Details about Vernon Smith

Homepage:	http://www.chapman.edu/ESI/people/smith.asp
Phone:	714-628-2830
Postal address:	Chapman University Economic Science Institute One University Dr. Orange, CA 92866
Workplace:	Cato Institute, (more information at EDIRC) Center for Economic Design, Boğaziçi Üniversitesi, (more information at EDIRC) Economics Department, George Mason University, (more information at EDIRC) Interdisciplinary Center for Economic Science (ICES), George Mason University, (more information at EDIRC)

Access statistics for papers by Vernon Smith.

Last updated 2008-12-04. Update your information in the RePEc Author Service.

Short-id: psm12

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Working Papers

2006

1. Exchange and Specialization as a Discovery Process
   Working Papers, George Mason University, Interdisciplinary Center for Economic Science View citations
2. Historical Property Rights, Sociality, and the Emergence of Impersonal Exchange in Long-distance Trade
   Working Papers, George Mason University, Interdisciplinary Center for Economic Science
   See Also Journal Article in American Economic Review (2008)
3. Sustaining cooperation in trust games
   MPRA Paper, University Library of Munich, Germany View citations
   Also in
   Experimental, EconWPA (2004) View citations
   See Also Journal Article in Economic Journal (2007)

2005

4. When Punishment Fails: Research on Sanctions, Intentions and Non- Cooperation
   Experimental, EconWPA View citations
   Also in
   Experimental, EconWPA (2005) View citations
   See Also Journal Article in Games and Economic Behavior (2008)

2003

5. Autobiography
   Nobel Prize in Economics documents, Nobel Prize Committee
6. FAIRNESS AND SHORT RUN PRICE ADJUSTMENT IN POSTED OFFER MARKETS
   Economics Working Papers, Universidad Carlos III, Departamento de Economía View citations
   See Also Chapter (2008)
7. THE ENDOWMENT EFFECT
   Economics Working Papers, Universidad Carlos III, Departamento de Economía View citations
   See Also Chapter (2008)

2002

8. Constructivist and Ecological Rationality in Economics
   Nobel Prize in Economics documents, Nobel Prize Committee
   See Also Journal Article in American Economic Review (2003)
9. Interview with the 2002 Laureates in Economics, Daniel Kahneman and Vernon L. Smith
   Nobel Prize in Economics documents, Nobel Prize Committee
10. MECHANISMS FOR ADDRESSING THIRD-PARTY IMPACTS RESULTING FROM VOLUNTARY WATER TRANSFERS
    2002 Annual meeting, July 28-31, Long Beach, CA, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) View citations

2001

11. A Functional Imaging Study of Cooperation in Two-Person reciprocal Exchange
    MPRA Paper, University Library of Munich, Germany View citations

1997

12. Do the Richer get Richer and the Poor Poorer? Experimental Tests of a Model of Power
    UCLA Economics Working Papers, UCLA Department of Economics
    See Also Journal Article in American Economic Review (1998)

1992

13. An Experimental Examination of the Walrasian Tatonnement Mechanism
    Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences
    See Also Journal Article in RAND Journal of Economics (1996)
14. Price Expectations in Experimental Asset Markets with Futures Contracting
    Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences

1975

15. Economics of Wilderness Resources
    Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences
16. Experimental Economics: Theory and Results
    Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences

1974

17. Recycling and Exhaustive Resources
    Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences

Undated

18. An Experimental Examination of Two Exchange Institutions
    Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences View citations
    See Also Journal Article in Review of Economic Studies (1978)
19. An Optimistic Theory of Exhaustible Resources
    Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences
    See Also Journal Article in Journal of Economic Theory (1974)
20. Bidding and Auctioning Institutions: Experimental Results
    Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences
21. Economics of the Primitive Hunter Culture with Applications to Pleistocene Extinction and the Rise of Agriculture
    Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences
22. Intertemporal Competitive Equilibrium: An Empirical Study of Speculation
    Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences
    See Also Journal Article in The Quarterly Journal of Economics (1977)
23. Notes on Some Literature in Experimental Economics
    Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences
24. Optimal Costly Firm Entry in General Equilibrium
    Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences
    See Also Journal Article in Journal of Economic Theory (1974)

