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Interview with Vernon L. Smith

26 de marzo de 2004   | Vistas: 3567 |  

About this video

Vernon 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.



Credits

Interview with Vernon L. Smith for Todo a Pulmón
Vernon L. Smith, Jose Raúl González, Fritz Thomas

Special Collections Room
Universidad Francisco Marroquín
Guatemala, March 26, 2004

A New Media - UFM production. Guatemala, March 2004
Camera 1: Matthew Carey; camera 2: Sergio Miranda; camera 3, digital editing: Jorge Samayoa; index: Joseph Cole; synopsis: Sebastian del Buey; synopsis reviser: Daphne Ortiz publication: Fernando De León




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

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