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What is Experimental Economics

Chapter 9
Handbook of Research on Global Competitive Advantage through Innovation and Entrepreneurship
Using laboratory methods to study phenomena that are difficult to observe directly in naturally occurring economic contexts, as estimating effect size, test the validity of economic theories, etc.
Published in Chapter:
Understanding Actual Socio-Economic Behavior as a Source of Competitive Advantage: The Role of Experimental-Behavioral Economics in Innovation
P. Hernandez (University of Valencia, Spain), V. Martínez-Molés (University of Valencia, Spain), and J. Vila (University of Valencia, Spain)
Copyright: © 2015 |Pages: 23
DOI: 10.4018/978-1-4666-8348-8.ch009
Abstract
This chapter illustrates the potentiality of the application of experimental-behavioral methods to gain global competitive advantages based in the anticipated measurement of how consumers and citizens would behave when exposed to specific innovation actions to be implemented by an organization. To this end, the chapter presents a brief background of the experimental-behavioral economics approach as an application of the experimental-scientific paradigm to study socio-economic behavior, highlighting its main differential features (use of economic monetary incentives, non-deception, and anonymity). After a discussion of the internal and external validity of this methodology and its ethical implications, the chapter presents specific examples of its application in both industry (framing management and measurement of the added value generated by alternative designs of an innovative product) and government (optimal design of new public programs and policies).
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Chapter 17
Agent-Based Modelnig with Boundedly Rational Agents
In Experimental Economics, behavior of human subjects is researched in controlled experiments with monetary incentives. The settings include simple games in which the subjects play with or against each other. Their decisions directly influence the payoffs they receive. By using stylized games in controlled situations, economic experiments produce comparable and reproducible data. Varying specific aspects in these experiments can help to understand which aspects of a decision situation influence human behavior in what way (see Kagel & Roth, 1995 AU6: The in-text citation "Kagel & Roth, 1995" is not in the reference list. Please correct the citation, add the reference to the list, or delete the citation. ).
Published in Chapter: Agent-Based Modelnig with Boundedly Rational Agents; From: Handbook of Research on Nature-Inspired Computing for Economics and Management
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Chapter 11
“Game Theory Lab”: A Gamification Laboratory for High School Students
The application of experimental methods to study economic issues. Data collected in experiments are used to estimate effect sizes, test the validity of economic theories and provide insight into market mechanisms.
Published in Chapter: “Game Theory Lab”: A Gamification Laboratory for High School Students; From: Handbook of Research on International Approaches and Practices for Gamifying Mathematics
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