Categorías: CONFERENCIA | ECONOMIA

Vernon Smith’s Experience on Experimental Economics

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Vernon L. Smith

June 19, 2010 | Antigua Guatemala | Duración:..

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Slides

Content

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
Artificial economic bubbles
- Brownian motion experiments
- Experiment detail
- Second trial
- Trial comparison
Closed-end fund
Edward Renshaw's proposition
Price forecasting exercise
Undergraduate experiments
Recent experiments
Market specialization
- Experiment description
Specialization imposition
No specialization imposition
Question and answer period
- Have you ever performed experiments including market makers?
- How do the results of an experiment vary when you manipulate what is at stake?
- How do you explain the idea of fairness in the experiments?
- Economic anticipation
- What have you discovered regarding the nature of learning over time?
- Where was the experience created during the experiment sessions?
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.

Source: www.ufm.edu
Last update: 21/06/2010

Credits

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

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

A 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

This work is licensed under a Creative Commons 3.0 License
Este trabajo ha sido registrado con una licencia Creative Commons 3.0

Obtenido de "http://www.newmedia.ufm.edu/gsm/index.php/Smitheconomics"

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