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class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Guidelines"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Guidelines</span> </div> </a> <ul id="toc-Guidelines-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Critiques" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Critiques"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Critiques</span> </div> </a> <ul id="toc-Critiques-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Software_tools" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Software_tools"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Software tools</span> </div> </a> <ul id="toc-Software_tools-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header 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</div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Experimental economics</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. 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class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/T%C9%99cr%C3%BCbi_iqtisadiyyat" title="Təcrübi iqtisadiyyat – Azerbaijani" lang="az" hreflang="az" data-title="Təcrübi iqtisadiyyat" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%95%D0%BA%D1%81%D0%BF%D0%B5%D1%80%D0%B8%D0%BC%D0%B5%D0%BD%D1%82%D0%B0%D0%BB%D0%BD%D0%B0_%D0%B8%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0" title="Експериментална икономика – Bulgarian" lang="bg" hreflang="bg" data-title="Експериментална икономика" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Experimentelle_%C3%96konomik" title="Experimentelle Ökonomik – German" lang="de" hreflang="de" data-title="Experimentelle Ökonomik" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%A0%CE%B5%CE%B9%CF%81%CE%B1%CE%BC%CE%B1%CF%84%CE%B9%CE%BA%CE%AC_%CE%BF%CE%B9%CE%BA%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CE%BA%CE%AC" title="Πειραματικά οικονομικά – Greek" lang="el" hreflang="el" data-title="Πειραματικά οικονομικά" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Econom%C3%ADa_experimental" title="Economía experimental – Spanish" lang="es" hreflang="es" data-title="Economía experimental" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF_%D8%AA%D8%AC%D8%B1%D8%A8%DB%8C" title="اقتصاد تجربی – Persian" lang="fa" hreflang="fa" data-title="اقتصاد تجربی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/%C3%89conomie_exp%C3%A9rimentale" title="Économie expérimentale – French" lang="fr" hreflang="fr" data-title="Économie expérimentale" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%8B%A4%ED%97%98%EA%B2%BD%EC%A0%9C%ED%95%99" title="실험경제학 – Korean" lang="ko" hreflang="ko" data-title="실험경제학" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%93%D5%B8%D6%80%D5%B1%D5%A1%D6%80%D5%A1%D6%80%D5%A1%D5%AF%D5%A1%D5%B6_%D5%BF%D5%B6%D5%BF%D5%A5%D5%BD%D5%A1%D5%A3%D5%AB%D5%BF%D5%B8%D6%82%D5%A9%D5%B5%D5%B8%D6%82%D5%B6" title="Փորձարարական տնտեսագիտություն – Armenian" lang="hy" hreflang="hy" data-title="Փորձարարական տնտեսագիտություն" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Ekonomi_eksperimental" title="Ekonomi eksperimental – Indonesian" lang="id" hreflang="id" data-title="Ekonomi eksperimental" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Economia_sperimentale" title="Economia sperimentale – Italian" lang="it" hreflang="it" data-title="Economia sperimentale" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%9E%D0%BF%D0%B8%D1%82%D0%BD%D0%B0_%D0%B5%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D1%98%D0%B0" title="Опитна економија – Macedonian" lang="mk" hreflang="mk" data-title="Опитна економија" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E5%AE%9F%E9%A8%93%E7%B5%8C%E6%B8%88%E5%AD%A6" title="実験経済学 – Japanese" lang="ja" hreflang="ja" data-title="実験経済学" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Ekonomia_eksperymentalna" title="Ekonomia eksperymentalna – Polish" lang="pl" hreflang="pl" data-title="Ekonomia eksperymentalna" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Economia_experimental" title="Economia experimental – Portuguese" lang="pt" hreflang="pt" data-title="Economia experimental" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%AD%D0%BA%D1%81%D0%BF%D0%B5%D1%80%D0%B8%D0%BC%D0%B5%D0%BD%D1%82%D0%B0%D0%BB%D1%8C%D0%BD%D0%B0%D1%8F_%D1%8D%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0" title="Экспериментальная экономика – Russian" lang="ru" hreflang="ru" data-title="Экспериментальная экономика" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Kokeellinen_taloustiede" title="Kokeellinen taloustiede – Finnish" lang="fi" hreflang="fi" data-title="Kokeellinen taloustiede" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Ekonomiks_na_eksperimental" title="Ekonomiks na eksperimental – Tagalog" lang="tl" hreflang="tl" data-title="Ekonomiks na eksperimental" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target"><span>Tagalog</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Deneysel_iktisat" title="Deneysel iktisat – Turkish" lang="tr" hreflang="tr" data-title="Deneysel iktisat" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%95%D0%BA%D1%81%D0%BF%D0%B5%D1%80%D0%B8%D0%BC%D0%B5%D0%BD%D1%82%D0%B0%D0%BB%D1%8C%D0%BD%D0%B0_%D0%B5%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D1%96%D0%BA%D0%B0" title="Експериментальна економіка – Ukrainian" lang="uk" hreflang="uk" data-title="Експериментальна економіка" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Kinh_t%E1%BA%BF_h%E1%BB%8Dc_th%E1%BB%B1c_nghi%E1%BB%87m" title="Kinh tế học thực nghiệm – Vietnamese" lang="vi" hreflang="vi" data-title="Kinh tế học thực nghiệm" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E5%AF%A6%E9%A9%97%E7%B6%93%E6%BF%9F%E5%AD%B8" title="實驗經濟學 – Cantonese" lang="yue" hreflang="yue" data-title="實驗經濟學" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E5%AE%9E%E9%AA%8C%E7%BB%8F%E6%B5%8E%E5%AD%A6" title="实验经济学 – Chinese" lang="zh" hreflang="zh" data-title="实验经济学" data-language-autonym="中文" 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src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/120px-Supply-demand-equilibrium.svg.png" decoding="async" width="120" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/180px-Supply-demand-equilibrium.