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.
Proposals for solving the free rider problem in public goods
The Groves-Ledyard mechanism
The unanimity principle
Results of the first Groves-Ledyard experiments
Simpler mechanisms: variations on the auction mechanism
Two public good mechanisms in practice
Elinor Ostrom's Governing the Commons
The cheesemakers' problem of grazing cows on a summer meadow
A pollution trading system
Slides illustrating my first experiments and the direction of some new ones
Experiment 1
The mechanism tested in experiment 1
The mechanism's disadvantage
The rebate rule
Results and importance of the mechanism
Questions
What is your opinion about taxes? What do you recommend for our country, given that its poverty rate is so high and that the public goods the government provides are so inefficient?
If the participants in the experiment know that they will be compensated afterwards, is it possible for them to falsify their preferences? If that were the case, would the results also be falsified?
How do you think the experiments' results would adapt to a socially and culturally different medium, like Guatemala?
How are bidding mechanisms related to voter preferences in politics?
Through Experimental Economics, can you carry out analyses of models of development for Latin America, such as the models set by the Economic Commission for Latin America, the International Monetary Fund, and the World Bank?
Economic theory has been criticized for being constrained by logical positivism. What is your opinion on this? Do you consider logical positivism an absolute or a relative epistemology?
What are your criteria for choosing the individuals who participate in the experiments?
During the last years, Nobel laureates in Economics have been Americans who propose abstract theories that have little to do with reality, while millions of people are dying. Can Experimental Economics help to alleviate poverty?
Final 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
Slides
