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New Insights into Old Discoveries: Two Kinds of Markets

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  • Vernon L. Smith

Abstract

The first supply and demand experiments in the 1950s converged more strongly and quickly than people thought likely. Equally surprising, the first asset market experiments in the 1980s converged far less strongly and rapidly than expected. The economic crisis in 2008 brought a re-thinking of these old discoveries, motivated new experimental exercises and led to new insights.

Suggested Citation

  • Vernon L. Smith, 2014. "New Insights into Old Discoveries: Two Kinds of Markets," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 21(1), pages 33-35, February.
    • Handle: RePEc:taf:ijecbs:v:21:y:2014:i:1:p:33-35
    DOI: 10.1080/13571516.2013.864493
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