Vernon L. Smith - People Quotes

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Ecological rationality uses reason – rational reconstruction – to examine the behavior of individuals based on their experience and folk knowledge, who are 'naïve' in their ability to apply constructivist tools to the decisions they make; to understand the emergent order in human cultures; to discover the possible intelligence embodied in the rules, norms and institutions of our cultural and biological heritage that are created from human interactions but not by deliberate human design. People follow rules without being able to articulate them, but they can be discovered.

Vernon L. Smith
I can switch out and go into a concentrated mode and the world is completely shut out. If I'm writing something, nothing else exists... Perhaps even more importantly, I don't have any trouble thinking outside the box. I don't feel any social pressure to do things the way other people are doing them, professionally. And so I have been more open to different ways of looking at a lot of the problems in economics.

Vernon L. Smith
One of the most intriguing discoveries of experimental economics is that (1) as we have seen, people invariably behave non-cooperatively in small and large group 'impersonal' market exchange institutions; (2) many (up to half in single play; over 90% in repeat play) cooperate in 'personal' exchange (two-person extensive form games); (3) yet in both economic environments all interactions are between anonymous players.

Vernon L. Smith