By Alessandra Cassar, Dan Friedman
Experimental Economics is a self-discipline that makes an attempt to provide fiscal thought more impregnable medical foundations than it has maybe had long ago. This remarkable new publication will introduce scholars to this important box.
Read or Download Economics Lab: An Intensive Course in Experimental Economics (Routledge Advances in Experimental and Computable Economics) PDF
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Experimental Economics is a self-discipline that makes an attempt to provide monetary thought less assailable medical foundations than it has maybe had long ago. This outstanding new e-book will introduce scholars to this important box.
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Additional resources for Economics Lab: An Intensive Course in Experimental Economics (Routledge Advances in Experimental and Computable Economics)
For example, some subjects intrinsically are more altruistic than others in ways that are almost impossible to measure accurately. What if you happen to assign the more altruistic subjects to the first instruction conditions? Your conclusions might be completely wrong. This insidious problem has an amazingly simple solution. Fisher showed how randomization ensures independence. Assign the conditions in random order and your treatments will (eventually, as the number of trials increases) become independent of all uncontrolled variables, observable or not.
It is hard to imagine a general economic model that applies to some aspect of the naturally occurring economy but does not apply to any laboratory economy. Some sort of laboratory economy normally can be constructed as a special case. If the model fails to capture what is observed in the simplest special cases, then it needs some serious reconsideration. ” Neither is wise. Formal models often omit crucial details regarding the institution, and sometimes include behavioral assumptions that you would like to test rather than induce.
Find subjects with low opportunity costs and steep learning curves. This will give you dominance and salience at a low cost. Undergraduates are usually a good choice. Create the simplest possible economic environment in which you can address your issues. Simplicity promotes salience and reduces ambiguities in interpreting results. Avoid “loaded” words in your instructions in order to promote dominance. For example, if you label the choices in a prisoner’s dilemma game as “Loyal” and “Betray,” subjects may respond to these words in their own idiosyncratic and uncontrolled manner.
Economics Lab: An Intensive Course in Experimental Economics (Routledge Advances in Experimental and Computable Economics) by Alessandra Cassar, Dan Friedman