»Research

Selected publications. A full list of Dr. Vernon L. Smith's Publications and Working Papers can be found on Chapman University's Digital Commons, or on Dr. Smith's IDEAS/RePEc and ResearchGate author profiles. Recent News articles can be found on Dr. Smith's In the News page.

Publications


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2023

Vragov, R., & Smith, V. (2023) “A Method for Identifying Parameterizations of the Compensation Election and Quadratic Voting That Admit Pure-Strategy Equilibria.” Mathematical Social Sciences, 122, March 2023, Pages 7-16. https://doi.org/10.1016/j.mathsocsci.2023.01.002 

Chase, B., Porter, D., Shen, Y., & Smith, V. (2023). Complements and substitutes in a dynamic consumption-asset economy: A laboratory experiment. Discrete and Continuous Dynamical Systems - S, 0–0. https://doi.org/10.3934/dcdss.2023142 

Inoua, S. M., & Smith, V. L. (2023). A classical model of speculative asset price dynamics. Journal of Behavioral and Experimental Finance, 37, 100780. https://doi.org/10.1016/j.jbef.2022.100780 

2022

Huber, J., Inoua, S., Kerschbamer, R., König-Kersting, C., Palan, S., & Smith, V. L. (2022). Nobel and novice: Author prominence affects peer review. Proceedings of the National Academy of Sciences, 119(41), e2205779119. https://doi.org/10.1073/pnas.2205779119.

2021

Inoua, S.M. & V. L. Smith "Neoclassical Supply and Demand, Experiments, and the Classical Theory of Price Formation." History of Political Economy 1 February 2022; 54 (1): 37–73. doi: https://doi.org/10.1215/00182702-9548323

2020

Inoua, S.M. & Smith, V.L. (2020). “Classical Economics: Lost and Found.” The Independent Review, v. 25, n. 1, pp. 79–90.

Smith, V.L. (2020). Causal versus Consequential Motives in Mental Models of Agent Social and Economic Action: Experiments, and the Neoclassical Diversion in Economics. Kyklos, 73, 3, 341-379.

2018

Smith, V. & Wilson, B. (2018). Equilibrium Play in Voluntary Ultimatum Games: Beneficience Cannot be Extorted. Games and Economic Behavior, 109, 452-464.

Smith, V.L. (2018). Adam Smith, Scientist and Evolutionist: Modelling Other-Regarding Behavior Without Social Preferences. Journal of Bioeconomics, 20, 7-21.

Kaplan, H., Schniter, E., Smith, V., & Wilson, B. (2018). Experimental Tests of the Tolerated Theft and Risk-Reduction Theories of Resource Exchange. Nature Human Behavior, 2, 383-388.

2017

Porter, D. P., Rassenti, S. J., Roopnarine, A., & Smith, V. L. (2017). Combinatorial Auction Design. In J. K. Goeree & M. Bichler (Eds.), Handbook of Spectrum Auction Design (pp. 111–119). Cambridge University Press. https://doi.org/10.1017/9781316471609.006.

Smith, V.L. (2017). John Nash: A Personal Remembrance. Games and Economic Behavior, 103, 1-18.

Smith, V.L. (2017). Freedom of Speech, Assembly, and Association over the Last Century: An Oral History Account. Open Inquiry Project, Institute for Humane Studies.

Smith, V. (2017). Tribute to Sidney Siegel (1916-1961): A Founder of Experimental Economics. Southern Economic Journal. 

Smith, V.L. & Wilson, B.J. (2017). Sentiments, Conduct, and Trust in the Laboratory. Social Philosophy & Policy, 34(1), 25-55.

2016

Smith, V.L. (2016). Adam Smith's Fair and Impartial Spectator. Econ Journal Watch, 13(2), 1-10.

Gjerstad, S.D. & Smith, V.L. (2016). Economic Modeling: Why the Standard Model Survives Bad Performance. The Independent Review, 20(4), 627-631.

Smith, V. (2016). Design is the Source of Variation; Selection is the Filter. Arizona State Law Journal, 48(1).

2015

Gjerstad, S., Porter, D., Smith, V., & Winn, A. (2015). Retrading, Production, and Asset Market Performance. Proceedings of the National Academy of Sciences, 112 (47), 14557-14562.

Madden, B. & Smith, V. (2015). Give The FDA Some Competition With Free To Choose Medicine. Forbes.

Smith, V.L. (2015). Conduct, Rules and the Origins of Institutions. Journal of Institutional Economics, 11(3), 481-483.

Smith, V.L. (2015). Adam Smith: Homo Socialist, Yes; Social Preferences, No; Reciprocity Was to Be Explained. Review of Behavioral Economics, 2(1-2), 183-193.

