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"This Handbook heralds the emergence of experimental economics as a field within economics. Several chapters emphasize that strong connections are developing to such fields as industrial organization and macroeconomics.
Experimental economics is an exciting new development (Samuelson and Nordhaus, 1992, p.5). Between these two editions, economists had managed to set up experiments similar to the ones conducted in the natural sciences. But, even more importantly, the results generated by these experiments began to be considered by an increasing number
Feb 5, 2018 · Economic experiments are not simulations or role-playing exercises. They involve real people who make serious choices. Through their efforts, participants stand to make or lose substantial amounts of money.
Suppose the economy is in long-run equilibrium. The supply shock hits for one period (νt > 0) and then goes away (νt+1 = 0) Note that from the definition of a shock, we know that the long run equilibrium values are unchanged.
Jan 1, 2018 · Contemporary experimental economics was born in the 1950s from the combination of the experimental method used in psychology and new developments in economic theory. Early experimental studies of bargaining behaviour, social dilemmas, individual decision making and...
- Francesco Guala
Jan 1, 2010 · Economics is an experimental science, as well as a theoretical and observational one. In this essay we discuss our views on what experiments can contribute to economics. Our focus is mainly on the relationship between theory and experiments.
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Jul 4, 2019 · In economic experiments, monetary incentives (including a show up fee) must be provided and deception must not be used (Davis & Holt, 1993). It is also common to have a follow-up survey collecting data on socio-economic characteristics of the subjects and using these in the econometric exercise.
