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Regulation Of Interstate Wine Shipments, Vernon L. Smith, George A. Akerlof, Daniel L. Mcfadden, Robert E. Litan, Donald J. Boudreaux, Robert W. Hahn, John Letiche
Regulation Of Interstate Wine Shipments, Vernon L. Smith, George A. Akerlof, Daniel L. Mcfadden, Robert E. Litan, Donald J. Boudreaux, Robert W. Hahn, John Letiche
Vernon L. Smith
Does a State's regulatory scheme that permits in-state wineries directly to ship alcohol to consumers but restricts the ability of out-of-state wineries to do so violate the dormant Commerce Clause in light of Sec. 2 of the Twenty-first Amendment?
Law & Neuroeconomics, Vernon L. Smith, Terrence R. Chorvat, Kevin A. Mccabe
Law & Neuroeconomics, Vernon L. Smith, Terrence R. Chorvat, Kevin A. Mccabe
Vernon L. Smith
As legal scholarship has come to rely more on economic analysis, the foundational questions of economics have become important questions for legal analysis as well. One of the key foundational elements of modern economics is the assumption of the rational utility maximizing individual. While this assumption has often been questioned, until recently, it was not possible to actually examine the brain mechanisms that individuals use to process the economic problems they face. As a result of the increasing abilities to explore the brain as individuals engage in economic activity, this article calls for a new approach to the study of …
Derivation Of Asset Price Equations Through Statistical Inference, Vernon L. Smith, Gunduz Caginalp, Vladimira A. Ilieva, David Porter
Derivation Of Asset Price Equations Through Statistical Inference, Vernon L. Smith, Gunduz Caginalp, Vladimira A. Ilieva, David Porter
Vernon L. Smith
We develop a methodology to extract a quantitative model for behavioral effects in markets from empirical data. A set of 24 asset market experiments are utilized to derive an equation of price and its dependence on momentum, fundamental value, excess bid level and liquidity considerations. A difference equation is derived from a statistical analysis of the data. The methods are quite general and can be utilized in conjunction with other behavioral finance effects that influence price dynamics.