Year 2011, Volume 3, Issue 1, Pages 129 - 138 2011-06-01

EXPERIMENT IN ECONOMICS

Müslüm Basilgan [1]

83 137

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.
Experiment, Laboratory Experiment, Field Experiment
  • Burks, Stephen, Jeffrey Carpenter and Lorenz Goette (2009), “Performance Pay and Worker Cooperation: Evidence from an Artefactual Field Experiment”, Journal of
  • Economic Behavior & Organization, Vol. 70, No.3, pp. 458-469. Butler David J. and John D. Hey (1987), “Experimental Economics: An Introduction”, Emprica, Vol. 14, No. 2, pp. 157-186.
  • Chamberlin, Edward H. (1948), “An Experimental Imperfect Market”, The Journal of
  • Political Economy, Vol. 56, No. 2, pp. 95-108
  • Cunningham, R. L. (1967), “Ethics and Game Theory: The Prisoner's Dilemma”,(in:
  • G.Tulock- Ed., Papers on Non-Market Decision Making, Vol. II), Charlottesville, VA: Thomas Jefferson Center for Political Economy, University of Virginia, pp. 11-26. Dimand, Robert W. (2005), “Experimental Economic Games: The Early Years”, (in:
  • Philippe Fontaine and Robert Leonard-Eds., The Experiment in the History of Economics, London and New York: Routledge, pp. 4-20. Friedman, Daniel and Alessandra Cassar (2004), “Markets” (in: Daniel Friedman and Alessandra Cassar-Ed., Economics Lab: An Intensive Course in Experimental
  • Economics), London and New York: Routledge, pp.83-91. Gigerenzer, Gerd (1984), “External Validity of Laboratory Experiments: The Frequency
  • Validity Relationship”, The American Journal of Psychology, Vol. 97, No. 2, pp. 185- Guala, Francesco (1998), “Experiments as Mediators in the Non-Laboratory Sciences”, Philosophica, Vol.62, pp. 901-918.
  • Harrison, Glenn W. and John A. List, “Naturally Occurring Markets and Exogenous Laboratory Experiments: A Case Study of the Winner's Curse”, The Economic Journal, No.528, pp., 822-843. Hasher, Lynn, David Goldstein and Thomas Toppino (1977), “Frequency and the Conference of Referential Validity”, Journal of Verbal Learning and Verbal Behavior, Vol.16, No.1, pp.107-112.
  • List, John A. (2006), “The Behavioralist Meets the Market: Measuring Social
  • Preferences and Reputation Effects in Actual Transactions”, Journal of Political Economy, Vol. 114, No.1, pp.1–37. Leonard, Robert and Philippe Fontaine, “Introduction”, (in: Philippe Fontaine and Robert Leonard-Eds., The Experiment in the History of Economics), London and New York: Routledge, pp.1-3. Levitt, Steven D. and John A. List (2009), “’Field experiments in Economics: The Past, the Present, and the Future”, European Economic Review, Vol.53, No.1 pp.1-18.
  • Lichtenstein, Sarah and Paul Slovic (1973), “Response-induced reversals of preference in gambling: An extended replication in Las Vegas”, Journal of Experimental Psychology, Vol. 101, No.1, pp.16-20.
  • Lichtenstein, Sarah and Slovic, Paul(1971), “Reversals of Preference Between Bids and Choices in Gambling Decisions”, Journal of Experimental Psychology, Vol.89, No.1, pp.46-55.
  • List, John A. and David Lucking-Reiley (2000), “Demand Reduction in Multiunit
  • Auctions: Evidence from a Sportscard Field Experiment”, The American Economic Review, Vol. 90, No. 4, pp. 961-972. List, John A.(2009), “An introduction to field experiments in economics”, Journal of
  • Economic Behavior & Organization Vol.70, No.3, pp. 439-442. Mill, John Stuart (1970), “Two Methods of Comparison” , (in: Etzioni Amitai and Dubow
  • Fredric L.- Eds., Comparative Perspectives, Theories and Methods, Boston: Litle, Brown and Company, pp.205-215. Mill, John Stuart (2006), The Collected Works of John Stuart Mill, Volume IV - Essays on Economics and Society Part I, John M. Robson, ed., Toronto: University of Toronto
  • Press, London: Routledge and Kegan Paul, 1967).
  • Plous, Scott (1993), The Psychology of Judgment and Decision Making, New York:
  • McGraw-Hill, Inc. Princeton University Press. Robbins, Lionel (1981 ), Economics and Political Economy, Papers and Proceedings of the Ninety Third Annual Meeting of the American Economic Association, The American
  • Economic Review, Vol. 71, No. 2, pp. 1-10. Robbins, Lionel (1984), An Essay on The Nature and Significance of Economic
  • Science, 3th ed, Basingstoke: Macmillan, 1984.
  • Roth, Alvin E. (1995) “Introduction to Experimenatal Economics”, (in: John H.Kagel,
  • J.H. and Alvin E. Roth- eds., The Handbook of Experimental Economics, New Jersey: Princeton University Press, pp.4- 109. Sagal, Paul T. (1977), “Epistemology of Economics” , Zeitschrift für allgemeine
  • Wissenschaftstheorie / Journal for General Philosophy of Science, Vol. 8, No. 1, pp. 144- Samuelson, Paul A., William D. Nordhaus (1985), Economics, 12th edition, New York: McGraw Hill Company.
  • Shubik, Martin(1964), Related Approaches to Social Game Theory and Behavior, N.Y.: Wiley, 1964.
  • Siegel, Sidney and Lawrence E. Fouraker (1960), Bargaining and Group Decision
  • Making, New York: McGraw- Hill Book Co. Smith, Mark J.(2002), Social Sciences in Question, London, 2th edition, Thousands Oak and New Delhi: Sage Publications.
  • Smith, Vernon L. (1962), “An Experimental Study of Competitive Market Behavior”,
  • Journal of Political Economy, Vol. 70, No. 2, pp.111-37. Smith, Vernon L. (1965), “Experimental Auction Markets and the Walrasian
  • Hypothesis”, The Journal of Political Economy, Vol. 73, No. 4, pp. 387-393. Smith, Vernon L. (1980), “Experiments with a Decentralized Mechanism for Public Good
  • Decisions”, The American Economic Review, Vol. 70, No. 4, pp. 584-599
  • Smith, Vernon L. (1991), “Bidding and auctioning institutions: Empirical results”, (in:
  • Vernon L. Smith-Ed., Papers in Experimental Economics), New York and Melbourne: Cambridge University Press, pp. 236-253. Smith, Vernon L. , Suchanek, Gerry L. , Williams, Arlington W.(1988), “Bubbles,
  • Crashes, and Endogenous Expectations in Experimental Spot Asset Markets”, Econometrica, Vol. 56, No. 5, pp. 1119-1151.
  • Starmer, Chris (1999) “Experiments in economics: Should We Trust the Dismal
  • Scientists in white Coats?”, Journal of Economic Methodology, Vol.6, No. 1, pp. 1-30
  • Sugden, Robert (2005), “ Experiment, Theory, World: A Symposium on the Role of
  • Experiments in Economics”, Journal of Economic Methodology, Vol.12, No.2, 177-184. Thurstone, L. L.(1931), “The Indifference Function”, Journal of Social Psychology, Vol.2, No.2, pp.139-167.
  • Tversky, Amos (1975), “A Critique of Expected Utility Theory: Descriptive and Normative Considerations”, , Erkenntnis, Vol. 9, No. 2, pp. 163-173.
  • Von Neumann, John and Oskar Morgenstern (1944), The Theory of Games and Economic Behavior, Princeton.
  • Reiley, David H. and John A List (2007), Field Experiments in Economics, http://www.u.arizona.edu/~dreiley/papers/PalgraveFieldExperiments.pdf, [accessed 03.2011]
Other ID JA79NA68SM
Journal Section Articles
Authors

