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Topic: Experimental economics

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In the News (Tue 19 Mar 19)

Essentially, economics is taught as a theory of something that (generally) works in practice to students who wonder whether the theory is what is really working in practice.
Economic experiments are an attempt to reintroduce human behavior to economics and assure the student that the theory of what we're teaching does appear to be at work in practice.
Experimental economics connects the theory that summarizes our observations on exchange to the everyday experience of the student.
ceee.gmu.edu   (0 words)

 Experimental economics - Wikipedia, the free encyclopedia
Experimental economics is the use of experimental methods to evaluate theoretical predictions of economic behaviour.
An embranchment of Experimental economics is Experimental finance, which is the application of Experimental economics in financial markets.
Specifically, economics experiments are often challenged because of concerns about their "internal validity" and "external validity", for example, that they are not applicable models for many types of economic behaviour, so the experiments simply aren't good enough to produce useful answers.
en.wikipedia.org /wiki/Experimental_economics   (1405 words)

 Experimental Economics 2003   (Site not responding. Last check: 2007-10-15)
Economics has a strong theoretical side with many models, explanations and predictions (some of the models lead to conflicting predictions).
Many economic models are quite general, for example a market model might apply to 10 buyers and 10 sellers as well as 10,000 buyers and 10,000 sellers.
In the last two decades economics has rapidly developed, and now there are thousands of experiments and studies on economic theories and hypotheses.
envstudies.brown.edu /courses/EC172/syllabus2003.htm   (0 words)

 The Interdisciplinary Center for Economic Science (ICES) at George Mason University
The Interdisciplinary Center for Economic Science (ICES) at George Mason University is a research center and laboratory specializing in experimental economics.
Experimental economics is the application of the laboratory method to test the validity of various economic theories and to test bed new market mechanisms.
"Experimental Methods in Economics," The New Palgrave: A Dictionary of Economics, John Eatwell, Murray Milgate, and Peter Newman, reproduced with permission of Palgrave.
www.ices-gmu.org   (0 words)

 Department of Economics at Appalachian State University   (Site not responding. Last check: 2007-10-15)
It was thought economics was limited to studying observations drawn from the uncontrolled complexities of human and social behavior; it was not possible to perform the controlled experiments of the chemist or biologist.
Economics has undergone a a scientific revolution that has increased the power and influence of the discipline, and other social sciences are following.
A well-established finding in experimental economics is that institutions matter because the rules matter, and the rules matter because incentives matter.
www.business.appstate.edu /departments/Economics/econlab.htm   (0 words)

 Vernon Smith, Nobel prize, economics, electricity, deregulation, retail, choice, lynne kiesling   (Site not responding. Last check: 2007-10-15)
One fundamental concept in experimental economics is the idea of testing postulates that are often taken as given in economics, such as individual preferences, and how and why humans turn those preferences into market exchange.
Experimental economics also enables testing of the extent to which we behave in accordance with neoclassical economic assumptions.
Experimental methodology improves upon standard economics in reflecting tacit knowledge -- when we make choices, including social interaction choices like market exchange, we are not always conscious of all of the information that we bring to bear in making them.
www.rppi.org /vernonsmithmarketlaboratory.html   (0 words)

 Contingent Valuation, Hypothetical Bias, and Experimental Economics Agricultural and Resource Economics Review - Find ...
Economists have had mixed success in developing techniques designed to control for this "hypothetical bias." This paper highlights the role of experimental economics in addressing hypothetical bias, and identifies a gap in the existing literature by focusing on the underlying causes of this bias.
Some researchers have expressed concern that this lack of a consequential economic commitment in CV surveys often leads to hypothetical bias in which economic values are overstated.
Experimental research has a well-established framework which was widely recognized when Vernon Smith became a co-recipient of the Nobel Memorial Prize in Economics "for having established laboratory experiments as a tool in empirical economic analysis." What distinguishes experiments from other empirical techniques are control and replication.
www.findarticles.com /p/articles/mi_qa4046/is_200410/ai_n9469999   (0 words)

 Al Roth's game theory, experimental economics, and market design page
The experimental lab at the University of Mannheim was the host to the ESA conference in June '98.
Experimental Economics Laboratory at McMaster University is directed by Stuart Mestelman and Andrew Muller.
The Centre for Experimental Economics at the University of York.
kuznets.fas.harvard.edu /~aroth/alroth.html   (0 words)

 Behavioral finance - Wikipedia, the free encyclopedia
Economics Nobel Laureate Daniel Kahneman, was an important figure in the development of behavioral finance and economics and continues to write extensively in the field.
Behavioral finance and behavioral economics are closely related fields which apply scientific research on human and social cognitive and emotional biases to better understand economic decisions and how they affect market prices, returns and the allocation of resources.
Models in behavioral economics are typically addressed to a particular observed market anomaly and modify standard neo-classical models by describing decision makers as using heuristics and being affected by framing effects.
en.wikipedia.org /wiki/Behavioural_economics   (0 words)

