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The role of experiments for the development of economic theories

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  • Schmidt, Klaus M.
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    Abstract

    Economic experiments interact with economic theories in various ways. First of all they are used to test economic theories. However, they can neither confirm nor falsify them in a strict sense. They rather inform us about the range of applicability, the robustness and the predictive power of a theory. Furthermore, economic experiments discover and isolate phenomena and challenge economic theorists to explain them. Finally, many economic experiments are material models. They are used to analyze and predict how changes in the environment affect economic outcomes. However, they cannot offer an explanation for what we observe. This has to be provided by economic theory.

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    Bibliographic Info

    Paper provided by University of Munich, Department of Economics in its series Munich Reprints in Economics with number 19767.

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    Date of creation: 2009
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    Publication status: Published in Perspektiven der Wirtschaftspolitik Suppl. 1 10(2009): pp. 14-30
    Handle: RePEc:lmu:muenar:19767

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    Cited by:
    1. Dorothea Kübler, 2010. "Experimental Practices in Economics: Performativity and the Creation of Phenomena," CIG Working Papers SP II 2010-01, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).

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