Enhance Your Quote Experience
Enjoy ad-free browsing, unlimited collections, and advanced search features with Premium.
When the theory performs well you also think, “Are there parallel results in naturally occurring field data?” You look for coherence across different… - Vernon L. Smith
" "When the theory performs well you also think, “Are there parallel results in naturally occurring field data?” You look for coherence across different data sets because theories are not specific to particular data sources. Such extensions are important because theories often make specific assumptions about information and institutions which can be controlled in the laboratory, but which may not accurately represent field data generating situations. Testing theories on the domain of their assumptions is sterile unless it is part of a research program concerned with extending the domain of applications of theory to field environments
English
Collect this quote
About Vernon L. Smith
Vernon Lomax Smith (born on January 1, 1927) is an American economist, who with Daniel Kahneman was awarded the 2002 Nobel Memorial Prize in Economic Sciences "for having established laboratory experiments as a tool in empirical analysis, especially in the study of alternative market mechanisms."
Also Known As
Native Name:
Vernon Lomax Smith
Related quotes. More quotes will automatically load as you scroll down, or you can use the load more buttons.
Additional quotes by Vernon L. Smith
I think it's different kinds of minds, and the recognition that certain mental deficiencies may actually have some selective advantages in terms of activities. We've lost a lot of the barriers that have to do with skin color and with various other characteristics. But there's still not sufficient recognition of mental diversities. And we don't all have to think alike to be communal and to live in a productive and satisfying world.
Nonsatiation (Smith, 1976a). Given a costless choice be ween two alternatives which differ only in that the first yields more of the reward medium (e.g., currency) than the second, the first will always be chosen (preferred) over the second by an autonomous individual, i.e., utility U(M) is a monotone increasing function of the reward medium.
Loading...