About this videoIn this conference, Vernon L. Smith, a specialist in experimental economics, shares his experience and explains some of the results he obtained during his professional academic life. He describes a few of the first experiments he developed, based on various basic supply and demand schemes inside controlled environments in laboratories, and how they turned out to provide useful information for market prediction, understanding and interpretation in the future of much more larger and complex economies. He also explains how during these exercises he was able to observe the performance of the participants, who were placed in different scenarios that modified opportunities and situations, in order to prove their behavior and proficiency at the end. Finally, he stresses on the creation of bubbles during some of the experiments and the techniques he used for them to stop growing. |
|
CreditsVernon Smith's Experience on Experimental Economics
|
|
