Experiments on market aggregation of decentralized information.
The answer is, yes, many economists have done such experiments, in a variety of interesting and cogent forms. Vernon Smith won a Nobel Prize for his leadership of this experimentation program over the past several decades. The experiments, by and large, demonstrate what others have concluded on the basis of economic theory and historical observation: markets work. Indeed, the amazing thing is that in the experiments the markets often converge very quickly to the competitive equilibrium. Whudda thunk?
comments powered by Disqus
Jason Kuznicki - 7/13/2005
I look forward to reading his work as my self-education continues...
- 150 years later, schools are still a battlefield for interpreting Civil War
- Where are America's memorials to pain of slavery, black resistance?
- Richmond split over Confederate history
- The World's Jewish Population Is Nearing Pre-Holocaust Levels
- Bernie Sanders’s Revolutionary Roots Were Nurtured in ’60s Vermont
- Did a historian who said he’s a victim of McCarthyism get the story wrong?
- Stephanie Coontz’s work on the history of marriage cited by the Supreme Court.
- How Does It Feel To Have One’s Work as a Historian Cited by the Supreme Court? Cool. Very Cool. Thank You Very Much.
- NYT History Book Reviews: Who Got Noticed this Week?
- David Hackett Fischer wins $100,000 prize for lifetime achievement in military writing