Since the 1980s, there has been explosive growth in the use of
experimental methods in economics, leading to exciting developments
in economic theory and policy. Despite this, the status of
experimental economics remains controversial. In "Experimental
Economics," the authors draw on their experience and expertise in
experimental economics, economic theory, the methodology of
economics, philosophy of science, and the econometrics of
experimental data to offer a balanced and integrated look at the
nature and reliability of claims based on experimental
research.
The authors explore the history of experiments in economics,
provide examples of different types of experiments, and show that
the growing use of experimental methods is transforming economics
into a genuinely empirical science. They explain that progress is
being held back by an uncritical acceptance of folk wisdom
regarding how experiments should be conducted, a failure to
acknowledge that different objectives call for different approaches
to experimental design, and a misplaced assumption that principles
of good practice in theoretical modeling can be transferred
directly to experimental design. "Experimental Economics" debates
how such limitations might be overcome, and will interest
practicing experimental economists, nonexperimental economists
wanting to interpret experimental research, and philosophers of
science concerned with the status of knowledge claims in
economics.
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