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The work of Friedrich Von Hayek contains several testable predictions about the nature of market processes. Vernon Smith termed the most important one the ‘Hayek hypothesis’: the gains from trade can be realized in the presence of diffuse, decentralized information, and in the...
Persistent link: https://www.econbiz.de/10010580366
The work of Friedrich Von Hayek contains several testable predictions about the nature of market processes. Vernon Smith termed the most important one the "Hayek hypothesis:" equilibrium prices and the gains from trade can be achieved in the presence of diffuse, decentralized information, and in...
Persistent link: https://www.econbiz.de/10011038702
A commonly held view is that laboratory experiments provide researchers with more "control" than natural field experiments, and that this advantage is to be balanced against the disadvantage that laboratory experiments are less generalizable. This paper presents a simple model that explores...
Persistent link: https://www.econbiz.de/10011162486