In defining a microeconomic system two distinct component elements will be identified: an environment and an institution. The environment consists of a list of N economic agents {l,..., N}, a list of K + 1 commodities (including resources) {O, l,..., K}, and certain characteristics of each agent ... Hence, a microeconomic environment is defined by the collection of characteristics e. (Vernon L. Smith)

In defining a microeconomic system two distinct component elements will be identified: an environment and an institution. The environment consists of a list of N economic agents {l,..., N}, a list of K + 1 commodities (including resources) {O, l,..., K}, and certain characteristics of each agent ... Hence, a microeconomic environment is defined by the collection of characteristics e.

Vernon L. Smith

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agent certain collection component defining environment institution list system elements

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