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Experimental economics is the use of experimental methods to evaluate theoretical predictions of economic behaviour. It uses controlled, scientifically-designed experiments to test economic theories under laboratory conditions. Typical empirical research is limited by the fact that only a subset of the set of all possible influences affect (or can be observed to be affecting) economic decision making; therefore, the ability to control for certain influences is limited or non-existent. With experiments, economists can fix some inputs and measure the effects of other inputs in a way that allows ceteris-paribus comparisons.
Additionally, economic theory depends on assumptions about the preferences of economic agents. Whether these assumptions are correct is not observable from economic activity. All that can be said is that the preference can be inferred from the choice. Experimental economists use laboratory conditions to identify preferences and to examine if those preferences actually influence economic choices the way the theory says they should.
Experimental economics is an inter-disciplinary science. Not only are the economists usually well-versed in areas other than economics and mathematics, but also they work with other social scientists to determine the biological, social, and psychological reasons and causes for the choices the test subjects make. The Interdisciplinary Center for Economic Science at George Mason University, founded by 2002 Nobel Prize winner Vernon Smith, is one example of the collaboration of researchers with different areas of expertise.
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[Blog Post] Behavioral Economics in the Supreme Court: The clash between a priori and experimental economics was jo... http://bit.ly/5pSruP
IncidentalEcon (Austin Frakt) Thu, 17 Dec 2009 11:16:54 -0000
[Blog Post] Behavioral Economics in the Supreme Court: The clash between a priori and experimental economics was jo... http://bit.ly/5pSruP
announces a conference: Thurgau Experimental Economics Meeting ... on April 22, 2010 in Kreuzlingen, Switzerland http://bit.ly/6vGqiv
INOMICS (INOMICS) Fri, 11 Dec 2009 08:48:22 -0000
announces a conference: Thurgau Experimental Economics Meeting ... on April 22, 2010 in Kreuzlingen, Switzerland http://bit.ly/6vGqiv
cEBR Guide to Experimental Business Research - Many links to experimental economics provided by the Center of Experimental Business Research at the Hong Kong University of Science and Technology.
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Classroom Expernomics - Newsletter dedicated to the use of economic experiments as a teaching tool for the classroom.
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Comlabgames - Internet/intranet software to design and run noncooperative games between human subjects, and analyze the experimental outcomes.
EEPS Software - Software of the Laboratory for Experimental Economics and Political Science, California Institute of Technology
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ENDEAR - European Network for the Development of Experimental Economics and its Application to Research on Institutions and Individual Decision Making.
ESA - Economic Science Association, brings together people who do economic experiments and who are interested in experimental economics.
Experiments with Economic Principles - Web site for the microeconomics textbook which incorporates classroom experiments. Site includes experiences of educators and teaching resources.
First Asian Conference on Experimental Business Research - December 7 - 10, 1999 organized by the Center for Experimental Business Research, Hong Kong University of Science and Technology.
TAC - Trading Agent Competition - Web-site of The Michigan Trading Agent Competition (TAC), an annual tournament in which the trading strategies of various automated agents are pitted against each other in several different trading games.
Y2K Bibliography of Experimental Economics and Social Science - A bibliography containing about 2500 citations, with keywords and selected abstracts, for papers in economics and other social sciences that use laboratory experiments to study human behavior (political science, psychology, law, finance, and accounting).
Meta Description: [ This is a bibiography containing about 2500 citations, with keywords and selected abstracts, for papers in economics and other social sciences that use laboratory experiments to study human behavior (political science, psychology, law, finance, accounting, etc.) ]
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