“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.”

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

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Vernon L. Smith20

American economist 1927

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