Transcript
  • 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


Vernon Smith’s Experience on Experimental Economics

New Media  | 19 de junio de 2010  | Vistas: 177

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




Conferencista

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

IDEAS DE LA LIBERTAD

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