July 6, 2007

Experimental Economics and Real-world Details

Lynne Kiesling Yeah, what he said. I agree with Mike’s previous post about real-world detail and experimental economics (and thanks for mentioning the Electricity Journal article!). The wind tunnel metaphor is apt for the use of experimental economics to test market designs and policy proposals; testing them in an environment that captures the most salient …

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Applying Experimental Economics to Policy Design is Not About Duplicating Real World Conditions

Michael Giberson At Economist’s View, Mark Thoma has had a pair of recent postings on experimental economics. A few days ago he quoted extensively from a posting at VoxEu by Steffen Huck and Jean-Robert Tyran. In brief, Huck and Tyran said, “Experimental economics opens the door to better policy design. Laboratory experiments should be used …

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