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Experiments in Economics

In: Experimental Economics

Author

Listed:
  • Pablo Branas-Garza
  • Iván Barreda

Abstract

As can be seen from the quotation below, economics was traditionally not considered an experimental science. One possible way of figuring out economic laws … is by controlled experiments…. Economists (unfortunately) … cannot perform the controlled experiments of chemists or biologists because they cannot easily control other important factors. Like astronomers or meteorologists they must be content largely to observe. (Samuelson and Nordhaus, 1985) However, in recent years experimental research has been expanding at a rapid and sustained pace. Currently, the majority of economists will accept that a theory whose predictions do not receive any support in the lab should at least be reconsidered. The laboratory allows us to locate human decision-makers in an analogous situation to that described by theory and to analyze how they behave.

Suggested Citation

  • Pablo Branas-Garza & Iván Barreda, 2015. "Experiments in Economics," Palgrave Macmillan Books, in: Pablo Branas-Garza & Antonio Cabrales (ed.), Experimental Economics, chapter 1, pages 1-16, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-53819-2_1
    DOI: 10.1057/9781137538192_1
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    Cited by:

    1. Isaac Zúniga Aguilar, 2021. "Neuroeconomic Decisions in Cocoa Producers: Impact of Cooperative Innovation Methodology on Prospecting for Fair Trade Organic Niche as an Incentive for Agricultural Sustainability," Sustainability, MDPI, vol. 13(15), pages 1-25, July.
    2. Isaac Zúñiga Aguilar, 2022. "Neuroeconomics in Cooperatives: Hierarchy of Emotional Patterns in the Collective Decision-Making Process for Sustainable Development," Sustainability, MDPI, vol. 14(12), pages 1-31, June.

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