• 00:01    |    
    Initial credits
  • 00:20    |    
  • 01:14    |    
    What is a market experiment?
  • 01:44    |    
    The three fundamental elements of every experiment
    • The economic environment
    • An institution
    • The behavior of the participants
  • 03:49    |    
    An example of an institution: the progressive bid auction
  • 06:04    |    
    How does the environment and the institution combine to explain the behavior of the individuals in an experiment?
  • 06:38    |    
    Things we can explore in the laboratory
  • 09:20    |    
    Using the lab to evaluate new products
  • 10:57    |    
    An example of an economic environment: supply and demand
  • 24:35    |    
    A quotation from Hayek
  • 27:27    |    
    A two market experiment
  • 31:46    |    
    What economic theory can do
  • 33:31    |    
    • What are the limits of Experimental Economics?
    • What can and cannot be tested?
    • Have you had experiments that you have considered to be a failure?
    • Are there any examples of results that have not been expected?
    • To what extent are the results of each test representative, when the incentives or prices are not precisely real, or when the preferences of the participants are not then same as they would be under real life circumstances?
    • The environment in the electricity market
    • Experimental Economics is based on the premise that experiments are controlled, how representative of reality are the controls?
    • Would markets become more efficient by merging, due to the increased information of the larger markets?
    • If we had a single, unrestricted global market, would that make our economies more efficient, due to the increase in information?
    • In Experimental Economics, can you take more complex things like political or economic reforms to the lab? Have you done something like that before?
    • I've been reading about your experiments on applying market systems to airplane landing and take-off systems, but I haven't found information on how they have come along.n Could you please elaborate on them?
  • 01:04:10    |    

Economics in the laboratory

New Media  | 26 de marzo de 2004  | Vistas: 4327


Economics in the Laboratory
Dr. Vernon L. Smith

Juan Bautista Gutiérrez Auditorium
Universidad Francisco Marroquín
Guatemala, March 26th, 2004

A New Media - UFM production.  Guatemala, March 2004
Camera: Jorge Samayoa; digital editing: Sergio Miranda; index: Joseph Cole; publication: Pedro David España


Vernon L. Smith was awarded the 2002 Nobel Prize in Economics…