Economics lab: An intensive course in experimental economics by Alessandra Cassar, Dan Friedman

By Alessandra Cassar, Dan Friedman

Experimental Economics is a self-discipline that makes an attempt to provide fiscal conception more impregnable clinical foundations than it has might be had some time past. This notable new e-book will introduce scholars to this important box.

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Extra info for Economics lab: An intensive course in experimental economics

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Here, we will just point to a large and rapidly growing body of materials to help teachers run experiments in the classroom. Since 1992, Greg Delemeester at Marietta College and his collaborators have collected noncomputerized classroom experiments and presented the results in Classroom Expernomics. Arlington Williams of Indiana University has maintained a website for computerized classroom experiments for many years. Charles Holt at Virginia now has an outstanding collection of user-friendly computer programs for this purpose.

These are major activities studied by academic researchers, especially in business schools and public policy schools. However, so far most of the work comes from the experimental psychology tradition. Perhaps in the future economists will contribute as much to the experimental work as they do to the underlying theory, but in the meantime we do not have much to say on this topic. Some experiments have mainly a pedagogical purpose. In later chapters, we will mention complementarities and divergences between pedagogical and scientific Economists go to the laboratory 21 experiments.

For example, you can keep the same trading rules throughout your experiment, or you can have two different institutions like posted price and English auction. As you hold more variables constant, the experiment become simpler and cheaper, but you also learn less about the direct effects and the interactions among variables. Sometimes it takes some serious thinking and careful work through the theory before you can decide on the right control variable. Chapter 17 includes a prime example. The project is one of the few to consider nonlinear dynamics in the laboratory.

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