Vernon Smith’s Experience on Experimental Economics

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Vernon L. Smith
June 19, 2010 | Antigua Guatemala | Duración:..
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  • Initial credits
  • Introduction
  • First economic experiment
  • Buyer and seller information
  • Contracts
  • Quotes, The Stock Market, George L. Leffler
  • Contract prices
  • Market designs
  • Same supply and demand groups
  • Trade at equilibrium point
  • Market with a growing demand and a fixed supply
  • Monopoly market
  • Closed-end fund
  • Edward Renshaw's proposition
  • Price forecasting exercise
  • Undergraduate experiments
  • Recent experiments
  • Specialization imposition
  • No specialization imposition
  • Final credits
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About this video

In this conference, Vernon L. Smith, a specialist in experimental economics, shares his experience and explains some of the results he obtained during his professional academic life.  He describes a few of the first experiments he developed, based on various basic supply and demand schemes inside controlled environments in laboratories, and how they turned out to provide useful information for market prediction, understanding and interpretation in the future of much more larger and complex economies.  He also explains how during these exercises he was able to observe the performance of the participants, who were placed in different scenarios that modified opportunities and situations, in order to prove their behavior and proficiency at the end.  Finally, he stresses on the creation of bubbles during some of the experiments and the techniques he used for them to stop growing.

Vernon L. Smith

Vernon L. Smith
Vernon L. Smith was awarded the 2002 Nobel Prize in Economics for his introducing experimental methods in economic analysis. He is founder of the Interdisciplinary Center for Economic Sciences, George Mason University and has been president of Public Choice Society, Economic Science Association, Western Economic Association and Association for Private Enterprise Education (APEE), among others. Smith holds a PhD in economics from Harvard University and is also honorary doctor in economics from Universidad Francisco Marroquín.

Last update: 21/06/2010


Vernon Smith's Experience on Experimental Economics
Vernon L. Smith

Casa Popenoe, Antigua Guatemala
Universidad Francisco Marroquín
Guatemala, June 19, 2010

New Media - UFM production.  Guatemala, June 2010
Camera: Jorge Samayoa, Joni Vasquez; digital editing: Alfredo Jop; index and synopsis: Sergio Bustamante; content reviser: Daphne Ortiz, Sofía Díaz; publication: Carlos Petz/Daphne Ortiz

Imagen: cc.jpgThis work is licensed under a Creative Commons 3.0 License
Este trabajo ha sido registrado con una licencia Creative Commons 3.0

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