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Vernon Smith shared the Nobel Prize in 2002 with Daniel Kahneman. This article surveys Smith’s contributions to economics. His early efforts led to greater understanding of markets and market institutions, which developed into important contributions to the design of new markets. Subsequent research focused on the complexity of behavior in simple games, including recent forays into “neuroeconomics”...
A basic tenet of socio-economics is that economic behavior is shaped by social bonds and cultural context. A relevant controversy in evolutionary biology is group selection and the related issue of altruistic behavior, that is, behavior neutral or detrimental to the individual but positive for the survival of the group. In this paper we examine the parallel controversies surrounding ''economic man''...
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