Author: Müslüm Basilgan

Bibtex @ { ijefs275628, journal = {International Journal of Economics and Finance Studies}, issn = {}, eissn = {1309-8055}, address = {Sosyal Bilimler Araştırmaları Derneği}, year = {2011}, volume = {3}, pages = {129 - 138}, doi = {}, title = {EXPERIMENT IN ECONOMICS}, key = {cite}, author = {Basilgan, Müslüm} }
APA Basilgan, M . (2011). EXPERIMENT IN ECONOMICS. International Journal of Economics and Finance Studies, 3 (1), 129-138. Retrieved from http://dergipark.org.tr/ijefs/issue/26163/275628
MLA Basilgan, M . "EXPERIMENT IN ECONOMICS". International Journal of Economics and Finance Studies 3 (2011): 129-138 <http://dergipark.org.tr/ijefs/issue/26163/275628>
Chicago Basilgan, M . "EXPERIMENT IN ECONOMICS". International Journal of Economics and Finance Studies 3 (2011): 129-138
RIS TY - JOUR T1 - EXPERIMENT IN ECONOMICS AU - Müslüm Basilgan Y1 - 2011 PY - 2011 N1 - DO - T2 - International Journal of Economics and Finance Studies JF - Journal JO - JOR SP - 129 EP - 138 VL - 3 IS - 1 SN - -1309-8055 M3 - UR - Y2 - 2019 ER -
EndNote %0 International Journal of Economics and Finance Studies EXPERIMENT IN ECONOMICS %A Müslüm Basilgan %T EXPERIMENT IN ECONOMICS %D 2011 %J International Journal of Economics and Finance Studies %P -1309-8055 %V 3 %N 1 %R %U
ISNAD Basilgan, Müslüm . "EXPERIMENT IN ECONOMICS". International Journal of Economics and Finance Studies 3 / 1 (June 2011): 129-138.