Smith is known for establishing laboratory experiments as a tool in empirical analysis, especially in the study of what?
Human Behavior
Market Mechanisms
Urban Development
Globalization Effects
Answer
Market mechanisms are the focus of Smith's empirical analysis, a field in which he pioneered the use of laboratory experiments. This approach involves conducting controlled experiments in a lab setting, allowing researchers to isolate and study specific factors that influence market outcomes.
The Path to Economic Insight: Unraveling the Legacy of Vernon L. Smith