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/240px-Supply-demand-equilibrium.svg.png 2x" data-file-width="217" data-file-height="217" /></a></span></td></tr><tr><td class="sidebar-above"> <ul><li><a href="/wiki/History_of_economic_thought" title="History of economic thought">History</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li></ul></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Branches and <a href="/wiki/JEL_classification_codes" title="JEL classification codes">classifications</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/International_economics" title="International economics">International</a></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Micro</a> / <a href="/wiki/Macroeconomics" title="Macroeconomics">Macro</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Economic_methodology" title="Economic methodology">Methodology</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political</a></li> <li><a href="/wiki/JEL_classification_codes" title="JEL classification codes">JEL classification codes</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Concepts, theory and techniques</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Economic_system" title="Economic system">Economic systems</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Economic growth</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounting</a></li> <li><a class="mw-selflink selflink">Experimental economics</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational economics</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Middle_income_trap" title="Middle income trap">Middle income trap</a></li> <li><a href="/wiki/Industrial_complex" title="Industrial complex">Industrial complex</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">By application</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agricultural</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Democracy_and_economic_growth" title="Democracy and economic growth">Democracy</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Economics_of_digitization" title="Economics of digitization">Digitization</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a 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title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Notable <a href="/wiki/Economist" title="Economist">economists</a></div><div class="sidebar-list-content mw-collapsible-content"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a 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<li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" 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ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economics_sidebar" title="Template:Economics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economics_sidebar" title="Template talk:Economics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economics_sidebar" title="Special:EditPage/Template:Economics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Experimental economics</b> is the application of <a href="/wiki/Experiment" title="Experiment">experimental methods</a><sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> to study economic questions. <a href="/wiki/Economic_data" title="Economic data">Data</a> collected in experiments are used to estimate <a href="/wiki/Effect_size" title="Effect size">effect size</a>, test the validity of economic theories, and illuminate market mechanisms. Economic experiments usually use cash to motivate subjects, in order to mimic real-world incentives. Experiments are used to help understand how and why markets and other exchange systems function as they do. Experimental economics have also expanded to understand institutions and the law (experimental law and economics).<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>A fundamental aspect of the subject is <a href="/wiki/Design_of_experiments" title="Design of experiments">design of experiments</a>. Experiments may be conducted in the <a href="/wiki/Field_experiments" class="mw-redirect" title="Field experiments">field</a> or in laboratory settings, whether of <a href="/wiki/Experimental_psychology" title="Experimental psychology">individual</a> or <a href="/wiki/Social_psychology" title="Social psychology">group</a> <a href="/wiki/Behavioral_economics" title="Behavioral economics">behavior</a>.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>Variants of the subject outside such formal confines include <a href="/wiki/Natural_experiment" title="Natural experiment">natural</a> and <a href="/wiki/Quasi-natural_experiment" class="mw-redirect" title="Quasi-natural experiment">quasi-natural experiments</a>.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Experimental_topics">Experimental topics</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Experimental_economics&action=edit&section=1" title="Edit section: Experimental topics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>One can loosely classify economic experiments using the following topics: </p> <ul><li><a href="/wiki/Market_(economics)" title="Market (economics)">Markets</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Games</a><sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Evolutionary_game_theory" title="Evolutionary game theory">Evolutionary game theory</a></li> <li><a href="/wiki/Decision_making" class="mw-redirect" title="Decision making">Decision making</a></li> <li><a href="/wiki/Bargaining" title="Bargaining">Bargaining</a></li> <li>Contracts</li> <li><a href="/wiki/Auctions" class="mw-redirect" title="Auctions">Auctions</a></li> <li>Coordination</li> <li>Social Preferences</li> <li>Learning</li> <li><a href="/wiki/Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching</a></li> <li>Field Experiments, most usually associated with <a href="/wiki/John_A._List" title="John A. List">John A. List</a>, who pioneered the use of field experiments in the early 1990s.</li></ul> <p>Within <a href="/wiki/Economics_education" title="Economics education">economics education</a>, one application involves experiments used in the <a href="/wiki/Simulations_and_games_in_economics_education" title="Simulations and games in economics education">teaching of economics</a>. An alternative approach with experimental dimensions is <a href="/wiki/Agent-based_computational_economics" title="Agent-based computational economics">agent-based computational modeling</a>. It is important to consider the potential and constraints of games for understanding rational behavior and solving human conflict.