Journal Articles

2008

1. Historical Property Rights, Sociality, and the Emergence of Impersonal Exchange in Long-Distance Trade
   American Economic Review, 2008, 98, (3), 1009-39
   See Also Working Paper (2006)
2. Thar She Blows: Can Bubbles Be Rekindled with Experienced Subjects?
   American Economic Review, 2008, 98, (3), 924-37
3. When punishment fails: Research on sanctions, intentions and non-cooperation
   Games and Economic Behavior, 2008, 62, (2), 509-532 View citations
   See Also Working Paper (2005)

2007

4. Exclusionary Bundling and the Effects of a Competitive Fringe
   Journal of Institutional and Theoretical Economics (JITE), 2007, 163, (1), 109-132
5. Sustaining Cooperation in Trust Games
   Economic Journal, 2007, 117, (522), 991-1007 View citations
   See Also Working Paper (2006)

2006

6. Adjusting to natural disasters
   Journal of Risk and Uncertainty, 2006, 33, (1), 37-54
7. Can Natural Experiments Measure Behavioral Responses to Environmental Risks?
   Environmental & Resource Economics, 2006, 33, (3), 273-297

2005

8. Behavioral economics research and the foundations of economics
   The Journal of Socio-Economics, 2005, 34, (2), 135-150 View citations
9. Hayek and Experimental Economics
   The Review of Austrian Economics, 2005, 18, (2), 135-144
10. Identifying individual differences: An algorithm with application to Phineas Gage
    Games and Economic Behavior, 2005, 52, (2), 373-385

2004

11. Cultural group selection, co evolutionary processes and large-scale cooperation (by Joseph Henrich)
    Journal of Economic Behavior & Organization, 2004, 53, (1), 85-88
12. Oligopoly competition in fixed cost environments
    International Journal of Industrial Organization, 2004, 22, (2), 147-162 View citations
13. Recovering Hicksian Consumer Surplus within a Collective Model: Hausman's Method for the Household
    Environmental & Resource Economics, 2004, 28, (2), 153-167 View citations

2003

14. Constructivist and Ecological Rationality in Economics
    American Economic Review, 2003, 93, (3), 465-508 View citations
    See Also Working Paper (2002)
15. Discriminatory Price Auctions in Electricity Markets: Low Volatility at the Expense of High Price Levels
    Journal of Regulatory Economics, 2003, 23, (2), 109-23 View citations
16. Positive reciprocity and intentions in trust games
    Journal of Economic Behavior & Organization, 2003, 52, (2), 267-275 View citations
17. Theory, experiment and the federal communications commission spectrum auctions
    Journal of Economic Behavior & Organization, 2003, 51, (3), 303-350 View citations

2002

18. Is Meta-Analysis a Noah's Ark for Non-Market Valuation?
    Environmental & Resource Economics, 2002, 22, (1), 271-296 View citations
19. Using the Machiavellianism instrument to predict trustworthiness in a bargaining game
    Journal of Economic Psychology, 2002, 23, (1), 49-66 View citations

2001

20. Spot market mechanism design and competitivity issues in electric power
    Journal of Economic Behavior & Organization, 2001, 44, (4), 435-453 View citations

