Implementing theoretical models in the laboratory, and what this can and cannot achieve
AbstractWe investigate the methodology used in a significant genre of experimental economics, in which experiments are designed to test theoretical models by implementing them in the laboratory. Using two case studies, we argue that such an experiment is a test, not of what the model says about its target domain, but of generic theoretical components used in the model. The properties that make a model interesting as a putative explanation of phenomena in its target domain are not necessarily appropriate for such tests. We consider how this research strategy has been legitimised within the community of experimental economists.
Download InfoIf 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.
Bibliographic InfoPaper provided by School of Economics, University of East Anglia, Norwich, UK. in its series Working Paper series, University of East Anglia, Centre for Behavioural and Experimental Social Science (CBESS) with number 11-08.
Date of creation: 01 Feb 2011
Date of revision:
Postal: Helen Chapman, School of Economics, University of East Anglia, Norwich Research Park, Norwich, NR4 7TJ, UK
Other versions of this item:
- Stefania Sitzia & Robert Sugden, 2011. "Implementing theoretical models in the laboratory, and what this can and cannot achieve," Journal of Economic Methodology, Taylor & Francis Journals, vol. 18(4), pages 323-343, December.
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
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.:
- Nicholas Bardsley, 2005. "Experimental economics and the artificiality of alteration," Journal of Economic Methodology, Taylor & Francis Journals, vol. 12(2), pages 239-251.
- Steven Salop & Joseph Stiglitz, 1977.
"Bargains and ripoffs: a model of monopolistically competitive price dispersion,"
Special Studies Papers
94, Board of Governors of the Federal Reserve System (U.S.).
- Salop, Steven & Stiglitz, Joseph E, 1977. "Bargains and Ripoffs: A Model of Monopolistically Competitive Price Dispersion," Review of Economic Studies, Wiley Blackwell, vol. 44(3), pages 493-510, October.
- Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521415019.
- Plott, Charles R, 1982. "Industrial Organization Theory and Experimental Economics," Journal of Economic Literature, American Economic Association, vol. 20(4), pages 1485-1527, December.
- Mary Morgan, 2005. "Experiments versus models: New phenomena, inference and surprise," Journal of Economic Methodology, Taylor & Francis Journals, vol. 12(2), pages 317-329.
- Sushil Bikhchandani & David Hirshleifer & Ivo Welch, 2010.
"A theory of Fads, Fashion, Custom and cultural change as informational Cascades,"
Levine's Working Paper Archive
1193, David K. Levine.
- Bikhchandani, Sushil & Hirshleifer, David & Welch, Ivo, 1992. "A Theory of Fads, Fashion, Custom, and Cultural Change in Informational Cascades," Journal of Political Economy, University of Chicago Press, vol. 100(5), pages 992-1026, October.
- Varian, Hal R, 1980. "A Model of Sales," American Economic Review, American Economic Association, vol. 70(4), pages 651-59, September.
- Guala,Francesco, 2005.
"The Methodology of Experimental Economics,"
Cambridge University Press, number 9780521618618.
- Anderson, Lisa R & Holt, Charles A, 1997. "Information Cascades in the Laboratory," American Economic Review, American Economic Association, vol. 87(5), pages 847-62, December.
- Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521425230.
- Croson, Rachel & Gächter, Simon, 2010. "The science of experimental economics," Journal of Economic Behavior & Organization, Elsevier, vol. 73(1), pages 122-131, January.
- David Hugh-Jones & David Reinstein, 2014. "Exclude the Bad Actors or Learn About The Group," Economics Discussion Papers 750, University of Essex, Department of Economics.
- Daniel John Zizzo, 2012. "Inducing natural group identity: A RDP analysis," Working Paper series, University of East Anglia, Centre for Behavioural and Experimental Social Science (CBESS) 12-01, School of Economics, University of East Anglia, Norwich, UK..
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Alasdair Brown).
If references are entirely missing, you can add them using this form.