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Experimental economics: Induced value theory

Smith, Vernon L. (1976) Experimental economics: Induced value theory. American Economic Review, 66 (2). pp. 274-279. ISSN 0002-8282.

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It is the premise of this paper that the study of the decision behavior of suitably motivated individuals and groups in lab- oratory or other socially isolated settings such as hospitals (R. Battalio, J. Kagel, et al., 1973) has important and significant application to the development and verification of theories of the economic system at large.

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Additional Information:© 1976 American Economic Association. Support from NSF grants is gratefully acknowledged. This paper is an articulation of concepts originally developed in the course of several seminars in experimental economics taught at Purdue University, 1964-67. Formerly SSWP 73.
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Subject Keywords:Cash, Demand, Transaction costs, Market prices, Supply and demand, Supply, Experimental economics, Economic theory, Economic models, Experimentation
Issue or Number:2
Record Number:CaltechAUTHORS:20171127-164410445
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Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:83479
Deposited By: Jacquelyn Bussone
Deposited On:28 Nov 2017 17:42
Last Modified:03 Oct 2019 19:06

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