2014

Smith, V.L. New Insights into Old Discoveries: Two Kinds of Markets. (2014). International Journal of the Economics of Business, 21(1), 33-35.

Deck, C., Porter, D., & Smith, V. (2014). Double Bubbles in Assets Markets with Multiple Generations. Journal of Behavioral Finance, 15(2), 79-88.

Gjerstad, S.D. & Smith, V.L. (2014). Rethinking Housing Bubbles: The Role of Household and Bank Balance Sheets in Modeling Economic Cycles. New York: Cambridge University Press.

Smith, V. & Wilson, B. (2014). Fair and Impartial Spectators in Experimental Economic Behavior. Review of Behavioral Economics, 1(1).

2013

Dickhaut, J., Smith, V., Xin, B., & Rustichini, A. (2013). Human Economic Choice as Costly Information Processing. Journal of Economic Behavior & Organization, 94, 206-221.

Gjerstad, S.D. & Smith, V.L. (2013). Balance Sheet Crises: Causes, Consequences, and Responses. Cato Journal, 33(3), 437-470.

Rietz, T., Smith, V., Sheremeta, R. & Shields, T.W. (2013). Transparency, Efficiency and the Distribution of Economic Welfare in Pass-Through Investment Trust Games. Journal of Economic Behavior & Organization, 94, 257-267. 

Smith, V. L. (2013). Adam Smith: From Propriety and Sentiments to Property and Wealth. Forum for Social Economics, 42(4).

Deck, C. & Smith, V. (2013). Using Laboratory Experiments in Logistics and Supply Chain Research. Journal of Business Logistics, 34(1), 6–14.

2012

Smith, V. (2013). Faith, Science and Religion. Eminent Economists II-- Their Life and Work Philosophies. Edited by M. Szenberg and Lall Ramrattan. Cambridge: Cambridge University Press.

Bejarano, H., Clifner, L., Johnston, C., Rassenti, S., & Smith, V. (2012). Resource Adequacy: Should Regulators Worry? Review of Network Economics.

Dickhaut, J. Lin, S., Porter, D., & Smith, V. (2012). Commodity Durability, Trader Specialization, and Market Performance. Proceedings National Academy of Science, 109, 1425-1430.

Buchanan, J., Gjerstad, S. & Smith, V. (2012). Underwater Recession. The American Interest: Policy, Politics & Culture, (VII)5, 20-28.

Kaplan, H., Schniter, E., Smith, V., & Wilson, B. (2012). Risk and the Evolution of Human Exchange. Proceedings of the Royal Society: Biological Sciences. 279:2930-2935.

Working Papers


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2022

Smith, V. L. "300 anniversary of Smith’s birth." ESI Working Paper 22-09.

Inoua, S.M. & Smith, V.L. “Perishable Goods versus Re-tradable Assets: A Theoretical Reappraisal of a Fundamental Dichotomy” ESI Working Paper 22-01.

2021

Inoua, S.M. & Smith, V.L. “Re-tradable Assets, Speculation, and Economic Instability.” ESI Working Paper 21-21.

Inoua, S.M. & Smith, V.L. “Classical Theory of Competitive Market Price Formation.” ESI Working Paper 21-09.

2020

Campbell, M.J. & Smith, V.L. “An Elementary Humanomics Approach to Boundedly Rational Quadratic Models.” ESI Working Paper 20-35.

Smith, V. L. "Trust, reciprocity, and social history: New pathways of learning when max U (own reward) fails decisively." ESI Working Paper 20-28.

Inoua, S. & Smith, V.L. “Neoclassical Supply and Demand, Experiments, and the Classical Theory of Price Formation” ESI Working Paper 20-19.

Inoua, S.M. & Smith, V.L. "The Classical Theory of Supply and Demand." ESI Working Paper 20-11.

Inoua, S.M. & Smith, V.L. "Adam Smith's Theory of Value: A Mathematical Statement of his Market Price Discovery Process." ESI Working Paper 20-10.

2019

Inoua, S.M. & Smith, V.L. "Classical Economics: Lost and Found"

Smith, V.L. & Inoua, S.M. "Cournot Marked the Turn from Classical to Neoclassical Thinking"

2018

Smith, V. "Causal versus Consequential Motives in Mental Models of Agent Social and Economic Action: Experiments, and the Neoclassical Diversion in Economics"

2017

Smith, V.S. & Wilson, B.J. "Equilibrium Play in Voluntary Ultimatum Games: Beneficence Cannot Be Extorted" 

2012

Gjerstad, S. & Smith, V. "Balance Sheet Crises: Causes, Consequences and Responses."