Wichita, Kansas, on January 1, 1927. Today, Smith is a professor of economics at George Mason University, a research scholar at George Mason's Interdisciplinary Center for Economic Science, and a Fellow of the Mercatus Center, all in Arlington, Virginia. One of Smith's finest accomplishments came in 2002, when he shared the Nobel Memorial Prize in Economics when he was a research professor at the University of Arizona. However, Smith's interest in experimental economics began when he was starting out as a professor at Purdue University's Krannet School of Economics. Over the years, Smith pioneered, along with other collaborators, the use of controlled laboratory experiments in economics, and established it as a legitimate tool in economics and other related fields.
Market Games
When Smith began teaching at Purdue University, one of his first research projects he conducted dealt primarily with economic experiments on the convergence of prices and quantities to their theoretical competitive equilibrium values in experimental markets. Smith studied the behavior of "buyers" and "sellers", who are told how much they "value" a false commodity, and then are asked to competitively bid or ask on these commodities following the rules of various real world market institutions, such as allowing both sides in the market to bid, a situation used in many stock exchanges. Smith found that in some forms of centralized trading, prices and quantities traded in such markets converge on the values that would be predicted by the economic theory of perfect competition. However, in Smith’s experiment, there were only a small number of competitors and there was no access to perfect information.
