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Economics in the lab: Completeness vs. testability

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  • Francesco Guala

Abstract

Two important arguments in the methodological literature on experimental economics rely on the specification of a domain for economic theory. The first one is used by some experimenters in their skirmishes with economic theorists, and moves from the assumption that theories have (or ought to have) their domain of application written in their assumptions. The other one is used to play down the relevance of certain unwelcome experimental results, and moves from the symmetric assumption that the domain of economic theory is more limited than a literal reading of its assumptions would suggest. Of course, only one of them can be right. In this paper I criticise the former, and outline some well-known arguments that strongly point in the direction of the incompleteness of economic theory. Some remarks on the role of methodological arguments conclude the paper.

Suggested Citation

  • Francesco Guala, 2005. "Economics in the lab: Completeness vs. testability," Journal of Economic Methodology, Taylor & Francis Journals, vol. 12(2), pages 185-196.
    • Handle: RePEc:taf:jecmet:v:12:y:2005:i:2:p:185-196
    DOI: 10.1080/13501780500086024
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    1. Smith, Vernon L, 1982. "Microeconomic Systems as an Experimental Science," American Economic Review, American Economic Association, vol. 72(5), pages 923-955, December.
    2. Cartwright,Nancy, 1999. "The Dappled World," Cambridge Books, Cambridge University Press, number 9780521643368.
    3. Cartwright,Nancy, 1999. "The Dappled World," Cambridge Books, Cambridge University Press, number 9780521644112.
    4. Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521415019, December.
    5. Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521425230, December.
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    Cited by:

    1. Fiore, Annamaria, 2009. "Experimental Economics: Some Methodological Notes," MPRA Paper 12498, University Library of Munich, Germany.
    2. Ohana, Marc, 2009. "La réciprocité sur le marché du travail : les limites du laboratoire," L'Actualité Economique, Société Canadienne de Science Economique, vol. 85(2), pages 239-256, juin.

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