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Experimental economics

Experimental 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.

Note:   The above text is excerpted from the Wikipedia article "Experimental economics", which has been released under the GNU Free Documentation License.
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October 6, 2015

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