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The same face of the two Smiths: Adam Smith and Vernon Smith


  • Paganelli, Maria Pia


Going from personal to impersonal exchange seems to be a relevant feature that allows humans to develop complex societies and grow prosperous. Adam Smith's idea of moral imagination, embodied in the impartial spectator and achieved through sympathy, may integrate and complement today's evolutionary biology and experimental economic explanations, providing the missing key as to how we generate and internalize those rules of conduct that promote fair and cooperative behaviors.

Suggested Citation

  • Paganelli, Maria Pia, 2011. "The same face of the two Smiths: Adam Smith and Vernon Smith," Journal of Economic Behavior & Organization, Elsevier, vol. 78(3), pages 246-255, May.
  • Handle: RePEc:eee:jeborg:v:78:y:2011:i:3:p:246-255

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    References listed on IDEAS

    1. Smith,Vernon L., 2009. "Rationality in Economics," Cambridge Books, Cambridge University Press, number 9780521133388, March.
    2. Nathan Rosenberg, 1990. "Adam Smith and the Stock of Moral Capital," History of Political Economy, Duke University Press, vol. 22(1), pages 1-18, Spring.
    3. Todd L. Cherry & Peter Frykblom & Jason F. Shogren, 2002. "Hardnose the Dictator," American Economic Review, American Economic Association, vol. 92(4), pages 1218-1221, September.
    4. S. Berninghaus & W. Güth, 2007. "Experimental Economics," Chapters,in: Elgar Companion to Neo-Schumpeterian Economics, chapter 66 Edward Elgar Publishing.
    5. Gordon Tullock, 1985. "Adam Smith and the Prisoners' Dilemma," The Quarterly Journal of Economics, Oxford University Press, vol. 100(Supplemen), pages 1073-1081.
    6. Mary L. Rigdon & Kevin A. McCabe & Vernon L. Smith, 2007. "Sustaining Cooperation in Trust Games," Economic Journal, Royal Economic Society, vol. 117(522), pages 991-1007, July.
    7. Levy, David M. & Peart, Sandra J., 2004. "Sympathy And Approbation In Hume And Smith: A Solution To The Other Rational Species Problem," Economics and Philosophy, Cambridge University Press, vol. 20(02), pages 331-349, October.
    8. Hoffman, Elizabeth & McCabe, Kevin & Smith, Vernon L, 1996. "Social Distance and Other-Regarding Behavior in Dictator Games," American Economic Review, American Economic Association, vol. 86(3), pages 653-660, June.
    9. Khalil, Elias L., 2011. "The mirror neuron paradox: How far is understanding from mimicking?," Journal of Economic Behavior & Organization, Elsevier, vol. 77(1), pages 86-96, January.
    10. Avner Greif, 2006. "History Lessons: The Birth of Impersonal Exchange: The Community Responsibility System and Impartial Justice," Journal of Economic Perspectives, American Economic Association, vol. 20(2), pages 221-236, Spring.
    11. Christopher J. Berry, 2006. "Aristotle, Hobbes and Chimpanzees," Political Studies, Political Studies Association, vol. 54, pages 827-845, December.
    12. Vernon L. Smith, 2003. "Constructivist and Ecological Rationality in Economics," American Economic Review, American Economic Association, vol. 93(3), pages 465-508, June.
    13. Evelyn L. Forget, 2003. "Evocations of Sympathy: Sympathetic Imagery in Eighteenth-Century Social Theory and Physiology," History of Political Economy, Duke University Press, vol. 35(5), pages 282-308, Supplemen.
    14. repec:cup:apsrev:v:100:y:2006:i:03:p:309-318_06 is not listed on IDEAS
    15. Smith, Vernon L., 2010. "What would Adam Smith think?," Journal of Economic Behavior & Organization, Elsevier, vol. 73(1), pages 83-86, January.
    16. James C. Cox & Cary A. Deck, 2005. "On the Nature of Reciprocal Motives," Economic Inquiry, Western Economic Association International, vol. 43(3), pages 623-635, July.
    17. Vernon L. Smith, 1998. "The Two Faces of Adam Smith," Southern Economic Journal, Southern Economic Association, vol. 65(1), pages 2-19, July.
    18. Colin F. Camerer & Richard H. Thaler, 1995. "Anomalies: Ultimatums, Dictators and Manners," Journal of Economic Perspectives, American Economic Association, vol. 9(2), pages 209-219, Spring.
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    Cited by:

    1. Siri Terjesen & Amy Willis, 2016. "Experimental economics and business education: an interview with Nobel Laureate Vernon Lomax Smith," Small Business Economics, Springer, vol. 47(1), pages 261-275, June.
    2. repec:eee:jeborg:v:143:y:2017:i:c:p:223-240 is not listed on IDEAS


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