00:01    |    
Initial credits
00:20    |    
01:04    |    
Economic experiments
Specialization, exchange and property rights
Quotes Adam Smith
Sparse instructions
Screen interface of the experiment
Experiment description
Participant artificial production
Chat room communication
Wealth creation
Self-interested, social and helpful
Observed discovery process
Build8 results
Bilateral relationships
Participants language
Property rights
Quotes David Hume
Quotes The Wealth of Nations, Adam Smith
23:49    |    
Action re-specification in the experiment
Game of steal
Participants complaints
Order creation
Convention creation
Steal trading process
Property as an experimental convention
32:46    |    
Economic history in the laboratory
Screen interface
Chat rooms
Merchant chat rooms
Impact of history on wealth creation
Language sociability
Property rights history
No property rights history
Perception of interpersonal exchange
Quotes John Locke
Quotes Adam Smith
46:48    |    
Question and answer period
Property right rules
Economic experiment variations
Do your experiments demonstrate the need for a central government?
Do you think modern societies can be compared with the outcome of these experiments?
How many participants in your experiments tend to steal from others?
Would you include more complex elements into your experiments such as money?
Do you think these experiments prove that the social contract derives from interpersonal exchange?
01:15:15    |    
Final words
01:16:40    |    
Final credits




Discovering Exchange, Specialization and Property

18 de junio de 2010   | Vistas: 12 |  

About this video

In this conference Vernon Smith, a pioneer in experimental economics and systematic observation, shows the process and outcome of virtual economic trials which illustrate human action towards property rights, exchange and specialization in a society.  By creating an artificial environment that exposes participants to basic economic activities in a controlled software, he has been able to measure and analyze different behaviors and collaborations inside the experiment.  Through these trials Smith demonstrates the evolution of economic interactions in history, when certain needs arise between individuals.  He shares how individuals tend to cooperate with each other instead of stealing or cheating in order to succeed, based on spontaneous social rules that guide social interactions towards wellness.  Finally, he describes how property rights naturally tend to acquire importance in a society and how certain innate rules emerge to preserve it, explaining the ends and means of our society nowadays.


Discovering Exchange, Specialization and Property
Vernon Smith

Milton Friedman Auditorium
Universidad Francisco Marroquín
Guatemala, June 18, 2010

New Media - UFM production.  Guatemala, May 2010
Camera: Joni Vasquez, Jorge Samayoa; digital editing: Mynor de León; index and synopsis: Sergio Bustamante; content reviser: Sofía Díaz; publication: Carlos Petz/Daphne Ortiz

Vernon L. Smith was awarded the 2002 Nobel Prize in Economics for his introducing experimental methods in economic analysis. He…


Nuestra misión es la enseñanza y difusión de los principios éticos, jurídicos y económicos de una sociedad de personas libres y responsables.

Universidad Francisco Marroquín