The Two Faces of Adam Smith Vernon L

The Two Faces of Adam Smith Vernon L. Smith 9648041 9648023 9648005 9648037 包家蔚 羅亦婷 鄭宇晴 蘇匯文

交易的源起 利己 v. s 利他 (Self-regarding and other-regarding) 財產權 (property right) 互惠行為 (reciprocity behavior) “human nature”

Evolutionary Psychology and “Mindreading: ” Implications for Property Right as Natural Order �Aware of one’s own thoughts and desires �“all we do in life is discover what is already built into our brains” �The autistic child is not aware of mental phenomena in others �This enables me to see not only the value to me of possessing certain rights to act but also to know intuitively the value of such rights for others

The Experimental Record Shows that Human Nature is both Self-regarding and Other-regarding Noncooperative Behavior Makes Impersonal Markets Work �The key is to distinguish impersonal market exchange from personal social and economic exchange, and to understand that efficiency in the former is based on Noncooperative Behavior while efficiency in the latter requires reciprocity

�In impersonal markets, people behave noncooperatively, and this maximizes the gains from exchange

實驗經濟學：合作實驗 實驗假設：在合作實驗中，人們會壓倒性地選擇不 與他人合作(FOR SURE) 實驗結果：有一半的人願意冒險，選擇與他人合作 (TRUST) Why? Many people are programmed for repeated social exchange. This is part of their NATURAL INSTINCTS.

實驗經濟學：權力分配實驗 隨著權力正當性的提高，分配越來越不公平，但人們 普遍接受(Each correctly “reads” the mind of the other) 公平性FAIRNESS Why are people fair? Theory of Moral Sentiments