ISSN 1671-3710
CN 11-4766/R

›› 2003, Vol. 11 ›› Issue (3): 243-248.

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Vernon Smith’s Experimental Economics and Its Implication to Psychology

Huangfu Gang,Zhu Liqi   

  1. School of Economics & Management, Beihang University, Beijing 100083
  • Received:2003-03-25 Revised:1900-01-01 Online:2003-05-15 Published:2003-05-15
  • Contact: Huang Fugang

Abstract: Vernon Smith who won the 2002 Nobel Prize in economics was the father of experimental economics. He was awarded the Nobel Prize “for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms”. The paper discussed the theoretical base and the main research area of experimental economics. It also introduced a new trend of experimental economics—neuroeconomics. The paper briefly analyzed experimental economics’ implication to psychology.

Key words: Vernon Smith, experimental economics, constructivist rationality, ecological rationality

CLC Number: