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The better toolbox: Experimental Methodology in Economics and Psychology

Author

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  • Daniela Di Cagno
  • Werner Güth
  • Giacomo Sillari

Abstract

In experimental economics one can confront a "don't!", as in "do not deceive your participants!" as well as a "do!", as in "incentivize choice making!". Neither exist in experimental psychology. Furthermore, controversies exist in both fields regarding data collection methods, e.g. play, strategy (vector) method in strategic game experiments, and concerns for external and internal validity, e.g. field versus lab experiments. In addition to touching on these aspects, we suggest ways to enrich the dimensionality of choice data, if possible, when maintaining the revealed-motive approach. Finally, and most mportantly, we recommend to elicit not only choice data but also to collect supplementary data shedding light on how participants deliberate before deciding.

Suggested Citation

  • Daniela Di Cagno & Werner Güth & Giacomo Sillari, 2015. "The better toolbox: Experimental Methodology in Economics and Psychology," Working Papers CESARE 2/2015, Dipartimento di Economia e Finanza, LUISS Guido Carli.
    • Handle: RePEc:lui:cesare:1502
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    References listed on IDEAS

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    Cited by:

    1. Di Cagno, Daniela & Galliera, Arianna & Güth, Werner & Panaccione, Luca, 2016. "A hybrid public good experiment eliciting multi-dimensional choice data," Journal of Economic Psychology, Elsevier, vol. 56(C), pages 20-38.

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    More about this item

    Keywords

    methodology; experiments; game theory;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General

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