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Experimental Economics: Contributions, Recent Developments, and New Challenges

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  • Marie Claire Villeval

    (GATE - Groupe d'analyse et de théorie économique - UL2 - Université Lumière - Lyon 2 - ENS LSH - Ecole Normale Supérieure Lettres et Sciences Humaines - CNRS - Centre National de la Recherche Scientifique)

Abstract

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.

Suggested Citation

  • Marie Claire Villeval, 2007. "Experimental Economics: Contributions, Recent Developments, and New Challenges," Post-Print halshs-00175179, HAL.
    • Handle: RePEc:hal:journl:halshs-00175179
    DOI: 10.1057/palgrave.fp.8200119
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00175179
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    References listed on IDEAS

    as
    1. Enriqueta Aragones & Thomas R. Palfrey, 2005. "Electoral Competition Between Two Candidates of Different Quality: The Effects of Candidate Ideology and Private Information," Studies in Choice and Welfare, in: David Austen-Smith & John Duggan (ed.), Social Choice and Strategic Decisions, pages 93-112, Springer.
    2. Vernon Smith, 2002. "Method in Experiment: Rhetoric and Reality," Experimental Economics, Springer;Economic Science Association, vol. 5(2), pages 91-110, October.
    3. Levine, David K. & Palfrey, Thomas R., 2007. "The Paradox of Voter Participation? A Laboratory Study," American Political Science Review, Cambridge University Press, vol. 101(1), pages 143-158, February.
    4. Daniel Houser & Thomas Stratmann, 2008. "Selling favors in the lab: experiments on campaign finance reform," Public Choice, Springer, vol. 136(1), pages 215-239, July.
    5. Vernon L. Smith, 1962. "An Experimental Study of Competitive Market Behavior," Journal of Political Economy, University of Chicago Press, vol. 70, pages 111-111.
    6. repec:ulb:ulbeco:2013/149584 is not listed on IDEAS
    7. Colin F. Camerer & Teck-Hua Ho & Juin-Kuan Chong, 2004. "A Cognitive Hierarchy Model of Games," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 119(3), pages 861-898.
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    Cited by:

    1. Pessali, Huascar & Berger, Bruno, 2010. "A teoria da perspectiva e as mudanças de preferência no mainstream: um prospecto lakatoseano [Prospect theory and preference change in the mainstream of economics: a Lakatosian prospect]," MPRA Paper 26104, University Library of Munich, Germany.
    2. Klarizze Anne Martin Puzon & Rachel M. Gisselquist, 2021. "Consolidating behavioural economics and rational choice theory: Insights from inequality research," WIDER Working Paper Series wp-2021-76, World Institute for Development Economic Research (UNU-WIDER).

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    More about this item

    Keywords

    experimental economics; neuroeconomics; quantitative methods; field experiments;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
    • D0 - Microeconomics - - General

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