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Coordination_games">Coordination games</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Experimental_economics&action=edit&section=2" title="Edit section: Coordination games"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Coordination games are <a href="/wiki/Game_theory" title="Game theory">games</a> with multiple <a href="/wiki/Pure_strategy" class="mw-redirect" title="Pure strategy">pure strategy</a> <a href="/wiki/Nash_equilibrium" title="Nash equilibrium">Nash equilibria</a>. There are two general sets of questions that experimental economists typically ask when examining such games: (1) Can laboratory subjects coordinate, or learn to coordinate, on one of multiple equilibria, and if so are there general principles that can help predict which equilibrium is likely to be chosen? (2) Can laboratory subjects coordinate, or learn to coordinate, on the Pareto best equilibrium and if not, are there conditions or mechanisms which would help subjects coordinate on the Pareto best equilibrium? Deductive selection principles are those that allow predictions based on the properties of the game alone. Inductive selection principles are those that allow predictions based on characterizations of dynamics. Under some conditions at least groups of experimental subjects can coordinate even complex non-obvious asymmetric Pareto-best equilibria. This is even though all subjects decide simultaneously and independently without communication. The way by which this happens is not yet fully understood.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Learning_experiments">Learning experiments</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Experimental_economics&action=edit&section=3" title="Edit section: Learning experiments"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Economic theories often assume that economic incentives can shape behavior even when individual agents have limited understanding of the environment. The relationship between economic incentives and outcomes may be indirect: The economic incentives determine the agents’ experience, and these experiences may then drive future actions. </p><p>Learning experiments can be classified as individual choice tasks or games, where games typically refer to strategic interactions of two or more players. Oftentimes, the general patterns of learning behavior can be best illustrated with individual choice tasks.<sup id="cite_ref-HandbookOfExperimentalEconomics2_9-0" class="reference"><a href="#cite_note-HandbookOfExperimentalEconomics2-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>In <a href="/wiki/Game_theory" title="Game theory">games</a> of two players or more, the subjects often form beliefs about what actions the other subjects are taking and these beliefs are updated over time. This is known as belief learning. Subjects also tend to make the same decisions that have rewarded them with high payoffs in the past. This is known as <a href="/wiki/Reinforcement_learning" title="Reinforcement learning">reinforcement learning</a>. </p><p>Until the 1990s, simple adaptive models, such as <a href="/wiki/Cournot_competition" title="Cournot competition">Cournot competition</a> or <a href="/wiki/Fictitious_play" title="Fictitious play">fictitious play</a>, were generally used. In the mid-1990s, <a href="/wiki/Alvin_E._Roth" title="Alvin E. Roth">Alvin E. Roth</a> and <a href="/wiki/Ido_Erev" title="Ido Erev">Ido Erev</a> demonstrated that reinforcement learning can make useful predictions in experimental games.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> In 1999, <a href="/wiki/Colin_Camerer" title="Colin Camerer">Colin Camerer</a> and <a href="/wiki/Teck-Hua_Ho" title="Teck-Hua Ho">Teck-Hua Ho</a> introduced Experience Weighted Attraction (EWA), a general model that incorporated reinforcement and belief learning, and shows that fictitious play is mathematically equivalent to generalized reinforcement, provided weights are placed on past history. </p><p>Criticisms of EWA include <a href="/wiki/Overfitting" title="Overfitting">overfitting</a> due to many parameters, lack of generality over games, and the possibility that the interpretation of EWA parameters may be difficult. Overfitting is addressed by estimating parameters on some of the experimental periods or experimental subjects and forecasting behavior in the remaining sample (if models are overfitting, these out-of-sample validation forecasts will be much less accurate than in-sample fits, which they generally are not). Generality in games is addressed by replacing fixed parameters with "self-tuning" functions of experience, allowing pseudo-parameters to change over the course of a game and to also vary systematically across games. </p><p>Modern experimental economists have done much notable work recently. Roberto Weber has raised issues of learning without feedback. David Cooper and John Kagel have investigated types of learning over similar strategies. <a href="/wiki/Ido_Erev" title="Ido Erev">Ido Erev</a> and Greg Barron have looked at learning in cognitive strategies. Dale Stahl has characterized learning over decision making rules. <a href="/wiki/Charles_A._Holt" title="Charles A. Holt">Charles A. Holt</a> has studied logit learning in different kinds of games, including games with multiple equilibria. Wilfred Amaldoss has looked at interesting applications of EWA in marketing. Amnon Rapoport, <a href="/wiki/Jim_Parco" title="Jim Parco">Jim Parco</a> and Ryan Murphy have investigated reinforcement-based adaptive learning models in one of the most celebrated paradoxes in game theory known as the <a href="/wiki/Centipede_game" title="Centipede game">centipede game</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Market_games">Market games</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Experimental_economics&action=edit&section=4" title="Edit section: Market games"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Edward_Chamberlin" title="Edward Chamberlin">Edward Chamberlin</a> is thought to have conducted "not only the first market experiment, but also the first economic experiment of any kind."