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Beautiful Game Theory by Ignacio Palacios-Huerta

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2

VERNON SMITH MEETS MESSI IN THE LABORATORY

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© TAWNG/STOCKFRESH

When the exact question being asked and the population being studied are mirrored in a laboratory experiment, the information from the experiment can be clear and informative.

—Armin Falk and James Heckman 2009

A FEW YEARS AGO, A MATCH IN THE ARGENTINE PROVINCES HAD TO BE ABANdoned just seconds before the finish when the referee, who had just awarded a penalty, was knocked out by an irate player. The league court decided that the last 20 seconds of the game—the penalty kick, in effect—should be played the next Sunday. That gave everyone a week to prepare for the penalty.

At dinner ...

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