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1. Rationality in Economics: Constructivist and Ecological Forms
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The principal findings of experimental economics are that impersonal exchange in markets converges in repeated interaction to the equilibrium states implied by economic theory, under information conditions far weaker than specified in the theory. In personal, social, and economic exchange, as studied in two-person games, cooperation exceeds the prediction of traditional game theory. This book relates these two findings to field studies and applications and integrates them with the main themes of the Scottish Enlightenment and with the thoughts of F. A. Hayek.2. Humanomics: Moral Sentiments and the Wealth of Nations for the Twenty-First Century (Cambridge Studies in Economics, Choice, and Society)
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While neoclassical analysis works well for studying impersonal exchange in markets, it fails to explain why people conduct themselves the way they do in their personal relationships with family, neighbors, and friends. In Humanomics, Nobel Prize-winning economist Vernon L. Smith and his long-time co-author Bart J. Wilson bring their study of economics full circle by returning to the founder of modern economics, Adam Smith. Sometime in the last 250 years, economists lost sight of the full range of human feeling, thinking, and knowing in everyday life. Smith and Wilson show how Adam Smith's model of sociality can re-humanize twenty-first century economics by undergirding it with sentiments, fellow feeling, and a sense of propriety - the stuff of which human relationships are built. Integrating insights from The Theory of Moral Sentiments and the Wealth of Nations into contemporary empirical analysis, this book shapes economic betterment as a science of human beings.3. A Life of Experimental Economics, Volume I: Forty Years of Discovery
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This book provides an intimate history of Nobel Laureate Vernon Smiths early life, combining elements of biography, history, economics and philosophy to show how crucial incidents early in his life provided the necessary framework for his research into experimental economics. Smith takes the reader from his family roots on the railroads and oil fields of Middle America to his early life on a farm in Depression-wracked Kansas. A mediocre student in high school, Smith attended Friends University, on Wichitas west side, where an intense study of mathematics, physics, chemistry, and astronomy enabled him to pass the examinations to enter Caltech and study under luminary scientists like Linus Pauling. Eventually Smith discovered economics and pursued graduate study in the field at University of Kansas and Harvard. This volume ends with his Camelot years at Purdue, where he began his famous work in experimental economics, nurturing his research into an unlikely new field of economics.
4. A Life of Experimental Economics, Volume II: The Next Fifty Years
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This sequel toA Life of Experimental Economics, Volume I,continues the intimate history of Vernon Smiths 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 Computer Assisted Market was born. Smiths 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 economywitness the great housing-mortgage market bubble run-up of 1997-2007.
This books conversational style and emphasis on the backstory of published research accomplishments allows readers an exclusive peak into how and why economists pursue their work. Its a must-read for those interested in experimental economics, the housing crisis, and economic history.
5. The Evidence of Things Not Seen: Reflections on Faith, Science, and Economics
Description
Religious and non-religious people alike commonly assert that religion and science occupy two entirely separate and distinct realms. There can be, it is said, neither conflict nor concourse between them. But what if science and religion share something deeply mysterious in common? What if that mysterious commonality is faith?In this short but provocative collection, the eminent economist Vernon L. Smith explores the spooky aspects of contemporary science and uncovers the faith and mystery at the root of scientific inquiry. Through his lecture delivered at the Acton Institutes annual conference in 2016, and in conversations with other scholars on the lectures themes, Smith reflects on the history of physics and economics, and the discoveries of quantum theory and experimental economicsall with a view toward the convergence of religion and science in their dependence on the evidence of things not seen.Includes contributions by Lenore T. Ealy, Samuel Gregg, and Victor V. Claar6. Rethinking Housing Bubbles: The Role of Household and Bank Balance Sheets in Modeling Economic Cycles
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Balance sheet crises, in which the prices of widely held and highly leveraged assets collapse, pose distinctive economic challenges. An understanding of their causes and consequences is only recently developing, and there is no agreement on effective policy responses. From backgrounds in experimental economics, Steven Gjerstad and Nobel laureate Vernon L. Smith examine events that led to and resulted from the recent U.S. housing bubble and collapse, as a case study in the formation and propagation of balance sheet crises. They then examine all previous downturns in the U.S. economy, including the Great Depression, and document substantive differences between the recurrent features of economic cycles and financial crises and the beliefs that public officials hold about them, especially within the Federal Reserve System. They conclude with an examination of similar events in other countries and assess alternative strategies to contain financial crises and to recover from them.7. One man's locomotives: 50 years experience with railway motive power
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Used Book in Good ConditionDescription
Fascinating autobiography of a man who spent his life working on both steam and diesel locomotives. The author began his career firing locomotives in the iron ore area of Minnesota, then worked as an engineering apprentice at a major car builder, as a designer at Lima Locomotive in the Super Power era, at Franklin Railway Supply (developers of poppet-valve gears), at the Pennsylvania Railroad during the development of the T1 steamer, on the Santa Fe, and finally 22 years with the Chicago Belt Railway where he rose to be in charge of the company's motive power. Provides a well-written, detailed and engaging look at the development of steam and diesel engines over the years from the view of someone familiar with the mechanics and design of locomotives. Includes a full chapter and appendices related to poppet valve locomotives, including the PRR T1 and the AT&SF No. 3752. Illustrated throughout with black and white photos as well as detailed schematic drawings. Includes rosters for the Chicago Union Transfer Co. (steam) and the Belt Railway Co. (steam and diesel-electric). With maps (including foldout of the Mesabi Iron Range), bibliography and decorative end papers. 181 pages with index.8. Experimental Economics: How We Can Build Better Financial Markets
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In a little more than thirty years, the field of experimental economics has gone from obscurity to international recognition with the presentation of the 2002 Nobel Prize in Economics to Vernon L. Smith, who took a classroom exercise he saw as a Harvard graduate student and turned it into one of the hottest areas in economics. Experimental Economics is an engaging and accessible introduction to the field by Ross M. Miller, one of Professor Smith?s first student collaborators and a pioneer in the application of experimental methods to financial markets. His book uses a series of experimental case studies to examine what makes markets work, what can cause them to break, and how experimental methods can be used to repair them.Order your copy of this dramatic and fun-to-read exploration of the ideas shaping the future of the global economy today.
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