Vernon Smith on Markets and Experimental Economics

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4.7 • 4.3K Ratings

🗓️ 21 May 2007

⏱️ 66 minutes

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Summary

Vernon Smith, Professor of Economics at George Mason University and the 2002 Nobel Laureate in Economics, talks about experimental economics, markets, risk, behavioral economics and the evolution of his career.

Transcript

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0:00.0	Welcome to Econ Talk, part of the Library of Economics and Liberty.
0:13.6	I'm your host Russ Roberts of George Mason University and Stanford University's Hoover
0:18.3	Institution.
0:19.7	Our website is econtalk.org where you can subscribe, find other episodes, comment on this podcast,
0:26.9	find links and other information related to today's conversation.
0:31.0	Our email address is mailaddycontalk.org.
0:34.7	We'd love to hear from you.
0:39.0	My guest today is my colleague Vernon Smith, Professor of Economics and Law at George Mason
0:44.2	University and the 2002 Nobel Laureate in Economics.
0:48.6	Vernon, welcome to Econ Talk.
0:50.4	Uh, thanks, Russ.
0:51.4	I'm very happy to be here.
0:53.9	Vernon, you've been a pioneer in what has come to be called experimental economics.
0:59.8	I'm sure many of our listeners wonder what an economics experiment could possibly be.
1:05.0	Can you tell us why you started doing experiments and how they actually work, what they're about?
1:11.2	Well, I went to Purdue University as a young assistant, Professor in 1955, starting teaching
1:20.8	principle of economics.
1:24.2	And I found out something pretty important.
1:31.1	And that is that I really didn't know what the connection was between what people actually
1:38.2	do in markets under various trading rules and the theory of supply and demand that we
1:48.3	taught.
1:50.4	And I had read all the pretty books that a PhD from Harvard.
	...

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