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The vast majority of individuals with Asperger Syndrome need help — without that help they won't be able to do very well. The individuals that I know have to overcome a great deal of difficulty to maximize their potential and get the things in life they deserve.
— Vernon L. Smith
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It is not possible to design a laboratory resource allocation experiment without designing an institution in all its detail.
Three precepts are offered to constitute a foundation for the use of laboratory experimental methods in testing hypotheses about the behavior of allocation mechanisms.
Theory should be ever more demanding of our empirical resources. Simultaneously, data should be ever more demanding of the empirical relevance of theory and of the theorist's expertise in working imaginatively on problems of the world, rather than on stylized problems of the imagination.
Nonsatiation (Smith, 1976a). Given a costless choice be ween two alternatives which differ only in that the first yields more of the reward medium (e.g., currency) than the second, the first will always be chosen (preferred) over the second by an autonomous individual, i.e., utility U(M) is a monotone increasing function of the reward medium.
Even though Hayek, in my view, is the leading economic thinker of the 20th century who saw what must be the mainsprings of the extended order, Mises was the choice technician, and no one was better at articulating the primacy of the individual and the need to define and nurture individual rights.
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