<sup id="cite_ref-miller2002_11-0" class="reference"><a href="#cite_note-miller2002-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Vernon_L._Smith" title="Vernon L. Smith">Vernon Smith</a>, drawing on Chamberlin's work, but also modifying it in key respects, conducted pioneering economics experiments on the convergence of prices and quantities to their theoretical competitive equilibrium values in experimental markets.<sup id="cite_ref-miller2002_11-1" class="reference"><a href="#cite_note-miller2002-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Smith studied the behavior of "buyers" and "sellers", who are told how much they "value" a fictitious commodity and then are asked to competitively "bid" or "ask" on these commodities following the rules of various real world market institutions (e.g., the <a href="/wiki/Double_auction" title="Double auction">Double auction</a> as well the English and Dutch <a href="/wiki/Auction" title="Auction">auctions</a>). Smith found that in some forms of centralized trading, prices and quantities traded in such markets converge on the values that would be predicted by the economic theory of <a href="/wiki/Perfect_competition" title="Perfect competition">perfect competition</a>, despite the conditions not meeting many of the assumptions of perfect competition (large numbers, perfect information). </p><p>Over the years, Smith pioneered – along with other collaborators – the use of controlled laboratory experiments in economics, and established it as a legitimate tool in economics and other related fields. <a href="/wiki/Charles_Plott" title="Charles Plott">Charles Plott</a> of the <a href="/wiki/California_Institute_of_Technology" title="California Institute of Technology">California Institute of Technology</a> collaborated with Smith in the 1970s and pioneered experiments in political science, as well as using experiments to inform economic design or engineering to inform policies. In 2002, Smith was awarded (jointly with <a href="/wiki/Daniel_Kahneman" title="Daniel Kahneman">Daniel Kahneman</a>) the <a href="/wiki/Bank_of_Sweden_Prize_in_Economic_Sciences_in_Memory_of_Alfred_Nobel" class="mw-redirect" title="Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel">Bank of Sweden Prize in Economic Sciences</a> "for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms". </p> <div class="mw-heading mw-heading3"><h3 id="Finance">Finance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Experimental_economics&action=edit&section=5" title="Edit section: Finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Experimental_finance" title="Experimental finance">Experimental finance</a> studies <a href="/wiki/Financial_markets" class="mw-redirect" title="Financial markets">financial markets</a> with the goals of establishing different market settings and environments to observe experimentally and analyze agents' behavior and the resulting characteristics of trading flows, information diffusion and aggregation, price setting mechanism and returns processes. Presently, researchers use simulation software to conduct their research. </p><p>For instance, experiments have manipulated <a href="/wiki/Information_asymmetry" title="Information asymmetry">information asymmetry</a> about the <a href="/wiki/Holding_value" title="Holding value">holding value</a> of a bond or a share on the pricing for those who don't have enough information, in order to study <a href="/wiki/Stock_market_bubble" title="Stock market bubble">stock market bubbles</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Social_preferences">Social preferences</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Experimental_economics&action=edit&section=6" title="Edit section: Social preferences"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Social_preferences" title="Social preferences">Social preferences</a></div> <p>The term "social preferences" refers to the concern (or lack thereof) that people have for each other's well-being, and it encompasses altruism, spitefulness, tastes for equality, and tastes for reciprocity. Experiments on social preferences generally study economic games including the <a href="/wiki/Dictator_game" title="Dictator game">dictator game</a>, the <a href="/wiki/Ultimatum_game" title="Ultimatum game">ultimatum game</a>, the <a href="/wiki/Trust_game" class="mw-redirect" title="Trust game">trust game</a>, the <a href="/wiki/Gift-exchange_Game" class="mw-redirect" title="Gift-exchange Game">gift-exchange game</a>, the <a href="/wiki/Public_goods_game" title="Public goods game">public goods game</a>, and modifications to these canonical settings. As one example of results, <a href="/wiki/Ultimatum_game" title="Ultimatum game">ultimatum game</a> experiments have shown that people are generally willing to sacrifice monetary rewards when offered low allocations, thus behaving inconsistently with simple models of self-interest. Economic experiments have measured how this deviation varies across cultures. </p> <div class="mw-heading mw-heading3"><h3 id="Contracts">Contracts</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Experimental_economics&action=edit&section=7" title="Edit section: Contracts"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Contract_theory" title="Contract theory">Contract theory</a> is concerned with providing incentives in situations in which some variables cannot be observed by all parties. Hence, contract theory is difficult to test in the field: If the researcher could verify the relevant variables, then the contractual parties could contract on these variables, hence any interesting contract-theoretic problem would disappear. Yet, in laboratory experiments it is possible to directly test contract-theoretic models. For instance, researchers have experimentally studied moral hazard theory,<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> adverse selection theory,<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> exclusive contracting,<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> deferred compensation,<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> the hold-up problem,<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> flexible versus rigid contracts,<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> and models with endogenous information structures.