Rediscovering Classical Economics in the Laboratory

Sabiou M. Inoua () and Vernon Smith ()
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Sabiou M. Inoua: Chapman University

Chapter Chapter 3 in Economics of Markets, 2022, pp 21-38 from Springer

Abstract: Abstract In this chapter, we turn to a reexamination of the early experiments that “rediscovered” classical economics, since it is part of the impetus motivating us to formally model the classical market price formation process. Then we will resume our presentation on classical theory in Chapter 4 .

Keywords: Competitive market; Neoclassical tradition; Equilibrium; Walrasian hypothesis; Double-auction trading; Classical economics (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-08428-7_3

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DOI: 10.1007/978-3-031-08428-7_3

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