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Experimental Economics: Contributions, Recent Developments, and New Challenges

  • Marie-Claire Villeval



Although economics has long been considered as a non-experimental science, the development of experimental economics and behavioral economics is amazingly rapid and affects most fields of research. This paper first attempts at defining the main contributions of experiments to economics. It also identifies four main trends in the development of experimental research in economics. The third contribution of this paper is to identify the major theoretical and methodological challenges faced by behavioral and experimental economics.

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Paper provided by Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure in its series Working Papers with number 0706.

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Length: 14 pages
Date of creation: Mar 2007
Date of revision:
Handle: RePEc:gat:wpaper:0706
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  1. Colin F. Camerer & Teck-Hua Ho & Juin-Kuan Chong, 2004. "A Cognitive Hierarchy Model of Games," The Quarterly Journal of Economics, MIT Press, vol. 119(3), pages 861-898, August.
  2. Daniel Houser & Thomas Stratmann, 2006. "Selling Favors in the Lab: Experiments on Campaign Finance Reform," CESifo Working Paper Series 1727, CESifo Group Munich.
  3. Vernon L. Smith, 1962. "An Experimental Study of Competitive Market Behavior," Journal of Political Economy, University of Chicago Press, vol. 70, pages 322.
  4. repec:kap:expeco:v:5:y:2002:i:2:p:91-110 is not listed on IDEAS
  5. David K. Levine & Thomas R. Palfrey, 2006. "The Paradox of Voter Participation? A Laboratory Study," Levine's Bibliography 321307000000000188, UCLA Department of Economics.
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