First edition. 8vo. xi, [1], 340 pp. Original red cloth, spine lettered in gilt, dust jacket (internally clean and unmarked; the cloth remains notably bright and virtually unworn; jacket price clipped with some light wear to extremities, spine panel faintly toned, notwithstanding a very good indeed). Cambridge, Massachusetts: Harvard University Press, 1961.
The first book by the Nobel Prize winning American economist Vernon Lomax Smith in which he attempted to provide an integrated solution to the theories of investment and production.
Smith was awarded the 2002 Nobel Prize in Economics for his pioneering work on the methodology of laboratory experiments in economics. ’He is a remarkable scholar and a true pioneer in the quest to understand market institutions (such as auction mechanisms) and nonmarket institutions (such as bargaining rules), as well as the structure and motivation of individual behaviour. His methodological contributions helped overturn the traditional notion of economics as an inherently non-experimental science’ (New Palgrave).
