normative

Failed Experiments Are Especially Valuable

Experiments that fail -- that falsify the experimenter's beliefs -- are especially important because they force the crucial question of why expectations were so far off, which is where genuine learning occurs.

normativepending

Speaker

Vernon Smith

Evidence Quote

And it's important--very important. Experiments that fail are very important, because you have to ask why were our expectations so far off.

Source

Vernon Smith on Adam Smith and the Human EnterpriseEconTalk
Created: 6/13/2026, 12:22:45 AM

My Notes

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