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BookmarkExperimental economics is the use of experimental methods to evaluate theoretical predictions of economic behaviour.
It uses controlled, scientifically-designed experiments to test economic theories under laboratory conditions.
Typical empirical research is limited by the fact that only a subset of the set of all possible influences affect (or can be observed to be affecting) economic decision making; therefore, the ability to control for certain influences is limited or non-existent.
With experiments, economists can fix some inputs and measure the effects of other inputs in a way that allows ceteris-paribus comparisons..
For more information about the topic Experimental economics, read the full article at Wikipedia.org, or see the following related articles:
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