2000

21. Adaptation and convergence of behavior in repeated experimental Cournot games
    Journal of Economic Behavior & Organization, 2000, 41, (2), 117-146 View citations
22. Friend-or-foe intentionality priming in an extensive form trust game
    Journal of Economic Behavior & Organization, 2000, 43, (1), 57-73 View citations
23. Momentum and overreaction in experimental asset markets
    International Journal of Industrial Organization, 2000, 18, (1), 187-204 View citations
24. The Design of ``Smart'' Water Market Institutions Using Laboratory Experiments
    Environmental & Resource Economics, 2000, 17, (4), 375-394 View citations
25. The Impact of Exchange Context on the Activation of Equity in Ultimatum Games
    Experimental Economics, 2000, 3, (1), 5-9 View citations
26. symposium articles: Concurrent trading in two experimental markets with demand interdependence
    Economic Theory, 2000, 16, (3), 511-528
27. symposium articles: Dividend timing and behavior in laboratory asset markets
    Economic Theory, 2000, 16, (3), 567-583

1999

28. Social Distance and Other-Regarding Behavior in Dictator Games: Reply
    American Economic Review, 1999, 89, (1), 340-341 View citations
29. The Winner's Curse and Public Information in Common Value Auctions: Comment
    American Economic Review, 1999, 89, (1), 319-324 View citations

1998

30. Behavioral Foundations of Reciprocity: Experimental Economics and Evolutionary Psychology
    Economic Inquiry, 1998, 36, (3), 335-52 View citations
31. Do the Rich Get Richer and the Poor Poorer? Experimental Tests of a Model of Power
    American Economic Review, 1998, 88, (4), 970-83 View citations
    See Also Working Paper (1997)
32. Numerical Computation of Equilibrium Bid Functions in a First-Price Auction with Heterogeneous Risk Attitudes
    Experimental Economics, 1998, 1, (2), 147-159 View citations
33. Reciprocity, Trust, and Payoff Privacy in Extensive Form Bargaining
    Games and Economic Behavior, 1998, 24, (1-2), 10-24 View citations

1997

34. Marine Debris, Beach Quality, and Non-Market Values
    Environmental & Resource Economics, 1997, 10, (3), 223-247

1996

35. An Experimental Examination of the Walrasian Tatonnement Mechanism
    RAND Journal of Economics, 1996, 27, (4), 681-699 View citations
    See Also Working Paper (1992)
36. Experimental tests of the endowment effect
    Journal of Economic Behavior & Organization, 1996, 30, (2), 213-226 View citations
37. On Expectations and the Monetary Stakes in Ultimatum Games
    International Journal of Game Theory, 1996, 25, (3), 289-301 View citations
38. Social Distance and Other-Regarding Behavior in Dictator Games
    American Economic Review, 1996, 86, (3), 653-60 View citations

1995

39. Futures Contracting and Dividend Uncertainty in Experimental Asset Markets
    Journal of Business, 1995, 68, (4), 509-41 View citations

1994

40. Cotenancy and Competition in an Experimental Auction Market for Natural Gas Pipeline Networks
    Economic Theory, 1994, 4, (1), 41-65 View citations
41. Economics in the Laboratory
    Journal of Economic Perspectives, 1994, 8, (1), 113-31 View citations

1993

42. Hedonic models and air pollution: Twenty-five years and counting
    Environmental & Resource Economics, 1993, 3, (4), 381-394 View citations
43. Monetary Rewards and Decision Cost in Experimental Economics
    Economic Inquiry, 1993, 31, (2), 245-61 View citations
44. On the failure to induce meager offers in ultimatum game
    Journal of Economic Psychology, 1993, 14, (1), 17-32 View citations
45. Rewards, Experience and Decision Costs in First Price Auctions
    Economic Inquiry, 1993, 31, (2), 237-45 View citations

1992

46. Designing Call Auction Institutions: Is Double Dutch the Best?
    Economic Journal, 1992, 102, (410), 9-23 View citations
47. Economic Principles in the Emergence of Humankind: Presidential Address to the Western Economic Association, June 30, 1991
    Economic Inquiry, 1992, 30, (1), 1-13
48. Theory and Misbehavior of First-Price Auctions: Comment
    American Economic Review, 1992, 82, (5), 1392-412 View citations

