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 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.
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