Bargaining and Market Behavior: Essays in

This second collection of papers by Vernon L. Smith includes many of his primary authored and coauthored contributions on bargaining and market behavior between 1990 and 1998.

Preface

xi

Part I: Economics and Psychology

Introduction

3

(4)

Rational Choice: The Contrast Between Economics and Psychology

7

(18)

Vernon L. Smith

Experimental Tests of the Endowment Effect

25

(16)

Robert Franciosi

Praveen Kujal

Roland Michelitsch

Vernon L. Smith

Gang Deng

Monetary Rewards and Decision Cost in Experimental Economics

41

(20)

Vernon L. Smith

James M. Walker

Fairness: Effect on Temporary and Equilibrium Prices in Posted-Offer Markets

61

(29)

Robert Franciosi

Praveen Kujal

Roland Michelitsch

Vernon L. Smith

Gang Deng

Part II: Bargaining Theory, Behavior, and Evolutionary Psychology

Introduction

79

(11)

Preferences, Property Rights, and Anonymity in Bargaining Games

90

(37)

Elizabeth Hoffman

Kevin A. McCabe

Keith Shachat

Vernon L. Smith

Social Distance and Other-Regarding Behavior in Dictator Games

127

(12)

Elizabeth Hoffman

Kevin A. McCabe

Vernon L. Smith

On Expectations and the Monetary Stakes in Ultimatum Games

139

(13)

Elizabeth Hoffman

Kevin A. McCabe

Vernon L. Smith

Game Theory and Reciprocity in Some Extensive form Experimental Games

152

(25)

Kevin A. McCabe

Stephen J. Rassenti

Vernon L. Smith

Behavioral Foundations of Reciprocity: Experimental Economics and Psychology

177

(29)

Elizabeth Hoffman

Kevin A. McCabe

Vernon L. Smith

Part III: Institutions and Markets

Introduction

203

(3)

Reflections on Some Experimental Market Mechanisms for Classical Environments

206

(34)

Vernon L. Smith

Experimental Methods in the Political Economy of Exchange

240

(17)

Vernon L. Smith

Individual Rationality, Market Rationality, and Value Estimation

257

(8)

Peter Knez

Vernon L. Smith

Arlington W. Williams

Market Contestability in the Presence of Sunk (Entry) Costs

265

(21)

Don Coursey

R. Mark Isaac

Margaret Luke

Vernon L. Smith

The Boundaries of Competitive Price Theory: Convergence, Expectations, and Transaction Costs

286

(34)

Vernon L. Smith

Arlington W. Williams

Off-Floor Trading, Disintegration, and the Bid-Ask Spread in Experimental Markets

320

(28)

Joseph Compbell

Shawn La Master

Vernon L. Smith

Mark Van Boening

Bertrand-Edgeworth Competition in Experimental Markets

348

(33)

Jamie Brown Kruse

Stephen Rassenti

Stanley S. Reynolds

Vernon L. Smith

An Experimental Examination of the Walrasian Tatonnement Mechanism

381

(33)

Corinne Bronfman

Kevin A. McCabe

David P. Porter

Stephen Rassenti

Vernon L. Smith

Part IV: Stock Market and Bubbles in the Laboratory

Introduction

409

(5)

Stock Market Bubbles in the Laboratory

414

(20)

David P. Porter

Vernon L. Smith

References

434

(17)

Index

451

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Bargaining and Market Behavior: Essays in Experimental Economics

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Table of Contents

Supplemental Materials