 Laboratory Experiments in Economics and Political Science   (Site not responding. Last check: 2007-10-15)
At Caltech experimental economics is one of the courses that satisfies the Institute laboratory course requirements for undergraduates.
In economics his work with Vernon Smith led to the discovery of the "posted price effect" and to the measurement of efficiency in experimental markets, both of which are central to the foundations of policy related experimental work on market institutions.
The research in economics has continued to b e the first in the opening of new basic scientific issues including externalities in markets, the nature of information aggregation in markets, market stability, the operations of multiple markets including general equilibrium, international trade, inter n ational finance and macro-economics.
www.hss.caltech.edu /~cplott   (0 words)

 SIRCA Experimental Economics Laboratory
The SIRCA Experimental Economics Laboratory (SEELab) is a business unit of SIRCA, and extends SIRCA's research expertise and infrastructure into the area of experimental economics.
We manage experimental economics lab facilities at a number of university campuses, and can provide easy access to labs and student participants for persons wishing to run experiments.
ICES is headed by Professor Vernon Smith, who was the co-reciepient of the 2002 Nobel Prize for Economics, in recognition of his contributions to the field of Experimental Economics.
see-lab.sirca.org.au   (0 words)

 Amazon.com: Experimental Economics: Books: Douglas D. Davis,Charles A. Holt   (Site not responding. Last check: 2007-10-15)
This is a recommendable introduction to experimental economics which demonstrates the experimental method of data collection and also presents some of its major findings....
On top of that, experimental economics is relatively unpopular, despite its breakthrough in the last two decades, and is taught in very few select doctoral programs in the United States, ignored pretty much everywhere else.
In this respect, experimental economics is virtually the only tool to test the logically valid economic and psychological theories conceived outside the experimental field, as it should be.
www.amazon.com /Experimental-Economics-Douglas-D-Davis/dp/0691043175   (0 words)

 The Prize in Economics 2002 - Press Release
Economics has also been widely considered a non-experimental science, relying on observation of real-world economies rather than controlled laboratory experiments.
Nowadays, however, a growing body of research is devoted to modifying and testing basic economic assumptions; moreover, economic research relies increasingly on data collected in the lab rather than in the field.
In his own experimental work, he has demonstrated the importance of alternative market institutions, e.g., how the revenue expected by a seller depends on the choice of auction method.
nobelprize.org /nobel_prizes/economics/laureates/2002/press.html   (0 words)

 George Mason’s Experimental Economics Center Is Leader in Field -- Mason Gazette
When a team of seven distinguished economics professors from the University of Arizona joined George Mason’s faculty last year, many were reminded of James Buchanan who won the 1986 Nobel Prize in Economics.
The main focus of the group’s work in experimental economics is to use the lab to study markets, such as the New York Stock Exchange.
“Experimental economics has leaped to the frontier of modern economic science and is commonly considered the most important recent development in the profession,” says Tyler Cowen, executive director of the Mercatus Center and associate professor of economics.
www.gmu.edu /news/gazette/0209/economics.html   (0 words)

 Graduate - Experimental Economics - 208006 - John Hey
Note that there will be an Experimental Economics Seminar this week on Thursday the 23rd of November 2000, from 4.15 pm to 5.45 pm in the EXEC laboratory in Derwent D block room 203.
The aims of this module are to introduce you to the methodology, philosophy and practice of Experimental Economics.
Its learning objectives are to get you to be able to criticise constructively the experimental work of others and to carry out your own experimental work yourself, whilst at the same time getting some knowledge of what experimental work has been done by others and the contribution of that work to the science of economics.
www-users.york.ac.uk /~jdh1/execo.html   (0 words)

 MSc Economics and Experimental Economics at the University of Exeter
This programme is designed for those wishing to pursue a degree in economics that integrates wtih recent developments in experimental economics.
As part of this programme, you will be involved in FEELE, the Finance and Economics Experimental Laboratory at Exeter.
In the second semester, you take the Experimental Economics and Finance module, along with one other option module from the list of those available.
www.sobe.ex.ac.uk /postgraduate/msc_ex   (0 words)

 Tilman Slembeck's Links for Economists
Laboratory of Experimental Economics at the University of Bonn
Experimental Economics Laboratory at the University of East Anglia
OR to the Department of Economics or the University of St.Gallen.
www.slembeck.ch /slem-lin.html   (0 words)

 Experimental Economics/Decision Theory
Members of the group pioneered the early development of experimentation in economics in the UK and established UEA as one of the leading centres for experimental economics in Europe.
A long-term feature of the group's research is a concern with foundational issues, drawing on ideas from philosophy and psychology, as well as from economics.
The new experimental economics laboratory is based in the recently completed ZICER building which is where CSERGE and the Centre for the Economic and Behavioural Analysis of Risk and Decision (CEBARD) are based.
www.uea.ac.uk /eco/research/experimental_ec.htm   (0 words)

 Reason Magazine - The Experimental Economist   (Site not responding. Last check: 2007-10-15)
En route to winning the Nobel, he served as president of the Public Choice Society and the Economic Science Society, received countless awards, and published widely (Cambridge University Press has published two volumes of his papers in experimental economics).
In the fall of 1955, I was teaching principles of economics at Purdue.
These days, experimental economics is a growing subfield with international scope.
www.reason.com /news/show/32546.html   (0 words)

