Usa winter destinations for The prices were obtained in the laboratory were very similar to their theoretical values, even though the subjects did not have sufficient knowledge to calculate such a price. Later experiments undoubtedly confirmed the agreement of the theory with the initial laboratory experiments. Smith was also able to test the theoretical predictions of different types of auctions. In one controlled laboratory experiment, he upheld the notion, then only theoretically proven, that a seller could expect the same amount of revenue in an English auction (buyers increase their bids until no higher bid is recognized) as they could in a sealed second-bid auction (highest bidder pays second-highest bid.) Smith also refuted the theoretical equivalence of the Dutch auction (a high bid is eventually lowered into an acceptable one) and the first-price sealed auction (highest bidder pays his bid.) Smith is the author of many essays covering a wide range of economic theories, including ones published in the Journal of Political Economy and the American Economic Review. In 2000, he compiled some of his best works for the publication Bargaining and Market Behavior: Essays in Experimental Economics. Usa winter destinations 2016.