Experimental Economics: Induced Value Theory

@article{Smith1976ExperimentalEI,
  title={Experimental Economics: Induced Value Theory},
  author={Vernon L. Smith},
  journal={The American Economic Review},
  year={1976},
  volume={66},
  pages={274-279}
}
  • V. Smith
  • Published 1 May 1976
  • Economics
  • The American Economic Review
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. Battalio, J. Kagel, et al., 1973) has important and significant application to the development and verification of theories of the economic system at large. 

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