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Experimental Economics: How We Can Build Better Financial Markets

Experimental Economics: How We Can Build Better Financial Markets

ISBN: 978-0-471-70625-0

Jan 2005

336 pages

Select type: Paperback

$28.95

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Description

In a little more than thirty years, the field of experimental economics has gone from obscurity to international recognition with the presentation of the 2002 Nobel Prize in Economics to Vernon L. Smith, who took a classroom exercise he saw as a Harvard graduate student and turned it into one of the hottest areas in economics. Experimental Economics is an engaging and accessible introduction to the field by Ross M. Miller, one of Professor Smith?s first student collaborators and a pioneer in the application of experimental methods to financial markets. His book uses a series of experimental case studies to examine what makes markets work, what can cause them to break, and how experimental methods can be used to repair them.

Order your copy of this dramatic and fun-to-read exploration of the ideas shaping the future of the global economy today.

Foreword by Vernon L.Smith.

Preface.

Acknowledgments.

Chronology of Major Events.

PART I: BUBBLES AND EXPERIMENTS.

1. Wind Tunnel Markets.

2. Bargain Hunting.

3. A Tale of Two Smiths.

4. Bubbles in the Lab.

5. Bubbles in the Wild.

PART II: INSIDE MARKETS: OPTIONS, INFORMATION, AND LIQUIDITY.

6. Black Monday.

7. All the World's an Option.

8. The Invisible Hand Discovers Prices.

9. Sending Signals and Keeping Score.

10. It All Comes Down to Money.

PART III: GRIDLOCK AND THE ROAD TO SMART MARKETS.

11. The Market Is Tied Up in Knots.

12. Making Markets Intelligent.

13. The Smart Auction Block.

14. Good Intentions.

Notes.

Bibliography.

Index.