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Agent-based_computational_modeling">Agent-based computational modeling</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Experimental_economics&action=edit&section=8" title="Edit section: Agent-based computational modeling"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Agent-based_computational_economics" title="Agent-based computational economics">Agent-based computational modeling</a> is a relatively recent method in economics with experimental dimensions.<sup id="cite_ref-Page2008_20-0" class="reference"><a href="#cite_note-Page2008-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Here the focus is on economic processes, including whole <a href="/wiki/Economy" title="Economy">economies</a>, as dynamic systems of interacting <a href="/wiki/Agent_(economics)" title="Agent (economics)">agents</a>, an application of the <a href="/wiki/Complex_adaptive_system" title="Complex adaptive system">complex adaptive systems</a> <a href="/wiki/Paradigm" title="Paradigm">paradigm</a>.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> The "agent" refers to "computational objects modeled as interacting according to rules," not real people.<sup id="cite_ref-Page2008_20-1" class="reference"><a href="#cite_note-Page2008-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Agents can represent social and/or physical entities. Starting from initial conditions determined by the modeler, an ACE model develops forward through time driven solely by agent interactions.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> Issues include those common to experimental economics in general<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> and by comparison<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> as well as development of a common framework for empirical validation and resolving open questions in agent-based modeling.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Methodology">Methodology</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Experimental_economics&action=edit&section=9" title="Edit section: Methodology"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Guidelines">Guidelines</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Experimental_economics&action=edit&section=10" title="Edit section: Guidelines"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Experimental economists generally adhere to the following methodological guidelines: </p> <ul><li>Incentivize subjects with real monetary payoffs.</li> <li>Publish full experimental instructions.</li> <li>Do not use deception.</li> <li>Avoid introducing specific, concrete context.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Critiques">Critiques</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Experimental_economics&action=edit&section=11" title="Edit section: Critiques"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The above guidelines have developed in large part to address two central critiques. Specifically, economics experiments are often challenged because of concerns about their "internal validity" and "external validity", for example, that they are not applicable models for many types of economic behavior, so the experiments simply aren't good enough to produce useful answers. However, none of the critiques towards this methodology are specific to it, as they are immediately applicable to either theoretical or empirical approaches or both.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> <sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (June 2009)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Software_tools">Software tools</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Experimental_economics&action=edit&section=12" title="Edit section: Software tools"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The most famous software for conducting experimental economics research is <b>z-Tree</b>, which is developed by <a href="/wiki/Urs_Fischbacher" title="Urs Fischbacher">Urs Fischbacher</a> from 1998 on.<sup id="cite_ref-zTree_27-0" class="reference"><a href="#cite_note-zTree-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> It had about 9460 citation results counted on <a href="/wiki/Google_Scholar" title="Google Scholar">Google Scholar</a> in February 2020.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> It transcripts as <i>Zurich Toolbox for Readymade Economic Experiments</i> and was one of the reasons for the Joachim Herz Research prize for "Best research work" awarded to Fischbacher in Dezember 2016.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> z-Tree is a software, which runs on a <a href="/wiki/Computer_network" title="Computer network">network of computers</a> in a research lab.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> One of the computers is used by experimenters and the other computers are used by the subjects of experiment. The setup of an experiment is variable and can be defined in the <a href="/wiki/Imperative_programming" title="Imperative programming">imperative language</a> <b>z-Tree programming language</b>.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> This language allows the experimenter to set up a variety of experiments and additional surveys. </p><p>Alternatively, there is a big number of competing alternative software.<sup id="cite_ref-nodeGame_32-0" class="reference"><a href="#cite_note-nodeGame-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> Following table presents a growing list of software tools for experimental economics: </p> <table class="wikitable sortable"> <tbody><tr> <th>Name</th> <th>Citation</th> <th>Year </th></tr> <tr> <td><b>z-Tree</b></td> <td><sup id="cite_ref-zTree_27-1" class="reference"><a href="#cite_note-zTree-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup></td> <td>1998 </td></tr> <tr> <td><b>FactorWiz</b></td> <td><sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup></td> <td>2000 </td></tr> <tr> <td><b>Wextor</b></td> <td><sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup></td> <td>2002 </td></tr> <tr> <td><b>EconPort</b></td> <td><sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup></td> <td>2005 </td></tr> <tr> <td><b>MIT Seaweed project</b></td> <td><sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup></td> <td>2009 </td></tr> <tr> <td><b>FRAMASI</b></td> <td><sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup></td> <td>2009 </td></tr> <tr> <td><b>MWERT</b></td> <td><sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup></td> <td>2014 </td></tr> <tr> <td><b>ConG</b></td> <td><sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup></td> <td>2014 </td></tr> <tr> <td><b>oTree</b></td> <td><sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup></td> <td>2014 </td></tr> <tr> <td><b>CLOSE project</b></td> <td><sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup></td> <td>2015 </td></tr> <tr> <td><b>Breadboard</b></td> <td><sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup></td> <td>2016 </td></tr> <tr> <td><b>nodeGame</b></td> <td><sup id="cite_ref-nodeGame_32-1" class="reference"><a href="#cite_note-nodeGame-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup></td> <td>2016 </td></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Experimental_economics&action=edit&section=13" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col"> <ul><li><a href="/wiki/Agent-based_computational_economics" title="Agent-based computational economics">Agent-based computational economics</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral economics</a></li> <li><a href="/wiki/Behavioral_game_theory" title="Behavioral game theory">Behavioral game theory</a></li> <li><a href="/wiki/Behavioral_finance" class="mw-redirect" title="Behavioral finance">Behavioral finance</a></li> <li><a href="/wiki/Behavioral_Operations_Research" class="mw-redirect" title="Behavioral Operations Research">Behavioral Operations Research</a></li> <li><a href="/wiki/Experimental_finance" title="Experimental finance">Experimental finance</a></li> <li><a href="/wiki/Experimental_techniques" class="mw-redirect" title="Experimental techniques">Experimental techniques</a></li> <li><a href="/wiki/Fair_division_experiments" title="Fair division experiments">Fair division experiments</a></li> <li><a href="/wiki/List_of_publications_in_economics#Experimental_economics" class="mw-redirect" title="List of publications in economics">Important publications in experimental economics</a></li> <li><a href="/wiki/Quantitative_behavioral_finance" title="Quantitative behavioral finance">Quantitative behavioral finance</a></li> <li><a href="/wiki/Reinhard_Selten" title="Reinhard Selten">Reinhard Selten</a>, one of the central figures in the foundation of experimental economics</li> <li><a href="/wiki/Urs_Fischbacher" title="Urs Fischbacher">Urs Fischbacher</a>, one of the central figures in <a href="/wiki/Behavioral_economics" title="Behavioral economics">behavioral economics</a> and developer of the first software tool for experimental economics</li> <li><a href="/wiki/Replication_crisis#In_economics" title="Replication crisis">Replication crisis#In economics</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Experimental_economics&action=edit&section=14" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">Including <a href="/wiki/Statistical" class="mw-redirect" title="Statistical">statistical</a>, <a href="/wiki/Econometric" class="mw-redirect" title="Econometric">econometric</a>, and <a href="/wiki/Computational_economics" title="Computational economics">computational</a>. On the latter see <a href="/wiki/Alvin_E._Roth" title="Alvin E. Roth">Alvin E. Roth</a>, 2002. "The Economist as Engineer: Game Theory, Experimentation, and Computation as Tools for Design Economics," <i>Econometrica</i>, 70(4), pp. <a rel="nofollow" class="external text" href="http://kuznets.fas.harvard.edu/~aroth/papers/engineer.pdf">1341–1378</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20040414102216/http://kuznets.fas.harvard.edu/~aroth/papers/engineer.pdf">Archived</a> 2004-04-14 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.</span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text">See, e.g., <a href="/w/index.php?title=Kristoffel_Grechenig&action=edit&redlink=1" class="new" title="Kristoffel Grechenig (page does not exist)">Grechenig, K.</a>, Nicklisch, A., & Thöni, C. (2010). Punishment despite reasonable doubt—a public goods experiment with sanctions under uncertainty. Journal of Empirical Legal Studies, 7(4), 847–867 <a rel="nofollow" class="external text" href="http://ssrn.com/abstract=1586775">(link)</a>.</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text">• <a href="/wiki/Vernon_L._Smith" title="Vernon L. Smith">Vernon L. Smith</a>, 2008a. "experimental methods in economics," <i><a href="/wiki/The_New_Palgrave_Dictionary_of_Economics" title="The New Palgrave Dictionary of Economics">The New Palgrave Dictionary of Economics</a></i>, 2nd Edition, <a rel="nofollow" class="external text" href="http://www.dictionaryofeconomics.com/article?id=pde2008_E000186&q=Experimental%20economics&topicid=&result_number=2">Abstract.</a> <br />   • _____, 2008b. "experimental economics," <i>The New Palgrave Dictionary of Economics</i>, 2nd Edition. <a rel="nofollow" class="external text" href="http://www.dictionaryofeconomics.com/article?id=pde2008_E000277&q=experimental%20&topicid=&result_number=2">Abstract.</a><br />   • Relevant subcategories are found at the <i>Journal of Economic Literature</i> classification codes at <a href="/wiki/JEL_classification_codes#Mathematical_and_quantitative_methods_JEL:_C_Subcategories" title="JEL classification codes">JEL: C9</a>.</span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">J. DiNardo, 2008. "natural experiments and quasi-natural experiments," <i>The New Palgrave Dictionary of Economics</i>, 2nd Edition. <a rel="nofollow" class="external text" href="http://www.dictionaryofeconomics.com/article?id=pde2008_N000142&edition=current&q">Abstract.</a></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">• Vernon L. Smith, 1992. "Game Theory and Experimental Economics: Beginnings and Early Influences," in E. R. Weintraub, ed., <i>Towards a History of Game Theory</i>, pp. <a rel="nofollow" class="external text" href="https://books.google.com/books?id=9CHY2Gozh1MC&pg=PA241">241–</a> 282.<br />   • _____, 2001. "Experimental Economics," <i><a href="/wiki/International_Encyclopedia_of_the_Social_%26_Behavioral_Sciences" title="International Encyclopedia of the Social & Behavioral Sciences">International Encyclopedia of the Social & Behavioral Sciences</a></i>, pp. 5100–5108. <a rel="nofollow" class="external text" href="http://www.sciencedirect.com/science/article/pii/B0080430767022324">Abstract</a> per sect. 1.1 & 2.1.<br />   • Charles R. Plott and Vernon L. Smith, ed., 2008. <i>Handbook of Experimental Economics Results</i>, v. 1, Elsevier, Part 4, Games, ch. 45–66 preview <a rel="nofollow" class="external text" href="http://www.sciencedirect.com/science?