“Theory should be ever more demanding of our empirical resources. Simultaneously, data should be ever more demanding of the empirical relevance of theory and of the theorist's expertise in working imaginatively on problems of the world, rather than on stylized problems of the imagination.”

—  Vernon L. Smith

Source: "Theory, experiment and economics," 1989, p. 168.

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Vernon L. Smith 20
American economist 1927

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