1991

49. Rational Choice: The Contrast between Economics and Psychology
    Journal of Political Economy, 1991, 99, (4), 877-97 View citations

1990

50. Auction Institutional Design: Theory and Behavior of Simultaneous Multiple-Unit Generalizations of the Dutch and English Auctions
    American Economic Review, 1990, 80, (5), 1276-83 View citations
51. Auction design for composite goods: The natural gas industry
    Journal of Economic Behavior & Organization, 1990, 14, (1), 127-149 View citations
52. Inducing Risk-Neutral Preferences: An Examination in a Controlled Market Environment
    Journal of Risk and Uncertainty, 1990, 3, (1), 5-24 View citations

1989

53. Designing `smart' computer-assisted markets: An experimental auction for gas networks
    European Journal of Political Economy, 1989, 5, (2-3), 259-283 View citations
54. Theory, Experiment and Economics
    Journal of Economic Perspectives, 1989, 3, (1), 151-69 View citations

1988

55. Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets
    Econometrica, 1988, 56, (5), 1119-51 View citations
56. Theory and Individual Behavior of First-Price Auctions
    Journal of Risk and Uncertainty, 1988, 1, (1), 61-99 View citations

1987

57. Bidding behavior in first price sealed bid auctions: Use of computerized Nash competitors
    Economics Letters, 1987, 23, (3), 239-244 View citations
58. Uncertainty and partial adjustment in double-auction markets
    Journal of Economic Behavior & Organization, 1987, 8, (4), 587-601

1985

59. Experimental Development of Sealed-Bid Auction Theory: Calibrating Controls for Risk Aversion
    American Economic Review, 1985, 75, (2), 160-65 View citations
60. Experimental Economics: Reply
    American Economic Review, 1985, 75, (1), 264-72 View citations
61. In Search of Predatory Pricing
    Journal of Political Economy, 1985, 93, (2), 320-45 View citations
62. Individual Rationality, Market Rationality, and Value Estimation
    American Economic Review, 1985, 75, (2), 397-402 View citations

1984

63. A Comparison of Posted-Offer and Double-Auction Pricing Institutions
    Review of Economic Studies, 1984, 51, (4), 595-614 View citations
64. Cyclical Double-Auction Markets with and without Speculators
    Journal of Business, 1984, 57, (1), 1-33 View citations
65. Experimental Tests of an Allocation Mechanism for Private, Public or Externality Goods
    Scandinavian Journal of Economics, 1984, 86, (4), 468-84 View citations
66. Market Contestability in the Presence of Sunk (Entry) Costs
    RAND Journal of Economics, 1984, 15, (1), 69-84 View citations
67. Natural Monopoly and Contested Markets: Some Experimental Results
    Journal of Law & Economics, 1984, 27, (1), 91-113 View citations
68. Theory and Behavior of Multiple Unit Discriminative Auctions
    Journal of Finance, 1984, 39, (4), 983-1010 View citations

1983

69. A test that discriminates between two models of the Dutch-first auction non-isomorphism
    Journal of Economic Behavior & Organization, 1983, 4, (2-3), 205-219 View citations
70. Price Controls in a Posted Offer Market
    American Economic Review, 1983, 73, (1), 218-21 View citations
71. Tests of a heterogeneous bidders theory of first price auctions
    Economics Letters, 1983, 12, (3-4), 207-212 View citations

1982

72. A Combinatorial Auction Mechanism for Airport Time Slot Allocation
    Bell Journal of Economics, 1982, 13, (2), 402-417 View citations
73. Auction market theory of heterogeneous bidders
    Economics Letters, 1982, 9, (4), 319-325 View citations
74. Competitive Market Institutions: Double Auctions vs. Sealed Bid-Offer Auctions
    American Economic Review, 1982, 72, (1), 58-77 View citations
75. Markets as Economizers of Information: Experimental Examination of the "Hayek Hypothesis"
    Economic Inquiry, 1982, 20, (2), 165-79 View citations
76. Microeconomic Systems as an Experimental Science
    American Economic Review, 1982, 72, (5), 923-55 View citations
77. The effects of rent asymmetries in experimental auction markets
    Journal of Economic Behavior & Organization, 1982, 3, (1), 99-116 View citations

