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

Category: Nonfiction


Posted on 2019-12-28, by books_lover.

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