Rationality in Economics

Constructivist and Ecological Forms

Business & Finance, Economics, Microeconomics, Nonfiction, Social & Cultural Studies, Social Science
Cover of the book Rationality in Economics by Vernon L. Smith, Cambridge University Press
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Vernon L. Smith ISBN: 9781107386440
Publisher: Cambridge University Press Publication: November 5, 2007
Imprint: Cambridge University Press Language: English
Author: Vernon L. Smith
ISBN: 9781107386440
Publisher: Cambridge University Press
Publication: November 5, 2007
Imprint: Cambridge University Press
Language: English

The principal findings of experimental economics are that impersonal exchange in markets converges in repeated interaction to the equilibrium states implied by economic theory, under information conditions far weaker than specified in the theory. In personal, social, and economic exchange, as studied in two-person games, cooperation exceeds the prediction of traditional game theory. This book relates these two findings to field studies and applications and integrates them with the main themes of the Scottish Enlightenment and with the thoughts of F. A. Hayek: through emergent socio-economic institutions and cultural norms, people achieve ends that are unintended and poorly understood. In cultural changes, the role of constructivism, or reason, is to provide variation, and the role of ecological processes is to select the norms and institutions that serve the fitness needs of societies.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

The principal findings of experimental economics are that impersonal exchange in markets converges in repeated interaction to the equilibrium states implied by economic theory, under information conditions far weaker than specified in the theory. In personal, social, and economic exchange, as studied in two-person games, cooperation exceeds the prediction of traditional game theory. This book relates these two findings to field studies and applications and integrates them with the main themes of the Scottish Enlightenment and with the thoughts of F. A. Hayek: through emergent socio-economic institutions and cultural norms, people achieve ends that are unintended and poorly understood. In cultural changes, the role of constructivism, or reason, is to provide variation, and the role of ecological processes is to select the norms and institutions that serve the fitness needs of societies.

More books from Cambridge University Press

Cover of the book Washington during Civil War and Reconstruction by Vernon L. Smith
Cover of the book Linking Global Trade and Human Rights by Vernon L. Smith
Cover of the book Latinos in the New Millennium by Vernon L. Smith
Cover of the book Evolution of the Social Contract by Vernon L. Smith
Cover of the book The Israel-Palestine Conflict by Vernon L. Smith
Cover of the book The Rise of Global Powers by Vernon L. Smith
Cover of the book Games in Economic Development by Vernon L. Smith
Cover of the book 'Fair and Equitable Treatment' in International Investment Law by Vernon L. Smith
Cover of the book Comprehensive Electromyography by Vernon L. Smith
Cover of the book Arbitration and the Constitution by Vernon L. Smith
Cover of the book Writing Undergraduate Lab Reports by Vernon L. Smith
Cover of the book Law and the Technologies of the Twenty-First Century by Vernon L. Smith
Cover of the book Lightwave Communications by Vernon L. Smith
Cover of the book American Writers and the Approach of World War II, 1935–1941 by Vernon L. Smith
Cover of the book Basic Phylogenetic Combinatorics by Vernon L. Smith
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy