Life of Experimental Economics, Volume II: The Next Fifty Years

Vernon Smith's sequel to "A Life of Experimental Economics" chronicles his growth after a dozen years at Purdue, including twenty-six transformative years at the University of Arizona, George Mason University, and his Nobel Prize Committee recognition in 2002. His work in computerization of the lab facilitated complex supply and demand experiments in natural gas pipeline, communication, and electricity markets, leading to the "Smart Computer-Assisted Market" and the integration of consumer non-durables and durable assets with laboratory experiments.

\n Format: Paperback / softback
\n Length: 243 pages
\n Publication date: 05 December 2018
\n Publisher: Springer International Publishing AG
\n

This sequel to A Life of Experimental Economics, Volume I, continues the intimate history of Vernon Smith's personal and professional maturation after a dozen years at Purdue. The scene now shifts to twenty-six transformative years at the University of Arizona, then to George Mason University, and his recognition by the Nobel Prize Committee in 2002. The book ends with his most recent decade at Chapman University.

At Arizona, Vernon and his students studied asset trading markets and learned how wrong it had been to suppose that price bubbles could not occur where markets were full-information transparent. Their work in computerization of the lab facilitated very complex supply and demand experiments in natural gas pipeline, communication, and electricity markets that paved the way for implementing, through decentralized market processes, the liberalization of industries traditionally believed to be "natural" monopolies. The "Smart Computer-Assisted Market" was born. Smith's move to George Mason University greatly facilitated government and industry work in tandem with various public and private entities, whereas his relocation to Chapman University coincided with the Great Recession, whose similarity with the Depression was evident in his research. There, he integrated two fundamental kinds of markets with laboratory experiments: consumer non-durables, the supply and demand for which was stable in the lab and in the economy, and durable assets whose bubble tendencies made them unstable in the lab as well as in the economy—witness the great housing-mortgage market bubble run-up of 1997-2007.

This book's conversational style and emphasis on the backstory of published research accomplishments allow readers an exclusive peak into how and why economists pursue their.

\n Weight: 452g\n
Dimension: 236 x 165 x 17 (mm)\n
ISBN-13: 9783319984247\n
Edition number: 1st ed. 2018\n