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Economics in the Laboratory

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Smith, Vernon L

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Abstract

The questions addressed in this paper include: What is a laboratory experiment? What are the reasons why economists conduct such experiments? What have we learned? Among the many findings of experiments are included: institutions (the rules of exchange) matter; optimization in markets is not achieved by conscious calculation; less information is sometimes better; common information is not sufficient to yield common 'knowledge' or expectations; underrevelation is compatible with efficiency; and fairness is a matter of tastes or expectations. Also discussed is the methodological role of experiments in contributing to our knowledge of how things work. Copyright 1994 by American Economic Association.

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Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 8 (1994)
Issue (Month): 1 (Winter)
Pages: 113-31
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Handle: RePEc:aea:jecper:v:8:y:1994:i:1:p:113-31

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  2. Morten Søberg, 2002. "The Duhem-Quine thesis and experimental economics. A reinterpretation," Discussion Papers 329, Research Department of Statistics Norway. [Downloadable!]
  3. Tom Warke, 2000. "Classical Utilitarianism and the methodology of determinate choice, in economics and in ethics," Journal of Economic Methodology, Taylor and Francis Journals, vol. 7(3), pages 373-394, November. [Downloadable!] (restricted)
  4. Christoph Engel & Elke U. Weber, 2006. "The Impact of Institutions on the Decision How to Decide," Working Paper Series of the Max Planck Institute for Research on Collective Goods 2006_19, Max Planck Institute for Research on Collective Goods. [Downloadable!]
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  5. Juan Camilo Cardenas & Jeffrey P. Carpenter, 2005. "Experiments and Economic Development: Lessons from Field Labs in the Developing World," Middlebury College Working Paper Series 0505, Middlebury College, Department of Economics. [Downloadable!]
  6. W. Bentley MacLeod, 1996. "Decision, Contract and Emotion: Some Economics for a Complex and Confusing World," Boston College Working Papers in Economics 336., Boston College Department of Economics. [Downloadable!]
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  7. Robin P. Cubitt & Chris Starmer & Robert Sugden, 2001. "Discovered preferences and the experimental evidence of violations of expected utility theory," Journal of Economic Methodology, Taylor and Francis Journals, vol. 8(3), pages 385-414, November. [Downloadable!] (restricted)
  8. Lei, Vivian & Noussair, Charles & Plott, Charles R., 2002. "Asset Bubbles and Rationality: Additional Evidence from Capital Gains Tax Experiments," Working Papers 1137, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
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  10. Arthur J.H.C. Schram, 2002. "Experimental Public Choice," Tinbergen Institute Discussion Papers 02-106/1, Tinbergen Institute. [Downloadable!]
  11. Bradley J. Ruffle & Orit Tykocinski, 2000. "The Deadweight Loss of Christmas: Comment," American Economic Review, American Economic Association, vol. 90(1), pages 319-324, March. [Downloadable!] (restricted)
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  13. Frances X. Frei & Patrick T. Harker & Larry W. Hunter, 1995. "Performance in Consumer Financial Services Organizations: Framework and Results from the Pilot Study," Center for Financial Institutions Working Papers 95-03, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
  14. Wayne Edwards & Lee Huskey, 2008. "Job search with an external opportunity: an experimental exploration of the Todaro Paradox," The Annals of Regional Science, Springer, vol. 42(4), pages 807-819, December. [Downloadable!] (restricted)
  15. Jeffrey P. Carpenter & Glenn W. Harrison, 2005. "Field Experiments in Economics: An Introduction," Artefactual Field Experiments 0030, The Field Experiments Website. [Downloadable!]
  16. Lucy Ackert & Narat Charupat & Bryan Church & Richard Deaves, 2006. "An experimental examination of the house money effect in a multi-period setting," Experimental Economics, Springer, vol. 9(1), pages 5-16, April. [Downloadable!] (restricted)
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  17. Fiore, Annamaria, 2009. "Experimental Economics: Some Methodological Notes," MPRA Paper 12498, University Library of Munich, Germany. [Downloadable!]
  18. Lucy F. Ackert & Bryan K. Church & Ping Zhang, 2002. "Asset prices and informed traders' abilities: evidence from experimental asset markets," Working Paper 2002-26, Federal Reserve Bank of Atlanta. [Downloadable!]
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  19. Francis Green & Nicholas Tsitsianis, 2004. "Can the Changing Nature of Jobs Account for National Trends in Job Satisfaction?," Studies in Economics 0406, Department of Economics, University of Kent. [Downloadable!]
  20. Menkhaus, Dale & Yakunina, Alla V. & Phillips, Owen R., 2001. "Bilateral Trading And The Curse Of Knowledge: An Experimental Economics Study," 2001 Annual Meeting, July 8-11, 2001, Logan, Utah 36127, Western Agricultural Economics Association. [Downloadable!]
  21. Søberg, Morten, 2003. "The Duhem-Quine thesis and experimental economics: A reinterpretation," Memorandum 21/2002, Oslo University, Department of Economics. [Downloadable!]
  22. Hermann Garbers, . "Agents' Rationality and the CHF/USD Exchange Rate, Part II," IEW - Working Papers iewwp169, Institute for Empirical Research in Economics - IEW. [Downloadable!]
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  24. James Fiet & Pankaj Patel, 2008. "Entrepreneurial Discovery as Constrained, Sytematic Search," Small Business Economics, Springer, vol. 30(3), pages 215-229, March. [Downloadable!] (restricted)
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