Advanced Search
MyIDEAS: Login to save this article or follow this journal

Theory and experiment: What are the questions?

Contents:

Author Info

  • Smith, Vernon L.

Abstract

This paper deals generally with testing questions that arise both when experimental observations are in accord with the actions we predict, and when they are not. In both cases the inference of truth from observation is inherently ambiguous, and we face the daunting challenge of using our experimental skills and imagination to reduce this ambiguity. Primarily and most difficult of all we have to constantly reevaluate everything, including ourselves, especially in examining how we talk about and interpret our data. Although I will be drawing on examples and experience from laboratory experiments, the issues I consider apply just as meaningfully to other empirical studies whether from field experiments or observations from past records of socioeconomic processes.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.sciencedirect.com/science/article/B6V8F-4VP6653-1/2/02ae47ff85504ad43673dde2b98ded74
Download Restriction: Full text for ScienceDirect subscribers only

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.

Volume (Year): 73 (2010)
Issue (Month): 1 (January)
Pages: 3-15

as in new window
Handle: RePEc:eee:jeborg:v:73:y:2010:i:1:p:3-15

Contact details of provider:
Web page: http://www.elsevier.com/locate/jebo

Related research

Keywords: Experimental economics Game theory Methodology of science;

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Schotter Andrew & Weigelt Keith & Wilson Charles, 1994. "A Laboratory Investigation of Multiperson Rationality and Presentation Effects," Games and Economic Behavior, Elsevier, vol. 6(3), pages 445-468, May.
  2. Cox, James C., 2004. "How to identify trust and reciprocity," Games and Economic Behavior, Elsevier, vol. 46(2), pages 260-281, February.
  3. David J Cooper & John B Van Huyck, 2002. "Evidence on the Equivalence of the Stratetic and Extensive Form Representation of Games," Levine's Working Paper Archive 234936000000000001, David K. Levine.
  4. Steven Gjerstad, 2013. "Price dynamics in an exchange economy," Economic Theory, Springer, Springer, vol. 52(2), pages 461-500, March.
  5. Bart J. Wilson, 2008. "Contra Private Fairness," Working Papers 08-04, Chapman University, Economic Science Institute.
  6. Andreoni, J., 1993. "Cooperation in Public Goods Experiments: Kindness or Confusion?," Working papers, Wisconsin Madison - Social Systems 9309, Wisconsin Madison - Social Systems.
  7. McCabe, Kevin & Houser, Daniel & Ryan, Lee & Smith, Vernon & Trouard, Ted, 2001. "A Functional Imaging Study of Cooperation in Two-Person reciprocal Exchange," MPRA Paper 5172, University Library of Munich, Germany.
  8. Hoffman Elizabeth & McCabe Kevin & Shachat Keith & Smith Vernon, 1994. "Preferences, Property Rights, and Anonymity in Bargaining Games," Games and Economic Behavior, Elsevier, vol. 7(3), pages 346-380, November.
  9. Friedman, Daniel, 1984. "On the Efficiency of Experimental Double Auction Markets," American Economic Review, American Economic Association, American Economic Association, vol. 74(1), pages 60-72, March.
  10. Lei, Vivian & Noussair, Charles N & Plott, Charles R, 2001. "Nonspeculative Bubbles in Experimental Asset Markets: Lack of Common Knowledge of Rationality vs. Actual Irrationality," Econometrica, Econometric Society, Econometric Society, vol. 69(4), pages 831-59, July.
  11. Burnham, Terence & McCabe, Kevin & Smith, Vernon L., 2000. "Friend-or-foe intentionality priming in an extensive form trust game," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 43(1), pages 57-73, September.
  12. Daniel Houser & Robert Kurzban, 2002. "Revisiting Kindness and Confusion in Public Goods Experiments," American Economic Review, American Economic Association, American Economic Association, vol. 92(4), pages 1062-1069, September.
  13. Stanley Reiter, 1978. "A Dynamic Process of Exchange," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 347, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  14. Hume, David, 1739. "A Treatise of Human Nature (I) Of the Understanding," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, McMaster University Archive for the History of Economic Thought, volume 1, number hume1739.
