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BE and EE: Cousins but not twins

Author

Listed:
  • Gary Charness

    (Department of Economics, University of California, Santa Barbara, United States)

  • Brianna Halladay

    (Department of Economics, Eastern Connecticut State University, United States)

Abstract

While behavioral economics and experimental economics are largely aligned and share many similarities, they also share differences. Behavioral economics is a collection of theories and models while experimental economics is a tool. The clear union of behavioral and experimental economics allows for a continual growth of knowledge. Behavioral models are refined through observed behavior in the laboratory and observed laboratory behavior yields new behavioral models. Behavioral and experimental economics can very much follow a cycle. Both have become valuable tools to policy makers around the world.

Suggested Citation

  • Gary Charness & Brianna Halladay, 2017. "BE and EE: Cousins but not twins," Journal of Behavioral Economics for Policy, Society for the Advancement of Behavioral Economics (SABE), vol. 1(2), pages 5-9, September.
    • Handle: RePEc:beh:jbepv1:v:1:y:2017:i:2:p:5-9
    as

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    File URL: http://sabeconomics.org/journal/RePEc/beh/JBEPv1/articles/JBEP-1-2-1.pdf
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    References listed on IDEAS

    as
    1. Charness, Gary & Dufwenberg, Martin, 2003. "Promises & Partnership," Research Papers in Economics 2003:3, Stockholm University, Department of Economics.
    2. Armin Falk & James J. Heckman, 2009. "Lab Experiments are a Major Source of Knowledge in the Social Sciences," Working Papers 200935, Geary Institute, University College Dublin.
    3. Gary Charness & Francesco Feri & Miguel A. Meléndez‐Jiménez & Matthias Sutter, 2014. "Experimental Games on Networks: Underpinnings of Behavior and Equilibrium Selection," Econometrica, Econometric Society, vol. 82(5), pages 1615-1670, September.
    4. Vernon L. Smith, 1962. "An Experimental Study of Competitive Market Behavior," Journal of Political Economy, University of Chicago Press, vol. 70(2), pages 111-111.
    5. Gary Charness & Martin Dufwenberg, 2006. "Promises and Partnership," Econometrica, Econometric Society, vol. 74(6), pages 1579-1601, November.
    6. Guth, Werner & Schmittberger, Rolf & Schwarze, Bernd, 1982. "An experimental analysis of ultimatum bargaining," Journal of Economic Behavior & Organization, Elsevier, vol. 3(4), pages 367-388, December.
    7. Gary Charness & Dan Levin, 2009. "The Origin of the Winner's Curse: A Laboratory Study," American Economic Journal: Microeconomics, American Economic Association, vol. 1(1), pages 207-236, February.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Experiments; Behavioral; Policy;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
    • C9 - Mathematical and Quantitative Methods - - Design of Experiments
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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