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Rationality in Economics

Rationality in Economics
Constructivist and Ecological Forms

$89.99 (P)

  • Date Published: November 2007
  • availability: Available
  • format: Hardback
  • isbn: 9780521871358

$89.99 (P)

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About the Authors
  • 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.

    • 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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    Product details

    • 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
  • 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.

  • Author

    Vernon L. Smith, Chapman University, California
    Vernon L. Smith was awarded the Nobel Prize in Economic Science in 2002 for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms. He holds joint appointments with the Argyros School of Business and Economics and the School of Law at Chapman University, California, where he also is part of the team that will create and run the Economic Science Institute there. Cambridge University Press published his Papers in Experimental Economics in 1991 and a second collection, Bargaining and Market Behavior, in 2000.

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