Vernon L. Smith - Laboratory Quotes

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Three precepts are offered to constitute a foundation for the use of laboratory experimental methods in testing hypotheses about the behavior of allocation mechanisms.

Vernon L. Smith

It is not possible to design a laboratory resource allocation experiment without designing an institution in all its detail.

Vernon L. Smith

Parallelism: Propositions about the behavior of individuals and the performance of institutions that have been tested in laboratory microeconomies apply also to nonlaboratory environments where similar ceteris paribus conditions prevail.

Vernon L. Smith

When the theory performs well you also think, Are there parallel results in naturally occurring field data? You look for coherence across different data sets because theories are not specific to particular data sources. Such extensions are important because theories often make specific assumptions about information and institutions which can be controlled in the laboratory, but which may not accurately represent field data generating situations. Testing theories on the domain of their assumptions is sterile unless it is part of a research program concerned with extending the domain of applications of theory to field environments

Vernon L. Smith