Bargaining and Market Behavior: Essays in Experimental Economics

by Vernon L. Smith

• ISBN13: 9780521584500
• ISBN10: 0521584507
• Format: Hardcover
• Copyright: 2000-06-12
• Publisher: Cambridge University Press

Summary

This second collection of papers by Vernon L. Smith includes many of his primary authored and coauthored contributions on bargaining and market behavior between 1990 and 1998.

Table of Contents

Preface	xi
Part I: Economics and Psychology
Introduction	3	(4)
Rational Choice: The Contrast Between Economics and Psychology	7	(18)
Vernon L. Smith
Experimental Tests of the Endowment Effect	25	(16)
Robert Franciosi
Praveen Kujal
Roland Michelitsch
Vernon L. Smith
Gang Deng
Monetary Rewards and Decision Cost in Experimental Economics	41	(20)
Vernon L. Smith
James M. Walker
Fairness: Effect on Temporary and Equilibrium Prices in Posted-Offer Markets	61	(29)
Robert Franciosi
Praveen Kujal
Roland Michelitsch
Vernon L. Smith
Gang Deng
Part II: Bargaining Theory, Behavior, and Evolutionary Psychology
Introduction	79	(11)
Preferences, Property Rights, and Anonymity in Bargaining Games	90	(37)
Elizabeth Hoffman
Kevin A. McCabe
Keith Shachat
Vernon L. Smith
Social Distance and Other-Regarding Behavior in Dictator Games	127	(12)
Elizabeth Hoffman
Kevin A. McCabe
Vernon L. Smith
On Expectations and the Monetary Stakes in Ultimatum Games	139	(13)
Elizabeth Hoffman
Kevin A. McCabe
Vernon L. Smith
Game Theory and Reciprocity in Some Extensive form Experimental Games	152	(25)
Kevin A. McCabe
Stephen J. Rassenti
Vernon L. Smith
Behavioral Foundations of Reciprocity: Experimental Economics and Psychology	177	(29)
Elizabeth Hoffman
Kevin A. McCabe
Vernon L. Smith
Part III: Institutions and Markets
Introduction	203	(3)
Reflections on Some Experimental Market Mechanisms for Classical Environments	206	(34)
Vernon L. Smith
Experimental Methods in the Political Economy of Exchange	240	(17)
Vernon L. Smith
Individual Rationality, Market Rationality, and Value Estimation	257	(8)
Peter Knez
Vernon L. Smith
Arlington W. Williams
Market Contestability in the Presence of Sunk (Entry) Costs	265	(21)
Don Coursey
R. Mark Isaac
Margaret Luke
Vernon L. Smith
The Boundaries of Competitive Price Theory: Convergence, Expectations, and Transaction Costs	286	(34)
Vernon L. Smith
Arlington W. Williams
Off-Floor Trading, Disintegration, and the Bid-Ask Spread in Experimental Markets	320	(28)
Joseph Compbell
Shawn La Master
Vernon L. Smith
Mark Van Boening
Bertrand-Edgeworth Competition in Experimental Markets	348	(33)
Jamie Brown Kruse
Stephen Rassenti
Stanley S. Reynolds
Vernon L. Smith
An Experimental Examination of the Walrasian Tatonnement Mechanism	381	(33)
Corinne Bronfman
Kevin A. McCabe
David P. Porter
Stephen Rassenti
Vernon L. Smith
Part IV: Stock Market and Bubbles in the Laboratory
Introduction	409	(5)
Stock Market Bubbles in the Laboratory	414	(20)
David P. Porter
Vernon L. Smith
References	434	(17)
Index	451