1981

78. On Nonbinding Price Controls in a Competitive Market
    American Economic Review, 1981, 71, (3), 467-74 View citations

1980

79. Experiments with a Decentralized Mechanism for Public Good Decisions
    American Economic Review, 1980, 70, (4), 584-99 View citations
80. Incentives and Behavior in English, Dutch and Sealed-Bid Auctions
    Economic Inquiry, 1980, 18, (1), 1-22 View citations

1979

81. An Experimental Comparison of Three Public Good Decision Mechanisms
    Scandinavian Journal of Economics, 1979, 81, (2), 198-215 View citations

1978

82. An Experimental Examination of Two Exchange Institutions
    Review of Economic Studies, 1978, 45, (1), 133-53 View citations
    See Also Working Paper
83. Psychology and Economics: Discussion
    American Economic Review, 1978, 68, (2), 76-77

1977

84. Control theory applied to natural and environmental resources an exposition
    Journal of Environmental Economics and Management, 1977, 4, (1), 1-24 View citations
85. Intertemporal Competitive Equilibrium: An Empirical Study of Speculation
    The Quarterly Journal of Economics, 1977, 91, (4), 599-624 View citations
    See Also Working Paper
86. Residential location and environmental amenities: a review of the evidence
    Regional Studies, 1977, 11, (1), 47-61
87. The Principle of Unanimity and Voluntary Consent in Social Choice
    Journal of Political Economy, 1977, 85, (6), 1125-39 View citations

1976

88. Experimental Economics: Induced Value Theory
    American Economic Review, 1976, 66, (2), 274-79 View citations
89. The Borrower-Lender Relationship
    American Economic Review, 1976, 66, (3), 406-07

1975

90. The Primitive Hunter Culture, Pleistocene Extinction, and the Rise of Agriculture
    Journal of Political Economy, 1975, 83, (4), 727-55 View citations

1974

91. An optimistic theory of exhaustible resources
    Journal of Economic Theory, 1974, 9, (4), 384-396 View citations
    See Also Working Paper
92. Economic Theory and Its Discontents
    American Economic Review, 1974, 64, (2), 320-22 View citations
93. Optimal costly firm entry in general equilibrium
    Journal of Economic Theory, 1974, 9, (4), 397-417 View citations
    See Also Working Paper

1972

94. A Theory and Test of Credit Rationing: Some Generalizations
    American Economic Review, 1972, 62, (3), 477-83
95. Default Risk, Scale, and the Homemade Leverage Theorem
    American Economic Review, 1972, 62, (1), 66-76 View citations
96. Dynamics of Waste Accumulation: Disposal Versus Recycling
    The Quarterly Journal of Economics, 1972, 86, (4), 600-616 View citations
97. On Models of Commercial Fishing: The Traditional Literature Needs No Defenders
    Journal of Political Economy, 1972, 80, (4), 776-78

1971

98. Economics of Production from Natural Resources: Reply
    American Economic Review, 1971, 61, (3), 488-91 View citations
99. Sub-market labor adjustment and economic impulses: A note on the Ohio experience
    Regional Studies, 1971, 5, (2), 91-93

1970

100. Corporate Financial Theory under Uncertainty
     The Quarterly Journal of Economics, 1970, 84, (3), 451-71
101. Investment Behavior: Discussion
     American Economic Review, 1970, 60, (2), 29-30

1969

102. Measuring Nonmonetary Utilities in Uncertain Choices: The Ellsberg Urn
     The Quarterly Journal of Economics, 1969, 83, (2), 324-29 View citations
103. On Models of Commercial Fishing
     Journal of Political Economy, 1969, 77, (2), 181-98 View citations
104. Taxes and Share Valuation in Competitive Markets
     The Review of Economics and Statistics, 1969, 51, (1), 96-99

