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Experimental Economics / Public Choice
Cambiar vista de pantalla: Vernon L. Smith March 25, 2004 | Auditorio Friedrich A. Hayek, UFM | Duración:..
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About this video
About the author
Credits
Experimental Economics and Public Choice
II Seminario Interuniversitario Economía para la Política
Vernon Smith
Friedrich A. Hayek Auditorium
Universidad Francisco Marroquín
Guatemala, March 25, 2004
A New Media - UFM production. Guatemala, March 2004
Camera: Rebeca Zuñiga, Alexander Arauz; digital editing: Rebeca Zuñiga
 This work is licensed under a Creative Commons 3.0 License
Este trabajo ha sido registrado con una licencia Creative Commons 3.0
References
- Centro para el Análisis de las Decisiones Públicas, here
About the interuniversitary seminars
Vernon L. Smith was awarded the 2002 Nobel Prize in Economics for his introducing experimental methods in economic analysis. He is founder of the Interdisciplinary Center for Economic Sciences, George Mason University and has been president of Public Choice Society, Economic Science Association, Western Economic Association and Association for Private Enterprise Education (APEE), among others. Smith holds a PhD in economics from Harvard University and is also honorary doctor in economics from Universidad Francisco Marroquín.
Source: www.ufm.edu
Last update: 21/06/2010
  Content
 | Opening credits |
| Introduction by Licda. Rozzanna Pappa |
| Beginning of Vernon Smith's lecture |
| Introduction |
 | Proposals for solving the free rider problem in public goods
|
| The Groves-Ledyard mechanism |
| The unanimity principle |
| Results of the first Groves-Ledyard experiments |
| Simpler mechanisms: variations on the auction mechanism |
| Two public good mechanisms in practice
|
| Elinor Ostrom's Governing the Commons |
| The cheesemakers' problem of grazing cows on a summer meadow |
| A pollution trading system |
| Slides illustrating my first experiments and the direction of some new ones
|
| Experiment 1 |
| The mechanism tested in experiment 1 |
| The mechanism's disadvantage |
| The rebate rule |
| Results and importance of the mechanism |
| Questions
|
| What is your opinion about taxes? What do you recommend for our country, given that its poverty rate is so high and that the public goods the government
provides are so inefficient? |
| If the participants in the experiment know that they will be compensated afterwards, is it possible for them to falsify their preferences? If that were the
case, would the results also be falsified? |
| How do you think the experiments' results would adapt to a socially and culturally different medium, like Guatemala? |
| How are bidding mechanisms related to voter preferences in politics? |
| Through Experimental Economics, can you carry out analyses of models of development for Latin America, such as the models set by the Economic Commission
for Latin America, the International Monetary Fund, and the World Bank? |
| Economic theory has been criticized for being constrained by logical positivism. What is your opinion on this? Do you consider logical positivism an
absolute or a relative epistemology? |
| What are your criteria for choosing the individuals who participate in the experiments? |
| During the last years, Nobel laureates in Economics have been Americans who propose abstract theories that have little to do with reality, while millions
of people are dying. Can Experimental Economics help to alleviate poverty? |
| Final credits |
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Slides
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