“In defining a microeconomic system two distinct component elements will be identified: an environment and an institution. The environment consists of a list of N economic agents {l,…, N}, a list of K + 1 commodities (including resources) {O, l,…, K}, and certain characteristics of each agent … Hence, a microeconomic environment is defined by the collection of characteristics e”

e',...,e”
Source: "Microeconomic systems as an experimental science," 1982, p. 925.

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Vernon L. Smith20

American economist 1927

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