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Searching beyond the lamppost: Let’s focus on economically relevant questions

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  • Oechssler, Jörg

Abstract

Experimental economics is in danger of behaving like the famous drunk who searches for his keys under the light even though he lost them in some dark corner. It is argued that we are wasting our time (and endangering the respect that other economists have for experimentalists) by playing too much with some of our favorite toys, like the dictator game, rather than focus on new and economically relevant designs.

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Paper provided by University of Heidelberg, Department of Economics in its series Working Papers with number 0486.

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Date of creation: 28 Aug 2009
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Handle: RePEc:awi:wpaper:0486

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References

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  1. 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.
  2. Oechssler, Jörg & Roider, Andreas & Schmitz, Patrick W., 2008. "Cooling-Off in Negotiations - Does It Work?," Sonderforschungsbereich 504 Publications, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim 08-06, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
  3. 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.
  4. Smith, Vernon L., 2010. "Theory and experiment: What are the questions?," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 73(1), pages 3-15, January.
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Cited by:
  1. Cheung, Stephen L. & Hedegaard, Morten & Palan, Stefan, 2012. "To See Is To Believe: Common Expectations in Experimental Asset Markets," IZA Discussion Papers 6922, Institute for the Study of Labor (IZA).
  2. Stefan Kohler, 2005. "Fairness vs. Social Welfare in Experimental Decisions," Economics Working Papers, European University Institute ECO2005/11, European University Institute.
  3. Fischbacher, Urs & Hens, Thorsten & Zeisberger, Stefan, 2013. "The impact of monetary policy on stock market bubbles and trading behavior: Evidence from the lab," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 37(10), pages 2104-2122.
  4. Michael Kirchler & Juergen Huber & Thomas Stoeckl, 2011. "Thar she bursts - Reducing confusion reduces bubbles," Working Papers, Faculty of Economics and Statistics, University of Innsbruck 2011-08, Faculty of Economics and Statistics, University of Innsbruck.
  5. Giusti, Giovanni & Jiang, Janet Hua & Xu, Yiping, 2012. "Eliminating Laboratory Asset Bubbles by Paying Interest on Cash," MPRA Paper 37321, University Library of Munich, Germany.
  6. Andreas Orland & Michael W.M. Roos, 2013. "Unstructured Bargaining over an Endogenously Produced Surplus and Fairness Ideals – An Experiment," Ruhr Economic Papers, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen 0439, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
  7. Daniel Houser & Stefan Vetter & Joachim Winter, 2011. "Fairness and Cheating," Working Papers, George Mason University, Interdisciplinary Center for Economic Science 1019, George Mason University, Interdisciplinary Center for Economic Science.
  8. Jürgen Huber & Michael Kirchler, 2012. "The impact of instructions and procedure on reducing confusion and bubbles in experimental asset markets," Experimental Economics, Springer, Springer, vol. 15(1), pages 89-105, March.
  9. D. Urbig & G.U. Weitzel & S. Rosenkranz & A. van Witteloostuijn, 2011. "Exploiting opportunities at all cost? Entrepreneurial intent and externalities," Working Papers, Utrecht School of Economics 11-05, Utrecht School of Economics.
  10. Giovanni Giusti & Janet Hua Jiang & Yiping Xu, 2014. "Interest on Cash, Fundamental Value Process and Bubble Formation on Experimental Asset Markets," Working Papers, Bank of Canada 14-18, Bank of Canada.
  11. Daniel John Zizzo, 2011. "Do dictator games measure altruism?," Working Paper series, University of East Anglia, Centre for Behavioural and Experimental Social Science (CBESS), School of Economics, University of East Anglia, Norwich, UK. 12-03, School of Economics, University of East Anglia, Norwich, UK..
  12. Nadine Chlaß & Peter G. Moffatt, 2012. "Giving in Dictator Games - Experimenter Demand Effect or Preference over the Rules of the Game?," Jena Economic Research Papers, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics 2012-044, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.

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