Vernon L. Smith

Vernon L. Smith (2014) - Rethinking Market Experiments in the Shadow of Recessions: The Good and the Sometimes Ugly; Propositions on Recessions

In all economic recessions consumer non-durable expenditures are relatively stable, characteristics that have long applied to certain experimental markets. The supply and demand experiments of the 1960s and 1970s reliably and rapidly converged to the predicted equilibrium