EAN: 9783319984247

A LIFE OF EXPERIMENTAL ECONOMICS VOLUME II - VE...

This sequel to A Life of Experimental Economics  Volume I  continues the intimate history of
Vernon Smith's personal and professional maturation after a dozen years at Purdue. The scene
now shifts to twenty-six transformative years at the University of Arizona  then to George
Mason University  and his recognition by the Nobel Prize Committee in 2002. The book ends with
his most recent decade at Chapman University. At Arizona Vernon and his students studied asset
trading markets and learned how wrong it had been to suppose that price bubbles could not occur
where markets were full-information transparent. Their work in computerization of the lab
facilitated very complex supply and demand experiments in natural gas pipeline  communication
and electricity markets that paved the way for implementing  through decentralized market
processes  the liberalization of industries traditionally believed to be natural monopolies.
The Smart ComputerAssisted Market was born. Smith's move to George Mason University greatly
facilitated government and industry work in tandem with various public and private entities 
whereas his relocation to Chapman University coincided with the Great Recession  whose
similarity with the Depression was evident in his research. There he integrated two fundamental
kinds of markets with laboratory experiments: Consumer non-durables  the supply and demand for
which was stable in the lab and in the economy  and durable assets whose bubble tendencies made
them unstable in the lab as well as in the economy-witness the great housing-mortgage market
bubble run-up of 1997-2007. This book's conversational style and emphasis on the backstory of
published research accomplishments allows readers an exclusive peak into how and why economists
pursue their work. It's a must-read for those interested in experimental economics  the housing
crisis  and economic history.

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