Microeconomics
Microeconomics
10th Edition
ISBN: 9781259655500
Author: David C Colander
Publisher: McGraw-Hill Education
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Chapter 1, Problem 12IP
To determine

Explain the implications that will be for the economic policy.

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"Vernon Smith started a series of experiments to see whether basic predictions of the standard economic model about markets would prove correct. [...] Basically, the predictions proved good. A stunning result! Maybe, therefore, it doesn't matter if people are not like homo oeconomicus; the standard economic model can still work." (quote shortened, source: Edward Cartwright in his textbook "Behavioral Economics" (3rd edition, p. 8)). What kind of criticism of the standard economics model does Cartwright refer to? Explain why Vernon's findings can be used to support and uphold the standard model of microeconomics despite unrealistic assumptions?
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