Dictionary

Glossary of game theory terms.

Experimental Economics

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
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