• 00:01    |    
    Opening credits
  • 00:19    |    
    Introduction by Licda. Rozzanna Pappa
  • 01:41    |    
    Beginning of Vernon Smith's lecture
  • 02:24    |    
    Introduction
  • 04:38    |    
    Proposals for solving the free rider problem in public goods
    • The Groves-Ledyard mechanism
    • The unanimity principle
    • Results of the first Groves-Ledyard experiments
    • Simpler mechanisms: variations on the auction mechanism
  • 13:07    |    
    Two public good mechanisms in practice
    • Elinor Ostrom's Governing the Commons
    • The cheesemakers' problem of grazing cows on a summer meadow
    • A pollution trading system
  • 26:58    |    
    Slides illustrating my first experiments and the direction of some new ones
    • Experiment 1
    • The mechanism tested in experiment 1
    • The mechanism's disadvantage
    • The rebate rule
    • Results and importance of the mechanism
  • 49:54    |    
    Questions
    • What is your opinion about taxes? What do you recommend for our country, given that its poverty rate is so high and that the public goods the governmentn provides are so inefficient?
    • If the participants in the experiment know that they will be compensated afterwards, is it possible for them to falsify their preferences? If that were then case, would the results also be falsified?
    • How do you think the experiments' results would adapt to a socially and culturally different medium, like Guatemala?
    • How are bidding mechanisms related to voter preferences in politics?
    • Through Experimental Economics, can you carry out analyses of models of development for Latin America, such as the models set by the Economic Commissionn for Latin America, the International Monetary Fund, and the World Bank?
    • Economic theory has been criticized for being constrained by logical positivism. What is your opinion on this? Do you consider logical positivism ann absolute or a relative epistemology?
    • What are your criteria for choosing the individuals who participate in the experiments?
    • During the last years, Nobel laureates in Economics have been Americans who propose abstract theories that have little to do with reality, while millionsn of people are dying. Can Experimental Economics help to alleviate poverty?
  • 1:41:37    |    
    Final credits



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Experimental Economics / Public Choice

25 de marzo de 2004   | Vistas: 4334 |  


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

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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