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of the standard model which do not respond to changes in supply or demand. Despite incomplete information, equilibrium …
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experiments to test at least the basic assumptions of the economic theory of human behavior. This paper describes a simple … classroom experiment that serves as an empiricial test of Adam Smith's invisible- hand hypothesis. It demonstrates that …
Persistent link: https://www.econbiz.de/10001725319
The theory of competition as a discovery procedure argues that the results of this procedure cannot be predicted because of its very nature as a discovery procedure. If this were true, this would imply the impossibilty of testing whether competition actually works as predicted. This article...
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