One of the most intriguing discoveries of experimental economics is that (1) as we have seen, people invariably behave non-cooperatively in small and… - Vernon L. Smith
" "One of the most intriguing discoveries of experimental economics is that (1) as we have seen, people invariably behave non-cooperatively in small and large group ‘impersonal’ market exchange institutions; (2) many (up to half in single play; over 90% in repeat play) cooperate in ‘personal’ exchange (two-person extensive form games); (3) yet in both economic environments all interactions are between anonymous players.
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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."
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Vernon Lomax Smith
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Additional quotes by Vernon L. Smith
Ecological rationality uses reason – rational reconstruction – to examine the behavior of individuals based on their experience and folk knowledge, who are ‘naïve’ in their ability to apply constructivist tools to the decisions they make; to understand the emergent order in human cultures; to discover the possible intelligence embodied in the rules, norms and institutions of our cultural and biological heritage that are created from human interactions but not by deliberate human design. People follow rules without being able to articulate them, but they can be discovered.
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