ABSTRACT OF PAPER
Title: Early Development of Experimental Economics at the Interdisciplinary Crossroads
Author: LEE Kyu Sang
The present paper aims to elucidate the interdisciplinary interactions in which a father of experimental economics, Vernon Smith, engaged in the early 1960s. In particular, the paper calls attention to a thread of research which evolved around the psychological concept, level of aspiration, and suggests that the local interaction of Smith with William Starbuck, the latter of whom once criticized Smith’s early experimental endeavor, set Smith on the quest for a methodological means whereby experimental economists could design laboratory experiments whose outcomes could be meaningfully interpreted with the help of the law of supply and demand.
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