_ob=PublicationURL&_hubEid=1-s2.0-S1574072207X00015&_cid=277334&_pubType=HS&_auth=y&_acct=C000228598&_version=1&_urlVersion=0&_userid=10&md5=49f8b6d5e3024eac39ed5fad351fe568">links</a>.<br />   • Vincent P. Crawford, 1997. 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"An Experimental Imperfect Market," <i>Journal of Political Economy</i>, 56(2), pp. <a rel="nofollow" class="external text" href="https://www.jstor.org/pss/1826387">95</a>–108</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCoursey,_Don2008" class="citation book cs1">Coursey, Don (2008). <a rel="nofollow" class="external text" href="https://www.econlib.org/library/Enc/ExperimentalEconomics.html">"Experimental Economics"</a>. In <a href="/wiki/David_R._Henderson" title="David R. Henderson">Henderson, David R.</a> (ed.). <i>The Concise Encyclopedia of Economics</i>. Indianapolis, IN: <a href="/wiki/Liberty_Fund,_Inc." class="mw-redirect" title="Liberty Fund, Inc.">Liberty Fund, Inc.</a> pp. 166–169. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0865976665" title="Special:BookSources/978-0865976665"><bdi>978-0865976665</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Experimental+Economics&rft.btitle=The+Concise+Encyclopedia+of+Economics&rft.place=Indianapolis%2C+IN&rft.pages=166-169&rft.pub=Liberty+Fund%2C+Inc.&rft.date=2008&rft.isbn=978-0865976665&rft.au=Coursey%2C+Don&rft_id=https%3A%2F%2Fwww.econlib.org%2Flibrary%2FEnc%2FExperimentalEconomics.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AExperimental+economics" class="Z3988"></span></li> <li>Davis, Douglas D., and Charles A. Holt, 1993. <i>Experimental Economics</i>, Princeton. <a rel="nofollow" class="external text" href="http://press.princeton.edu/titles/5255.html">Description</a>, <a rel="nofollow" class="external text" href="https://books.google.com/books?id=mse-RpPIcc0C&pg=PR5=onepage">preview</a> and <a rel="nofollow" class="external text" href="http://press.princeton.edu/chapters/s5255.pdf">ch. 1</a> (complete)</li> <li><a href="/wiki/Armin_Falk" title="Armin Falk">Falk, Armin</a> and <a href="/wiki/Simon_G%C3%A4chter" title="Simon Gächter">Simon Gächter</a>, 2008. "experimental labour economics," <i>The New Palgrave Dictionary of Economics</i>, 2nd Edition. <a rel="nofollow" class="external text" href="http://www.dictionaryofeconomics.com/article?id=pde2008_E000276&edition=&topicid=&result_number=1">Abstract</a> and <a rel="nofollow" class="external text" href="http://www.nottingham.ac.uk/~lezsg1/papers/ExperimentalLabourEconomics.pdf">galley proof</a></li> <li>Friedman, Daniel, and Shyam Sunder, 1994. <i>Experimental Methods: A Primer for Economists</i>, Cambridge University Press. Description/contents <a rel="nofollow" class="external text" href="http://www.cambridge.org/gb/knowledge/isbn/item1145017/?site_locale=en_GB">links</a> and scrollable <a rel="nofollow" class="external text" href="https://books.google.com/books?id=3lxmCqLG6kkC&pg=PA1">preview</a>. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0521456821" title="Special:BookSources/978-0521456821">978-0521456821</a></li> <li>Grether, David M., and Charles R. Plott, 1979. "Economic Theory of Choice and the Preference Reversal Phenomenon," <i>American Economic Review</i>, 69(4 ), pp. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120425081104/http://expecon.gsu.edu/jccox/reading/econtheoryc.pdf">623–638</a></li> <li>Guala, Francesco, 2005. <i>The Methodology of Experimental Economics</i>, Cambridge. Description/contents <a rel="nofollow" class="external text" href="http://www.cambridge.org/gb/knowledge/isbn/item1172961/?site_locale=en_GB">links</a> and ch. 1 <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120917074454/http://www.cambridge.org/servlet/file/store6/item2350863/version1/item_9780521853408_excerpt.pdf">excerpt</a></li> <li>Gunnthorsdottir Anna, Vragov Roumen, Seifert Stefan and Kevin McCabe, 2010. "Near-efficient equilibria in contribution-based competitive grouping," Journal of Public Economics, 94, pp. 987–994.<a rel="nofollow" class="external autonumber" href="http://ac.els-cdn.com/S0047272710000903/1-s2.0-S0047272710000903-main.pdf?_tid=d1a8a6f4-4619-11e3-9955-00000aacb360&acdnat=1383656425_3ec7bb08e9b00da6e93e7fd78c58fcfc">[2]</a></li> <li>Hertwig, Ralph, and Andreas Ortmann, 2001. "Experimental Practices in Economics : A Methodological Challenge for Psychologists?" <i>Behavioral and Brain Sciences</i>, 24(3), pp. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120425081114/http://dse.univr.it/vele/images/stories/risk_aversion/experimental_practices_in_economics._a_methodological_challenge_for_psychologists.pdf">383–403</a></li> <li>Holt, Charles A., and Susan K. Laury, 2002. "Risk Aversion and Incentive Effects," <i>American Economic Review</i>, 92(5) pp. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120425081104/http://www.excen.gsu.edu/jccox/reading/Holt%20Laury%202002.pdf">1644–1655</a></li> <li>Kagel, John H. <i>et al.</i>, 1975. "Experimental Studies of Consumer Demand Behavior Using Laboratory Animals," <i>Economic Inquiry</i>, 13(1), pp. 22–38. <a rel="nofollow" class="external text" href="http://en.scientificcommons.org/49909443">Abstract</a><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged February 2020">permanent dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup></li> <li>Kagel, John H., and Alvin E. Roth, ed., 1995. <i>The Handbook of Experimental Economics</i>, Princeton University Press. <a rel="nofollow" class="external text" href="http://press.princeton.edu/titles/5680.html">Description/TOC</a> and <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120126024606/http://kuznets.fas.harvard.edu/~aroth/handbook.html">detailed contents.</a></li> <li><a href="/wiki/Daniel_Kahneman" title="Daniel Kahneman">Kahneman Daniel</a>, Jack L. Knetsch, and <a href="/wiki/Richard_Thaler" title="Richard Thaler">Richard Thaler</a>, 1986. "Fairness as a Constraint on Profit Seeking: Entitlements in the Market," <i>American Economic Review,</i> 76(4), pp. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120425081105/http://faculty.som.yale.edu/keithchen/negot.%20papers/KahnKnetThal_FairProfitSeek86.pdf">728–741</a></li> <li><a href="/wiki/Charles_Plott" title="Charles Plott">Plott, Charles R.