  15. Porter, David P & Smith, Vernon L, 1995. "Futures Contracting and Dividend Uncertainty in Experimental Asset Markets," The Journal of Business, University of Chicago Press, vol. 68(4), pages 509-41, October.
  16. Kalai, Ehud & Lehrer, Ehud, 1993. "Rational Learning Leads to Nash Equilibrium," Econometrica, Econometric Society, Econometric Society, vol. 61(5), pages 1019-45, September.
  17. Smith, Vernon L & Suchanek, Gerry L & Williams, Arlington W, 1988. "Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets," Econometrica, Econometric Society, Econometric Society, vol. 56(5), pages 1119-51, September.
  18. Hume, David, 1740. "A Treatise of Human Nature (III) Of Morals," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, McMaster University Archive for the History of Economic Thought, volume 3, number hume1740.
  19. Todd L. Cherry & Stephan Kroll & Jason F. Shogren, 2003. "The Impact of Endowment Heterogeneity and Origin on Public Good Contributions: Evidence from the Lab," Working Papers, Department of Economics, Appalachian State University 03-05, Department of Economics, Appalachian State University.
  20. Arlington W. Williams & John O. Ledyard & Steven Gjerstad & Vernon L. Smith, 2000. "Concurrent trading in two experimental markets with demand interdependence," Economic Theory, Springer, Springer, vol. 16(3), pages 511-528.
  21. Pamela Schmitt, 2004. "On Perceptions of Fairness: The Role of Valuations, Outside Options, and Information in Ultimatum Bargaining Games," Experimental Economics, Springer, Springer, vol. 7(1), pages 49-73, February.
  22. Mary L. Rigdon & Kevin A. McCabe & Vernon L. Smith, 2007. "Sustaining Cooperation in Trust Games," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 117(522), pages 991-1007, 07.
  23. Erte Xiao & Daniel Houser, 2005. "Emotion expression in human punishment behavior," Experimental, EconWPA 0504003, EconWPA, revised 18 May 2005.
  24. Charles Noussair & Steven Tucker, 2006. "Futures Markets And Bubble Formation In Experimental Asset Markets ," Pacific Economic Review, Wiley Blackwell, Wiley Blackwell, vol. 11(2), pages 167-184, 06.
  25. Todd L. Cherry & Peter Frykblom & Jason F. Shogren, 2002. "Hardnose the Dictator," Working Papers, Department of Economics, Appalachian State University 02-06, Department of Economics, Appalachian State University.
  26. Forsythe Robert & Horowitz Joel L. & Savin N. E. & Sefton Martin, 1994. "Fairness in Simple Bargaining Experiments," Games and Economic Behavior, Elsevier, vol. 6(3), pages 347-369, May.
  27. McCabe, Kevin A. & Rassenti, Stephen J. & Smith, Vernon L., 1998. "Reciprocity, Trust, and Payoff Privacy in Extensive Form Bargaining," Games and Economic Behavior, Elsevier, vol. 24(1-2), pages 10-24, July.
  28. Banks, Jeffrey & Olson, Mark & Porter, David & Rassenti, Stephen & Smith, Vernon, 2003. "Theory, experiment and the federal communications commission spectrum auctions," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 51(3), pages 303-350, July.
  29. Ernst Fehr & Urs Fischbacher, 2002. "Why Social Preferences Matter -- The Impact of Non-Selfish Motives on Competition, Cooperation and Incentives," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 112(478), pages C1-C33, March.
  30. Oxoby, Robert J. & Spraggon, John, 2008. "Mine and yours: Property rights in dictator games," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 65(3-4), pages 703-713, March.
  31. Hume, David, 1739. "A Treatise of Human Nature (II) Of the Passions," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, McMaster University Archive for the History of Economic Thought, volume 2, number hume1739a.
  32. Elizabeth Hoffman & Kevin McCabe & Vernon Smith, 2000. "The Impact of Exchange Context on the Activation of Equity in Ultimatum Games," Experimental Economics, Springer, Springer, vol. 3(1), pages 5-9, June.
  33. Berg Joyce & Dickhaut John & McCabe Kevin, 1995. "Trust, Reciprocity, and Social History," Games and Economic Behavior, Elsevier, vol. 10(1), pages 122-142, July.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:eee:jeborg:v:73:y:2010:i:1:p:3-15. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.