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Sentiments and Motivations in Adam Smith and Vernon Smith
Forum for Social Economics, 2013Vernon Smith (VS) discovered Adam Smith (AS) late in his professional career, and has adopted ideas from The Theory of Moral Sentiments to explain findings in experimental economics. Most important is the theorized link between moral sentiments and the evolution of property rights and law as foundations for commerce.
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Comments on Vernon Smith's—“Theory and experiment: What are the Questions?”
Journal of Economic Behavior & Organization, 2010Abstract When commenting on Vernon Smith's inspiring paper, we first argue that game theory in its “reasoning about knowledge” tradition is not truly behavioral and try to categorize different approaches. We then go on by considering specific topics, discussed by Vernon Smith, before concluding with some methodological reflections.
Werner Güth, Hartmut Kliemt
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Vernon Smith's Explanation of Moral Sentiments
Forum for Social Economics, 2013This paper is a comment on Vernon Smith's paper, Adam Smith: from propriety and sentiments to property and wealth. This paper argues that while Vernon Smith is correct in his analysis that Adam Smith's theory of human nature, as expressed in The Theory of Moral Sentiments, provides a much more accurate model of behavior than does that of utility ...
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Experimental economics and business education: an interview with Nobel Laureate Vernon Lomax Smith
Small Business Economics, 2016This interview with Nobel Laureate Vernon Lomax Smith covers a variety of topics, from Vernon’s early formative experiences growing up on a Kansas farm in the Great Depression to his path-breaking scholarship in the area of experimental economics.
Amy Willis, Siri Terjesen, Siri Terjesen
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Gerd Gigerenzer and Vernon Smith: Ecological Rationality of Heuristics in Psychology and Economics
SSRN Electronic Journal, 2015Behavioral economists use psychological findings to evaluate and revise economic decision theory, to build models that correspond directly to observations of behavior, and to develop descriptive accounts for deviations from principles of neoclassical rationality.
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Introduction: Applying the Experimental Method to Economic Thought: From Adam Smith to Vernon Smith
2016This paper aims to identify the significance of the emergence of experimental methods in economics, by reviewing behavioral theory in the history of economic thought. Economists have adopted numerous approaches in their attempts to resolve what is called das Adam Smith Probleme (the Adam Smith problem)—how to theoretically explain human behaviors ...
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