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Preferences, beliefs and equilibrium: What have experiments taught us?
| Content Provider | Semantic Scholar |
|---|---|
| Author | Friedman, Daniel |
| Copyright Year | 2010 |
| Abstract | The target article, “Theory and Experiment: What are the Questions?” is the latest of Vernon Smith’s many attempts to get economists to behave like scientists. We economists have always had our theories, and Smith enjoins us to use them to predict what will happen in new environments. He has shown us, via numerous examples, how to construct enlightening environments in the laboratory. But how should we respondwhen the predictionworks even better than expected, or when the prediction fails badly? The target article sharpens these questions, and lists some commonly accepted auxiliary premises that deserve further scrutiny. As a student, I learned that the key primitives of microeconomic theory include preferences and beliefs at the individual level, and equilibrium at the aggregate level. In the following response to Smith’s target article, I will focus on what experiments can teach us about these primitives and about the theoretical models that we construct from them. |
| Starting Page | 29 |
| Ending Page | 33 |
| Page Count | 5 |
| File Format | PDF HTM / HTML |
| DOI | 10.1016/j.jebo.2008.09.011 |
| Alternate Webpage(s) | https://leeps.ucsc.edu/media/papers/PrefBeliefsEquilirbum9-3-08.pdf |
| Alternate Webpage(s) | https://wolfweb.unr.edu/homepage/pingle/Teaching/BADM%20791/Week%203%20Experimental%20Economics%20and%20Neuroeconomics/Experimental%20Economics/Daniel%20Freidman-Preference%20Beliefs%20and%20Equilibirum%20and%20Experiments.pdf |
| Alternate Webpage(s) | https://doi.org/10.1016/j.jebo.2008.09.011 |
| Volume Number | 73 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
