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Cambridge Journal of Economics Advance Access originally published online on October 30, 2007
Cambridge Journal of Economics 2008 32(2):257-271; doi:10.1093/cje/bem036
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© The Author 2007. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

The energy behind Vernon Smith's experimental economics

Kyu Sang Lee and Philip Mirowski*

* Ajou University, Korea and University of Notre Dame, USA, respectively

Address for correspondence: Kyu Sang Lee, College of Social Sciences, Ajou University, San 5, Wonchun-dong, Yeongtong-gu, Suwon-si, Gyeonggi-do, Korea; email: kyuslee{at}ajou.ac.kr

This paper begins with the interplay of the induced value theory and the Hayek hypothesis, and subsequently suggests that we need to understand Vernon Smith's experimental method as not simply empirical, but encompassing a commitment to a special version of neoclassical demand theory. To this end, we compare his commitment to Harold Hotelling's important work on demand, an exemplar of what we dub the Mirowski–Hands thesis. By providing an overview of Smith's research up until the mid-1970s, we place this progenitor of experimental economics in a new light, revealing his special epistemic commitments.

Key Words: Vernon Smith • Hayek hypothesis • Induced value theory • Mirowski–Hands thesis • Energy metaphor

JEL classifications: B21, B31, C90, C92

Manuscript received March 1, 2006; final version received May 21, 2007.


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