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...
- Historian Allan Lichtman who’s predicted 30 years of presidential elections correctly is doubling down on a Trump win
- National Book Award semifinalist Heather Ann Thompson says the war on crime started with LBJ
- David McCullough's next book will focus on generations of Northwest pioneers
- British historian Sheila Lecoeur is on trial for defamation
- Jim Downs laments that Americans still aren’t being taught LGBT history