1965

105. Experimental Auction Markets and the Walrasian Hypothesis
     Journal of Political Economy, 1965, 73, 387 View citations

1962

106. An Experimental Study of Competitive Market Behavior
     Journal of Political Economy, 1962, 70, 322 View citations
     Also in
     Journal of Political Economy, 1962, 70, 111 (1962) View citations

1958

107. An Economic Analysis of Contributions Under the Income-Tax Laws
     Journal of Political Economy, 1958, 66, 432

Edited books

2008

1. Handbook of Experimental Economics Results, vol 1, Part 7
   Handbook of Experimental Economics Results, Elsevier
2. Handbook of Experimental Economics Results, vol 1, Part 5
   Handbook of Experimental Economics Results, Elsevier
3. Handbook of Experimental Economics Results, vol 1, Part 2
   Handbook of Experimental Economics Results, Elsevier
4. Handbook of Experimental Economics Results, vol 1, Part 4
   Handbook of Experimental Economics Results, Elsevier
5. Handbook of Experimental Economics Results, vol 1, Part 6
   Handbook of Experimental Economics Results, Elsevier
6. Handbook of Experimental Economics Results, vol 1, Part 8
   Handbook of Experimental Economics Results, Elsevier
7. Handbook of Experimental Economics Results, vol 1, Part 3
   Handbook of Experimental Economics Results, Elsevier
8. Handbook of Experimental Economics Results, vol 1, Part 1
   Handbook of Experimental Economics Results, Elsevier

Chapters

2008

1. 1. Markets
   Elsevier
2. 2. Market Economics of Uncertainty and Information
   Elsevier
3. 3. General Equilibrium and Multiple Market Systems
   Elsevier
4. 4. Games
   Elsevier
5. 5. Mechanism Design and Policy Applications
   Elsevier
6. 6. Non-market and Organizational Research
   Elsevier
7. 7. Individual Choice, Beliefs and Behavior
   Elsevier
8. 8. Methods
   Elsevier
9. Effect of Non-binding Price Controls in Double Auction Trading
   Elsevier
10. Electric Power Market Design Issues and Laboratory Experiments
    Elsevier
11. Energy, Reserve and Adjustment Market Behavior With Industry Network, Demand and Generator Parameters
    Elsevier
12. Exogenous Uncertainty Increases the Bid-Ask Spread in the Continuous Double Auction
    Elsevier
13. Fairness and Short Run Price Adjustment in Posted Offer Markets
    Elsevier
    See Also Working Paper (2003)
14. Motivation Theory and Experimental Behavior under the Decision Cost Hypothesis
    Elsevier
15. Off-floor Trading, Market Disintegration and Price Volatility in Bid/Ask Markets
    Elsevier
16. Preface to the Handbook
    Elsevier
17. Preferences and Property Rights in Ultimatum and Dictator Games
    Elsevier
18. Price Bubbles
    Elsevier
19. Prompting Strategic Reasoning Increases Other-regarding Behavior
    Elsevier
20. Reciprocity in Ultimatum and Dictator Games: An Introduction
    Elsevier
21. Rewards and Behavior in First Price Auctions
    Elsevier
22. Social Distance and Reciprocity in Dictator Games
    Elsevier
23. Strategy-Proof Equilibrium Behavior in Two-Sided Auctions
    Elsevier
24. The Combinatorial Auction
    Elsevier
25. The Endowment Effect
    Elsevier
    See Also Working Paper (2003)
26. The Paradox of Power
    Elsevier
27. The Walrasian Auction
    Elsevier
28. Transmission Constraints, Incentive Auction Rules and Trader Experience in an Electric Power Market
    Elsevier

Editor

1. Handbook of Experimental Economics Results
   Elsevier
2. Handbook of Experimental Economics Results
   Elsevier