 UNM Economics Department: Experimental Economics
The Experimental Economics research undertaken at UNM has been largely directed toward complementing the major applied microeconomics fields in the department.
Thus, the experimenter is able to control which information is private and which is common knowledge.
The subject stations in the research laboratory are networked via two networks and the experimenter may choose which one to use to conduct the experiments.
www.unm.edu /~econ/research/experimental.html   (0 words)

 Economic Science Lab :: Home
The Economic Science Laboratory (ESL) at the University of Arizona was founded in 1985.
The Director of ESL from 1985 to 2001 was Vernon L. Smith, 2002 Nobel Laureate in Economics.
The ESL also actively creates experimental economics software that is made publicly available.
www.econlab.arizona.edu   (0 words)

 Economics School of Business - VCU
The Department of Economics at Virginia Commonwealth University consists of 14 full-time faculty members, all of whom hold a Ph.D. At the undergraduate level, the Department offers majors and minors in both the College of Humanities and Sciences and the School of Business.
Members of the faculty, individually and in conjunction with the Center for Public Policy, conduct a wide variety of economic analyses and statistical studies for public and private organizations.
The Department of Economics offers a curriculum in both the School of Business and the College of Humanities and Sciences and provides instruction at the undergraduate, graduate, and professional levels.
www.bus.vcu.edu /economics   (0 words)

 Department of Economics at Appalachian State University
The Department of Economics offers a diverse set of courses to both undergraduates and graduate students.
The strength of the Department of Economics is representative of the overall academic quality of the university.
Appalachian was also ranked 38th nationally among all public universities for education value by Kiplinger and chosen as the college of the year among all comprehensive universities by Time magazine.
www.business.appstate.edu /departments/economics   (0 words)

 Neuroeconomics at Caltech
Neuroeconomics is a branch of "behavioral economics." Behavioral economics uses facts and ideas from social sciences that are neighbors of economics (psychology, sociology, anthropology) to show how willpower, concern for other people, limits on calculating ability, and biology influence economic behavior.
Neuroeconomics is also a new kind of "experimental economics." In experimental economics, we create simple bargaining games and markets, with economic motivation, to test theories and establish what variables cause economic outcomes.
Neuroeconomics expands experimental economics by measuring biological and neural processes as people choose, bargain, and trade.
www.neuro-economics.org   (0 words)

 Experimental Economics
This seminar is intended to help the participants develop hands-on experience in identifying interesting economics questions, designing and conducting economics experiments and analyzing the data to address those questions.
Please discuss any help you need on the experiment with me. This experimental mimicking will be your preparation to design and conduct your own experiment in the later part of the seminar.
Alvin Roth, “Introduction to Experimental Economics,” Chapter 1 in John Kagel and Alvin Roth, eds.
www.som.yale.edu /faculty/Sunder/ExperimentalEconomics/ExpEcon.html   (0 words)

 The Centre for Decision Research and Experimental Economics
The Centre for Decision Research and Experimental Economics (CeDEx) was founded in 2000, and is based in the School of Economics at the University of Nottingham.
The focus for the Centre is research into individual and strategic decision-making using a combination of theoretical and experimental methods.
Members of the Centre have applied experimental methods in the fields of Public Economics, Individual Choice under Risk and Uncertainty, Strategic Interaction, and the performance of auctions, markets and other economic institutions.
www.nottingham.ac.uk /economics/cedex   (0 words)

 Davis, D.D. and Holt, C.A.: Experimental Economics.
A small but increasing number of economists have begun to use laboratory experiments to evaluate economic propositions under carefully controlled conditions.
Experimental Economics is the first comprehensive treatment of this rapidly growing area of research.
Covering methodological and procedural issues as well as theory, Experimental Economics is not only a textbook but also a useful introduction to laboratory methods for professional economists.
press.princeton.edu /titles/5255.html   (0 words)

 Experimental Economics Center, Andrew Young School of Policy Studies
EXCEN, the EXperimental Economics CENter, was founded in 2006 to support research, teaching, and policy applications involving controlled experiments with human decision makers.
The Center's central objective is to promote the development and application of economics and related academic disciplines as empirical social science.
Teaching and research support facilities developed and maintained by the Center include the Andrew Young School of Policy Studies experimental economics laboratory and EconPort, an economics digital library recently featured in the Netwatch section of Science.
excen.gsu.edu   (0 words)

 Department of Economics, North-Eastern Hill University, Shillong, India
Research in Economics of North-Eastern Region of India and Institutional Economics has been a special involvement of the Department.
The thrust areas of research in the Department are : Economics of NER, Rural Development, Institutional Economics, Poverty Studies, Industrial Economics, Econometrics and Agricultural Economics.
Research publications by the faculty members of the Department in these areas are a significant contribution to the literature in economics in general and the economics of the North-Eastern Region in particular.
www.geocities.com /nehu_economics   (0 words)

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