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Seda Ertaç & Sandra Maximiano

In: 21st Century Economics: A Reference Handbook

Chapter 85: Experimental Economics

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Experimental Economics
Experimental economics

Being able to test theories and understand the underlying mechanism behind observed phenomena is crucial for scientific progress in any discipline. Experimentation is an important method of measurement in the natural sciences as well as in social sciences such as psychology, but the use of experiments for gathering economic data is a much more recent endeavor. Economics has long been regarded as a nonexperimental science, which has to rely on observations of economic behavior that occur naturally. Experiments, however, have found their way into the economist's toolkit in the past few decades and are now being employed commonly in mainstream economics research in many diverse subfields such as game theory, industrial organization, labor and development economics, and, more recently, macroeconomics.

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