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Table of Contents

Table of Contents 2

Introduction 3

1. The Beginning of Experiments in Economics 3

2. Why and When Experiments in Economics Became Interesting 4

3. Different kinds of Experiments in Economics 5

4. Usefulness of Experimental Economics 6

Conclusion 8

References 9

Grade: 11


Introduction

Experimental economics has been the protagonist of one of the most stunning methodological revolutions in the history of science. In recent years the pace of economic experimentation has greatly accelerated. ‘From the early 1970s the number of papers has grown from two or three per year to numbers approximating 100 per year. The number of researchers has grown from a small handful in the early 1970s to hundreds’ (Plott, 1991: 901 and Guala, 2005: 2-3). Economists use experiments, by themselves or in combination with field observation, to test existing theories, investigate puzzling phenomena - sometimes unguided by theory - and to evaluate......

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Approximate Word Count: 2363
Approximate Pages: 10 (250 words per double-spaced page)

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