Custom cover image
Custom cover image

A Life of Experimental Economics, Volume II : The Next Fifty Years / by Vernon L. Smith

By: Resource type: Ressourcentyp: Buch (Online)Book (Online)Language: English Series: SpringerLink Bücher | Springer eBook CollectionPublisher: Cham : Springer International Publishing, 2018Description: Online-Ressource (XX, 243 p. 61 illus., 59 illus. in color, online resource)ISBN:
  • 9783319984254
Subject(s): Additional physical formats: 9783319984247 | 9783319984261 | Erscheint auch als: 978-3-319-98424-7 Druck-Ausgabe | Printed edition: 9783319984247 | Printed edition: 9783319984261 | Erscheint auch als: A life of experimental economics ; Volume 2: The @next fifty years. Druck-Ausgabe 1st edition 2018. Cham, Switzerland : Palgrave Macmillan, 2018. xx, 243 SeitenDDC classification:
  • 330
LOC classification:
  • HB71-74
DOI: DOI: 10.1007/978-3-319-98425-4Online resources: Summary: This sequel to A Life of Experimental Economics, Volume I, continues the intimate history of Vernon Smith’s personal and professional maturation after a dozen years at Purdue. The scene now shifts to twenty-six transformative years at the University of Arizona, then to George Mason University, and his recognition by the Nobel Prize Committee in 2002. The book ends with his most recent decade at Chapman University. At Arizona Vernon and his students studied asset trading markets and learned how wrong it had been to suppose that price bubbles could not occur where markets were full-information transparent. Their work in computerization of the lab facilitated very complex supply and demand experiments in natural gas pipeline, communication and electricity markets that paved the way for implementing, through decentralized market processes, the liberalization of industries traditionally believed to be “natural” monopolies. The “Smart Computer Assisted Market” was born. Smith’s move to George Mason University greatly facilitated government and industry work in tandem with various public and private entities, whereas his relocation to Chapman University coincided with the Great Recession, whose similarity with the Depression was evident in his research. There he integrated two fundamental kinds of markets with laboratory experiments: Consumer non-durables, the supply and demand for which was stable in the lab and in the economy, and durable assets whose bubble tendencies made them unstable in the lab as well as in the economy-witness the great housing-mortgage market bubble run-up of 1997-2007. This book’s conversational style and emphasis on the backstory of research accomplishments allows readers an exclusive peak into how and why economists pursue their work. It’s a must-read for those interested in experimental economics, the housing crisis, and economic historySummary: 1. Yankee Land -- 2. West with the Night -- 3. Arizona and E-Commerce in the Lab -- 4. My Friends Were Finally Right -- 5. Wives, Daughters, and Sons -- 6. Home Again: Chapman University -- 7. Economic Collapse, 2007-8: Would 1929 Be Reborn in Anemic Growth? 8 -- Kinds of Markets: The Good, the Volatile and the Sometimes Ugly -- 9. Reconnecting Modern Economics with its Classical Origins: Discovering Adam Smith -- 10. Faith and the Compatibility of Science and ReligionPPN: PPN: 1041334168Package identifier: Produktsigel: ZDB-2-ECF | ZDB-2-SEB | ZDB-2-SXEF
No physical items for this record

Reproduktion. (Springer eBook Collection. Economics and Finance)

KIT – The Research University in the Helmholtz Association                         Home | Impressum | Datenschutz | Barrierefreiheit | KIT