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Nobel Laureate Professor Vernon Smith is often referred to as one of the founding fathers of experimental economics, which uses scientific experiments to test economic questions.
In 2002, he shared the Nobel Prize in economic sciences with Daniel Kahneman, which recognised his ground-breaking work in developing methods that helped carry out real-life experiments in economics, notably his theory of induced valuation.
Professor Smith, who has co-authored more than 200 articles on capital theory, finance and natural resource economics, also pioneered his own concept of how ecological rationality – when rational decision-making matches the structure of the information in the environment it is being made - relates to financial markets.
He will be in conversation with renowned political philosopher Gerald Gaus, James E. Rogers Professor of Philosophy at the University of Arizona, in a special public event hosted by Monash University's Philosophy Department in collaboration with Monash Business School, “Learning the Most from Proving Yourself Wrong: Three Examples".
He answers some questions from Monash Business School’s Department of Economics.
Nobel Laureate Professor Vernon Smith is often referred to as one of the founding fathers of experimental economics, which uses scientific experiments to test economic questions.
In 2002, he shared the Nobel Prize in economic sciences with Daniel Kahneman, which recognised his ground-breaking work in developing methods that helped carry out real-life experiments in economics, notably his theory of induced valuation.
Professor Smith, who has co-authored more than 200 articles on capital theory, finance and natural resource economics, also pioneered his own concept of how ecological rationality – when rational decision-making matches the structure of the information in the environment it is being made - relates to financial markets.
He will be in conversation with renowned political philosopher Gerald Gaus, James E. Rogers Professor of Philosophy at the University of Arizona, in a special public event hosted by Monash University's Philosophy Department in collaboration with Monash Business School, “Learning the Most from Proving Yourself Wrong: Three Examples".
He answers some questions from Monash Business School’s Department of Economics.