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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.Read more
- Nobel Laureate Smith expands his Nobel lecture on rationality in economics to a fuller form embracing behavioral economics and economic theory
- Also covers links to the other topics in economic philosophies of F. A. Hayek, Adam Smith, and the Scottish Enlightenment figures
- Continues topical emphasis in markets and institutional behavior
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- Date Published: November 2007
- format: Hardback
- isbn: 9780521871358
- length: 388 pages
- dimensions: 229 x 152 x 25 mm
- weight: 0.74kg
- contains: 10 tables
- availability: Available, despatch within 1-2 weeks
Table of Contents
Part I. Rationality, Markets, and Institutions:
1. Rediscovering the Scottish philosophers
2. On two forms of rationality
Part II. Impersonal Exchange: The Extended Order of the Market:
3. Relating the two concepts of a rational order
4. Market institutions and performance
5. Asymmetric information and equilibrium without process
6. Spectrum auctions and combinatorial designs: theory and experiment
7. Psychology and markets
8. What is rationality?
Part III. Personal Social Exchange:
9. Emergent order without the law
10. The effects of context on behavior
Appendix: behavioral deviation from prediction: error, confusion, or evidence of brain function?
11. Investment trust games: effects of gains from exchange in dictator giving
12. Reciprocity in trust games
Part IV. Order and Rationality in Method and Mind:
13. Rationality in science
14. Neuroeconomics: the internal order of the mind
15. A summary.
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