Most people's acts in economics are not driven by logic or rational thought but by their experience, says professor Vernon Smith who in 2002 received Swedens Central bank Prize in Economic Sciences, known as the Nobel Prize in Economics. He focuses on experiments describing how people behave when they trade. How does our decision-making change as we gradually gain more information? How have his experiments contributed to practice for example in the regulating transport? And why does he think that the main job of schools is to teach us how to learn?

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