Experimental economics is concerned with utilizing laboratory experiments
to gain understanding of how cognition, memory, and heuristics affect behavior of people
in an economic setting. Such experiments are usually motivated by theory validation, policy
framing, or institutional/market design concerns. Usually, experimental subjects will be asked
to make a number of decisions in a controlled laboratory setting. Often, the "games" these subjects play are
interactive - how well one does depends on the decisions of other subjects - closely resembling
real economic situations. Evolutionary learning models
are often used to explain the data.
updated: 15 August 2005
HOW TO CITE THIS ENTRY
- To learn more:
- Participate in economics experiments at e-economics.