EXPERIMENT IN ECONOMICS

Abstract

In contrast to sciences such as physics, chemistry and psychology, using experimental methods in economics has encountered significant resistance reaching as far back as Mill. The basic reason for the resistance is the widely accepted view that experiment is not suited to analyzing complex human activity including economic behaviors. However, experimental studies, which started to test economics theories from the 1940s, have now reached an important point. The purpose of this study is to show how economics arrived to this point and outline the effect of experimental studies on the future of economics.

Keywords

• Experiment, Laboratory Experiment, Field Experiment

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