Vernon Smith An Experimental Study of Competitive Market弗农史密斯市场竞争的实验研究.pptVIP

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Vernon Smith An Experimental Study of Competitive Market弗农史密斯市场竞争的实验研究.ppt

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Vernon Smith An Experimental Study of Competitive Market弗农史密斯市场竞争的实验研究

Vernon Smith:An Experimental Study of Competitive Market Behavior Economics 328 Spring 2005 How to Win a Nobel Prize in 3 Easy Steps . . . Some papers are important as much for what they started as for what they are. Smith’s 1962 paper on markets is an archetypical example of this. It wasn’t the first paper ever written in experimental economics. Thurstone had written an influential experimental paper on indifference curves in 1933 and Chamberlin, Smith’s advisor, wrote an important experimental paper on markets in 1948. However, these papers were largely isolated events. After Smith’s work, experimental economics became an ongoing line of research within economics. “Columbus is viewed as the discoverer of America, even though every school child knows that the Americas were inhabited when he arrived, and that he was not even the first to have made a round trip, having been preceded by Vikings and perhaps others. What is important about Columbus’ discovery of America is not that it was the first, but that it was the last. After Columbus, America was never lost again.” – Al Roth Research Question Smith’s experiments were designed to study the neo-classical theory of competitive markets. This is the simple model of supply and demand curves that every economics student learns in the first few lecture of principles. In spite of the importance of the competitive model to economics, there was little direct evidence prior to Smith’s work that the theory actually would work. Field data is too dynamic to see if equilibrium is being achieved. Chamberlin’s (1948) earlier work using a decentralized market mechanism found that generally the prices were too low and the volumes too high as compared to competitive equilibrium predictions. Smith’s experiments were designed to give the theory its best chance to work – this reflects a desire to establish if there were any cases were the market would equilibrate as predicted by the theory. Smith was interested in study