</a>, 1982. "Industrial Organization Theory and Experimental Economics," <i>Journal of Economic Literature</i>, 20(4), pp. <a rel="nofollow" class="external text" href="https://www.jstor.org/pss/2724830">1485</a>–1527. Reprinted in Plott, 2001, <i>Market Institutions and Price Discovery</i>, pp. <a rel="nofollow" class="external text" href="https://books.google.com/books?id=jkTe2HIHPhsC&pg=PA18">18–59</a>. Elgar. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130528075418/http://www.e-elgar.co.uk/bookentry_mainUS.lasso?id=2162">Description</a></li> <li>_____ and Susan K. Laury, 2002. "Risk Aversion and Incentive Effects," <i>American Economic Review</i>, 92(5) pp. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120425081104/http://www.excen.gsu.edu/jccox/reading/Holt%20Laury%202002.pdf">1644–1655</a></li> <li>Plott, Charles R., and Vernon L. Smith, 2008. <i>Handbook of Experimental Economics Results</i>, v. 1, Elsevier. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090403024024/http://www.elsevier.com/wps/find/bookdescription.cws_home/601504/description#description">Description</a> and chapter-link <a rel="nofollow" class="external text" href="http://www.sciencedirect.com/science?_ob=PublicationURL&_hubEid=1-s2.0-S1574072207X00015&_cid=277334&_pubType=HS&_auth=y&_acct=C000228598&_version=1&_urlVersion=0&_userid=10&md5=49f8b6d5e3024eac39ed5fad351fe568">previews</a></li> <li><a href="/wiki/Alvin_E._Roth" title="Alvin E. Roth">Roth, Alvin E.</a>, and Michael W Malouf, 1979. "Game-theoretic Models and the Role of Information in Bargaining," <i>Psychological Review</i>, 86(6), pp. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120401143145/http://kuznets.fas.harvard.edu/~aroth/papers/79_PR_GameTheoretic.pdf">574–594</a></li> <li>Serra, Daniel et al., 2012. <i>Experimental economics: Some methodological aspects</i>, special issue of the <i>Review of Philosophical Economics</i>, 2012/1 (vol 13), 192 pp. (ISBN 978-2711652068)</li> <li><a href="/wiki/Vernon_L._Smith" title="Vernon L. Smith">Smith, Vernon L.</a>, 1962. "An Experimental Study of Competitive Market Behavior," <i><a href="/wiki/Journal_of_Political_Economy" title="Journal of Political Economy">Journal of Political Economy</a></i>, 70(2), pp. <a rel="nofollow" class="external text" href="https://www.jstor.org/pss/1861810">111</a>–137</li> <li>____, 1982. "Microeconomic Systems as an Experimental Science," <i>American Economic Review</i>, 72(5), pp. <a rel="nofollow" class="external text" href="http://www.cs.princeton.edu/courses/archive/spring06/cos444/papers/smith82.pdf">923–955</a></li> <li>_____, 1991. <i>Papers in Experimental Economics</i> [1962–88], Cambridge. <a rel="nofollow" class="external text" href="https://books.google.com/books?id=zIjzN0UZ9G4C">Description</a><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged March 2024">permanent dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup> and chapter-preview <a rel="nofollow" class="external text" href="https://books.google.com/books?id=zIjzN0UZ9G4C&pg=PR7=onepage">links</a><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged March 2024">permanent dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup></li> <li>_____, [1987] 2008. "Experimental Methods in Economics," <i>The New Palgrave Dictionary of Economics</i>, 2nd Edition. <a rel="nofollow" class="external text" href="http://www.dictionaryofeconomics.com/article?id=pde2008_E000186&q=Experimental%20economics&topicid=&result_number=2">Abstract</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110515015421/http://www.dictionaryofeconomics.com/article?id=pde2008_E000186&q=Experimental%20economics&topicid=&result_number=2">Archived</a> 2011-05-15 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSmithWilson2008" class="citation encyclopaedia cs1"><a href="/wiki/Vernon_L._Smith" title="Vernon L. Smith">Smith, Vernon L.</a>; <a href="/wiki/Bart_Wilson" title="Bart Wilson">Wilson, Bart</a> (2008). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=yxNgXs3TkJYC">"Economics, Experimental"</a>. In <a href="/wiki/Ronald_Hamowy" title="Ronald Hamowy">Hamowy, Ronald</a> (ed.). <i>The Encyclopedia of Libertarianism</i>. Thousand Oaks, CA: <a href="/wiki/SAGE_Publishing" class="mw-redirect" title="SAGE Publishing">Sage</a>; <a href="/wiki/Cato_Institute" title="Cato Institute">Cato Institute</a>. pp. 137–138. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.4135%2F9781412965811.n86">10.4135/9781412965811.n86</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1412965804" title="Special:BookSources/978-1412965804"><bdi>978-1412965804</bdi></a>. <a href="/wiki/LCCN_(identifier)" class="mw-redirect" title="LCCN (identifier)">LCCN</a> <a rel="nofollow" class="external text" href="https://lccn.loc.gov/2008009151">2008009151</a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/750831024">750831024</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Economics%2C+Experimental&rft.btitle=The+Encyclopedia+of+Libertarianism&rft.place=Thousand+Oaks%2C+CA&rft.pages=137-138&rft.pub=Sage%3B+Cato+Institute&rft.date=2008&rft_id=info%3Aoclcnum%2F750831024&rft_id=info%3Alccn%2F2008009151&rft_id=info%3Adoi%2F10.4135%2F9781412965811.n86&rft.isbn=978-1412965804&rft.aulast=Smith&rft.aufirst=Vernon+L.&rft.au=Wilson%2C+Bart&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DyxNgXs3TkJYC&rfr_id=info%3Asid%2Fen.wikipedia.org%3AExperimental+economics" class="Z3988"></span></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid 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title="Economic democracy">Democratic</a></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> (<a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical–Keynesian synthesis</a>)</li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li></ul></li> <li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusianism</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a> <ul><li><a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-</a></li></ul></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> <ul><li><a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li> <li><a href="/wiki/Stockholm_School_(economics)" title="Stockholm School (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermo</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Economist" title="Economist">Economists</a><br /></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. 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