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The lab man

Опубликовано на портале: 27-02-2004
Finance & Development. 2003.  Vol. 40. No. 1. P. 6-9. 
For a man who has built his reputation on controlled experiments to test market theories in the laboratory, Nobel Prize winner Vernon Smith is a bit of a free spirit. Smith pioneered the use of experiments conducted in the controlled environment of the laboratory to test economic theories, in particular why markets work the way they do. Smith is passionate in his commitment to laboratory testing in economics. Laboratory experiments do not provide policymakers with iron-clad answers to key economic questions but do offer a quick, cost-effective way to identify market and policy flaws before ideas and theories become major public policy initiatives. Participants in Smith's experiments come from many fields and include corporate executives, market traders, graduate students, and trained economists.
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