Papers in Experimental Economics

A collection of the major papers of Vernon L. Smith, the main creator of the new field of experimental economics.

Vernon L. Smith (Author)

9780521364560, Cambridge University Press

Hardback, published 29 November 1991

828 pages, 102 b/w illus. 245 tables
23.7 x 16.2 x 4.8 cm, 1.272 kg

Professor Vernon L. Smith is a major creator of the new discipline of experimental economics. This collection of his papers from 1962 to 1990 surveys key developments in the field from early attempts to study economic behaviour in now classic double oral auction markets through recent studies of industrial organization and decision making. Topics covered include monopoly and oligopoly, supply and demand theory under posted pricing, uniform pricing, double continuous auction, and sealed bid-offer auctions; hypothetical valuation and market pricing; asset price bubbles; predatory pricing; market contestability and natural monopoly; and the methodology of experimental economics. Taken together, the papers form a history of the study of economics under controlled conditions.

Preface
Acknowledgments
Part I. The Formative Years: Introduction
1. An experimental study of competitive market behaviour
2. Effects of market organization on competitive equilibrium
3. Nature, the experimental laboratory, and the credibility of hypotheses with D. B. Rice
4. Experimental auction markets and the Walrasian hypothesis
5. Experimental studies of discrimination versus competition in sealed-bid auction markets
6. Experimental economics: induced value theory
7. Bidding and auctioning institutions: experimental results
8. Intertemporal competitive equilibrium: an empirical study of speculation with R. M. Miller and C. R. Plott
9. Experimental economics at Purdue
Part II. Institutions And Market Performance: Introduction
10. On nonbinding price controls in a competitive market with A. W. Williams
11. An experimental comparison of alternative rules for competitive market exchange with A. W. Williams
12. Competitive market institutions: double auctions vs. sealed bid-offer auctions with A. W. Williams, W. K. Bratton and M. G. Vannoni
13. Markets as economisers of information: experimental examination of the 'Hayek Hypothesis'
14. The effect of rent asymmetries in experimental auction markets with A. W. Williams
15. Microeconomic systems as an experimental science
16. Experimental economics
17. A comparison of posted-offer and double-auction pricing institutions with J. Ketcham and A. W. Williams
18. Hypothetical valuations and preference reversals in the context of asset trading with M. Knez
19. Bubbles, crashes, and endogenous expectations in experimental spot asset markets with G. L. Suchanek and A. W. Williams
Part III. Public Goods: Introduction
20. The principle of unanimity and voluntary consent in social choice
21. Incentive compatible experimental processes for the provision of public goods
22. An experimental comparison of three public good decision mechanisms
23. Experiments with a decentralised mechanism for public good decisions
24. Experimental tests of an allocation mechanism for private, public or externality goods with D. L. Coursey
Part IV. Auctions And Institutional Design: Introduction
25. Incentives and behaviour in English, Dutch and Sealed-bid auctions with V. M. Coppinger and J. A. Titus
26. Theory and behaviour of single object auctions with J. C. Cox and B. Roberson
27. A test that discriminates between two models of the Dutch-first auction non-isomorphism with J. C. Cox and J. M. Walker
28. Theory and behaviour of multiple unit discriminative auctions J. C. Cox and J. M. Walker
29. Theory and individual behaviour of first-price auctions J. C. Cox and J. M. Walker
30. A combinatorial auction mechanism for airport time slot allocation with S. J. Rassenti and R. L. Bulfin
31. Designing 'smart' computer-assisted markets with K. A. McCabe and S. J. Rassenti
Part V. Industrial Organization: Introduction
32. An empirical study of decentralised institutions of monopoly restraint
33. Natural monopoly and contested markets: some experimental results with D. Coursey and R. M. Isaac
34. In search of predatory pricing with R. M. Isaac
Part VI. Perspectives On Economics: 35. Theory, experiment and economics
36. Experimental economics: behavioural lessons for microeconomic theory and policy.

Subject Areas: Economic theory & philosophy [KCA]