About this videoVernon L. Smith sits down with José Raúl González and Fritz Thomas to talk about experimental economics. He explains how he was able to reproduce the market conditions by representing the economic diversity and by assigning production costs to those who played the role of producers and consumer costs to those who played the role of buyers. He focuses on how people tend to converge to the market equilibrium without knowing what the final outcome may be and also comments that this equilibrium is reached when people do their best for their own benefit without any constraints. Smith emphasizes the important role that experimental economics plays in the academic world as well as the motivation it gives to students. |
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CreditsInterview with Vernon L. Smith for Todo a Pulmón
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