Vernon L. Smith: Individual

Vernon L. Smith is American economist. Explore interesting quotes on individual.
Vernon L. Smith: 40 quotes0 likes

“The vast majority of individuals with Asperger Syndrome need help — without that help they won't be able to do very well. The individuals that I know have to overcome a great deal of difficulty to maximize their potential and get the things in life they deserve.”

Vernon L. Smith

"Mildest autism has 'selective advantages'," 2005

“Parallelism: Propositions about the behavior of individuals and the performance of institutions that have been tested in laboratory microeconomies apply also to nonlaboratory environments where similar ceteris paribus conditions prevail.”

Vernon L. Smith

Source: "Relevance of laboratory experiments to testing resource allocation theory," 1980, p. 349.

“Microeconomics, including the study of individual choice and of group choice in market and nonmarket processes, has generally been considered a field science as distinct from an experimental science. Hence microeconomics has sometimes been classified as "non-experimental" and closer methodologically to meteorology and astronomy than to physics and experimental psychology (Marschak, 1950, p. 3; Samuelson, 1973, p. 7). But the question of using experimental or nonexperimental techniques is largely a matter of cost, and generally the cost of conducting the most ambitious and informative experiments in astronomy, meteorology, and economics varies from prohibitive down to considerable. The cost of experimenting with different solar system planetary arrangements, different atmospheric conditions, and different national unemployment rates, each under suitable controls, must be regarded as prohibitive.”

Vernon L. Smith

Source: "Relevance of laboratory experiments to testing resource allocation theory," 1980, p. 345.

“Complexity. In general individual decision makers must be assumed to have multidimensional values which attach nonmonetary subjective cost or value to (1) the process of making and executing individual or group decisions, (2) the end result of such decisions, and (3) the rewards (and perhaps behavior) of other individuals involved in the decision process.”

Vernon L. Smith

Source: "Relevance of laboratory experiments to testing resource allocation theory," 1980, p. 348.

“Ecological rationality uses reason – rational reconstruction – to examine the behavior of individuals based on their experience and folk knowledge, who are ‘naïve’ in their ability to apply constructivist tools to the decisions they make; to understand the emergent order in human cultures; to discover the possible intelligence embodied in the rules, norms and institutions of our cultural and biological heritage that are created from human interactions but not by deliberate human design. People follow rules without being able to articulate them, but they can be discovered.”

Vernon L. Smith

Source: "Constructivist and ecological rationality in economics," 2002, p. 509.

“Nonsatiation (Smith, 1976a). Given a costless choice be ween two alternatives which differ only in that the first yields more of the reward medium (e. g., currency) than the second, the first will always be chosen (preferred) over the second by an autonomous individual, i. e., utility U(M) is a monotone increasing function of the reward medium.”

Vernon L. Smith

Source: "Relevance of laboratory experiments to testing resource allocation theory," 1980, p. 346.

“Even though Hayek, in my view, is the leading economic thinker of the 20th century who saw what must be the mainsprings of the extended order, Mises was the choice technician, and no one was better at articulating the primacy of the individual and the need to define and nurture individual rights.”

Vernon L. Smith

Vernon L. Smith, in "Reflections on Human Action after 50 years", in Cato Journal, Vol. 9, No. 2. (Fall 1999).