• Publications
  • Influence
An Experimental Study of Competitive Market Behavior
  • V. Smith
  • Economics
    Journal of Political Economy
  • 1 April 1962
RECENT years have witnessed a growing interest in experimental games such as management decision-making games and games designed to simulate oligopolistic market phenomena. This article reports on a
Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets
Spot asset trading is studied where the only external source of value is an independent draw from a common information dividend distribution at the end of each of fifteen trading periods. Fourteen of
Preferences, Property Rights, and Anonymity in Bargaining Games
Research on ultimatum and dictator games has found that because of "fairness" first movers in such games offer more than noncooperative game theory predicts. We find that if the right to be the first
Experimental Economics: Induced Value Theory
It is the premise of this paper that the study of the decision behavior of suitably motivated individuals and groups in lab- oratory or other socially isolated settings such as hospitals (R.
Social distance and other-regarding behavior in dictator games
A surprisingly large amount of otherregarding behavior is the common finding of experiments on bargaining, public goods, and trust. Elizabeth Hoffman et al. ( hereafter, HMS ) ( 1996 ) have provided
Constructivist and Ecological Rationality in Economics
When we leave our closet, and engage in the common affairs of life, (reason's) conclusions seem to vanish, like the phantoms of the night on the appearance of the morning; and 'tis difficult for us
Combinatorial auction design
This article describes a type of combinatorial auction that, during laboratory testing, eliminated problems and produced extremely efficient outcomes.