Rationality in Economics: Constructivist and Ecological Forms

Rationality in Economics: Constructivist and Ecological Forms

Vernon L. Smith / Aug 25, 2019

Rationality in Economics Constructivist and Ecological Forms 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 condi

  • Title: Rationality in Economics: Constructivist and Ecological Forms
  • Author: Vernon L. Smith
  • ISBN: 9780521871358
  • Page: 214
  • Format: Hardcover
  • 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 gaThe 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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      Published :2018-010-07T21:45:25+00:00

    About "Vernon L. Smith"

      • Vernon L. Smith

        Vernon L. Smith Is a well-known author, some of his books are a fascination for readers like in the Rationality in Economics: Constructivist and Ecological Forms book, this is one of the most wanted Vernon L. Smith author readers around the world.


    165 Comments

    1. As a huge fan of F.A. Hayek, I was very happy to see some of his deepest ideas pursued by a great scholar.


    2. Until reading Rationality in Economics, I had not read an economics book that gave me precisely what I want: (1) genuine insights on a wide range of important issues, (2) a feel for the key contributions in the academic literature with a minimum of technical detail, and (3) a writing style that explains so much in straightforward language that reading the book becomes a uniquely enjoyable learning experience. Vernon Smith embraces Hayek's model of human psychology in The Sensory Order (1952), wh [...]


    3. The best Hayekian book in a while -- unfortunately the writing is so turgid (starting with the title!) that it is unlikely to find a very wide audience.


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