Experimental Economics : How We Can Build Better Financial Markets
Editorial Reviews
Book Description
In a little more than thirty years, the field of experimental economics has gone from obscurity to international recognition with the presentation of the 2002 Nobel Prize in Economics to Vernon L. Smith, who took a classroom exercise he saw as a Harvard graduate student and turned it into one of the hottest areas in economics. Experimental Economics is an engaging and accessible introduction to the field by Ross M. Miller, one of Professor Smiths first student collaborators and a pioneer in the application of experimental methods to financial markets. His book uses a series of experimental case studies to examine what makes markets work, what can cause them to break, and how experimental methods can be used to repair them.
Order your copy of this dramatic and fun-to-read exploration of the ideas shaping the future of the global economy today.
From the Inside Flap
Paving Wall Street explores the unfinished business of capitalism. While markets have prevailed over central planning in one country after another, Wall Street continues to experience disconcerting episodes of exuberance and despair. Traditional methods of financial and economic analysis provide little comfort for typical investors, whose supposed irrationality often serves as a scapegoat for the market's problems.
Dr. Miller presents an engaging account of experimental economics, a new field that examines the interplay between markets and human behavior under controlled conditions. Experimental economists have been able to reproduce the stock market bubbles and crashes in laboratories around the world. While human psychology may contribute to the market's problems, experimentalists have found that even a simple change in the rules that govern a market can lead to a dramatic improvement in its performance. A natural outgrowth of experimental economics has been the creation of "smart markets" designed to overcome the flaws of existing markets.
Paving Wall Street is packed with insights into why financial markets behave the way they do and where they might be headed in the future. Whether you manage your own portfolio or are just curious about what moves the market, this book will open your eyes to the inner workings of Wall Street and the global economy.
--This text refers to an out of print or unavailable edition of this title.
Experimental Economics : How We Can Build Better Financial Markets
Experimental Economics : How We Can Build Better Financial Markets,Ross M. Miller,Vernon L. Smith,Wiley,0471706256,Business & Economics,Business / Economics / Finance,Business/Economics,Capital market,Economics,Finance,Financial Markets,Investments & Securities - General,Investments & Securities - Options,Methodology,Options (Finance),Stock exchanges,Stocks,Business & Economics / Finance
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