Rationality in Economics: Constructivist and Ecological Forms

Type

Book

Authors

Vernon L. Smith

ISBN 10

0521133386

ISBN 13

9780521133388

Tags

Comparative, Microeconomics

Description

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. - from Amzon

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