Dr. Vernon Smith is 2002 recipient of the Nobel Prize in Economics. He is professor of economics and law at George Mason University and founder of the Interdisciplinary Center for Economic Sciences of that university. He holds a PhD in Economics from Harvard University. He has been president of various institutions, including the Public Choice Society, the Economic Science Association, the Western Economic Association and the Association for Private Enterprise Education.
Juan Bautista Gutiérrez Auditorium
Universidad Francisco Marroquín
Guatemala, March 26th, 2004
A New Media - UFM production. Guatemala, March 2004 Camera: Jorge Samayoa; digital editing: Sergio Miranda; index: Joseph Cole; publication: Pedro David España
Slides
Content
Initial credits
Introduction
What is a market experiment?
The three fundamental elements of every experiment
The economic environment
An institution
The behavior of the participants
An example of an institution: the progressive bid auction
How does the environment and the institution combine to explain the behavior of the individuals in an experiment?
Things we can explore in the laboratory
Using the lab to evaluate new products
An example of an economic environment: supply and demand
A quotation from Hayek
A two market experiment
What economic theory can do
Questions
What are the limits of Experimental Economics?
What can and cannot be tested?
Have you had experiments that you have considered to be a failure?
Are there any examples of results that have not been expected?
To what extent are the results of each test representative, when the incentives or prices are not precisely real, or when the preferences of the participants are not the same as they would be under real life circumstances?
The environment in the electricity market
Experimental Economics is based on the premise that experiments are controlled, how representative of reality are the controls?
Would markets become more efficient by merging, due to the increased information of the larger markets?
If we had a single, unrestricted global market, would that make our economies more efficient, due to the increase in information?
In Experimental Economics, can you take more complex things like political or economic reforms to the lab? Have you done something like that before?
I've been reading about your experiments on applying market systems to airplane landing and take-off systems, but I haven't found information on how they have come along. Could you please elaborate on them?
Credits
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Universidad Francisco Marroquín
6 Calle final, zona 10
Edificio de la Escuela de Negocios
Oficina EN-103
Guatemala, Guatemala 01010
Teléfono (+502) 2338-7700 ext. 7876
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