00:01    |    
Initial credits
00:20    |    
Introduction
01:55    |    
First economic experiment
03:49    |    
Buyer and seller information
05:21    |    
Contracts
06:05    |    
Quotes, The Stock Market, George L. Leffler
06:31    |    
Contract prices
07:01    |    
Market designs
08:09    |    
Same supply and demand groups
08:36    |    
Trade at equilibrium point
09:53    |    
Market with a growing demand and a fixed supply
11:49    |    
Monopoly market
14:02    |    
Artificial economic bubbles
Brownian motion experiments
Experiment detail
Second trial
Trial comparison
24:15    |    
Closed-end fund
26:20    |    
Edward Renshaw's proposition
29:11    |    
Price forecasting exercise
32:45    |    
Undergraduate experiments
35:39    |    
Recent experiments
36:15    |    
Market specialization
Experiment description
39:44    |    
Specialization imposition
43:04    |    
No specialization imposition
44:20    |    
Question and answer period
Have you ever performed experiments including market makers?
How do the results of an experiment vary when you manipulate what is at stake?
How do you explain the idea of fairness in the experiments?
Economic anticipation
What have you discovered regarding the nature of learning over time?
Where was the experience created during the experiment sessions?
01:08:06    |    
Final credits



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Vernon Smith’s Experience on Experimental Economics

19 de junio de 2010   | Vistas: 35 |  

About this video

In this conference, Vernon L. Smith, a specialist in experimental economics, shares his experience and explains some of the results he obtained during his professional academic life.  He describes a few of the first experiments he developed, based on various basic supply and demand schemes inside controlled environments in laboratories, and how they turned out to provide useful information for market prediction, understanding and interpretation in the future of much more larger and complex economies.  He also explains how during these exercises he was able to observe the performance of the participants, who were placed in different scenarios that modified opportunities and situations, in order to prove their behavior and proficiency at the end.  Finally, he stresses on the creation of bubbles during some of the experiments and the techniques he used for them to stop growing.



Credits

Vernon Smith's Experience on Experimental Economics
Vernon L. Smith

Casa Popenoe, Antigua Guatemala
Universidad Francisco Marroquín
Guatemala, June 19, 2010

New Media - UFM production.  Guatemala, June 2010
Camera: Jorge Samayoa, Joni Vasquez; digital editing: Alfredo Jop; index and synopsis: Sergio Bustamante; content reviser: Daphne Ortiz, 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…

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