»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
2025
Smith, Vernon L. 2025 Discovery processes, science, and ‘knowledge–how:’ Competition as a discovery procedure in the laboratory. The Review of Austrian Economics Volume 28 (3) 29 April: pp 237-245.
2024
“The Economic Function of Inflation Is to Lower the Real Value of Wealth Assets Sufficiently to Pay for the Government’s Excess Spending Monetized by the Federal Reserve.” The Independent Review. Summer 2024.
“Review of The Road to Freedom: Economics and the Good Society” By Joseph E. Stiglitz. New York: W. W. Norton, 2024. The Independent Review, Winter 2024/25.
“Adam Smith, Human Betterment, and His False Identification with Self- Interested Human Action” Journal of Behavioral and Experimental Economics. Vol 113, December 2024.
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
2021
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
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
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"