By Vernon L. Smith and Bart J. Wilson
While neoclassical analysis works well for studying impersonal exchange in markets, it fails to explain why people conduct themselves the way they do in their personal relationships with family, neighbors, and friends. In Humanomics, Nobel Prize-winning economist Vernon L. Smith and his long-time co-author Bart J. Wilson bring their study of economics full circle by returning to the founder of modern economics, Adam Smith. Sometime in the last 250 years, economists lost sight of the full range of human feeling, thinking, and knowing in everyday life. Humanomics shows how Adam Smith's model of sociality can re-humanize twenty-first century economics by undergirding it with sentiments, fellow feeling, and a sense of propriety - the stuff of which human relationships are built. Integrating insights from The Theory of Moral Sentiments and The Wealth of Nations into contemporary empirical analysis, this book shapes economic betterment as a science of human beings.
Table of Contents of Humanomics
- Humanomics Spans the Two Worlds of Adam Smith
- Words and Meaning in Adam Smith's World
- Conduct in the Social Universe
- Frank Night Preemptively Settles the Horse Race
- Axioms and Principles for Understanding Human Conduct
- Propositions Predicting Context-Specific Action
- Propriety and Sympathy in a Rule-Governed Order
- Trust Game Discoveries
- The Ultimatum Game as Involuntary Extortion
- Designing, Predicting and Evaluating New Trust Games
- Reconsidering the Formal Structure of Traditional Game Theory
- Narratives in and about Experimental Economics
- Adam Smith's Program for the Study of Human Socioeconomic Betterment
About Vernon L. Smith and Bart J. Wilson
Vernon L. Smith is George L. Argyros Endowed Chair in Finance and Economics and Professor of Economics and Law at Chapman University. He was awarded the Nobel Prize in Economic Sciences in 2002 for his groundbreaking work in experimental economics. Dr. Smith has authored or co-authored more than 300 articles and books on capital theory, finance, natural resource economics and experimental economics. He serves or has served on the board of editors of the American Economic Review, The Cato Journal, Journal of Economic Behavior and Organization, the Journal of Risk and Uncertainty, Science, Economic Theory, Economic Design, Games and Economic Behavior, and the Journal of Economic Methodology. He is past president of the Public Choice Society, the Economic Science Association, the Western Economic Association and the Association for Private Enterprise Education. Previous faculty appointments include the University of Arizona, Purdue University, Brown University, the University of Massachusetts, and George Mason University, where he was a Professor of Economics and Law.
Bart J. Wilson is the Donald P. Kennedy Endowed Chair in Economics and Law at Chapman University. He is a founding member of the Economic Science Institute and founding member and Director of the Smith Institute for Political Economy and Philosophy. His research uses experimental economics to explore the foundations of exchange and specialization and the origins of property. Another of his research programs compares decision making in humans, apes, and monkeys. Bart has published papers in the American Economic Review, Proceedings of the National Academy of Sciences, Proceedings of the Royal Society B: Biological Sciences, and Nature Human Behaviour. His research has been supported with grants from the National Science Foundation and the Federal Trade Commission.