SavedAdd your journal

Journals / International Journal of Economics and Finance Studies / 2026 / Cilt: 3 Sayı: 1

EXPERIMENT IN ECONOMICS

Müslüm Basilgan
Pages
129–138
Publication Date
2011-06-01
DOI
—
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The purpose of this study is to show how economics arrived to this point and outline the effect of experimental studies on the future of economics.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:In contrast to sciences such as physics, chemistry and psychology, using experimental methods in economics has encountered significant resistance reaching as far back as Mill.
📊
Key Findings & Data:However, experimental studies, which started to test economics theories from the 1940s, have now reached an important point.
💡
Conclusion & Impact:The purpose of this study is to show how economics arrived to this point and outline the effect of experimental studies on the future of economics.
🔬Design:Makale
📍Scope:Comprehensive Sample
⚙️Variables:Experiment · Laboratory Experiment · Field Experiment

Abstract

In contrast to sciences such as physics, chemistry and psychology, using experimental methods in economics has encountered significant resistance reaching as far back as Mill. The basic reason for the resistance is the widely accepted view that experiment is not suited to analyzing complex human activity including economic behaviors. However, experimental studies, which started to test economics theories from the 1940s, have now reached an important point. The purpose of this study is to show how economics arrived to this point and outline the effect of experimental studies on the future of economics.

🔖

Cite This Article

Basilgan, M. (2011). EXPERIMENT IN ECONOMICS. International Journal of Economics and Finance Studies, Cilt: 3 Sayı: 1, 129–138. https://ajindex.com/articles/1651573

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (47)

  1. Burks, Stephen, Jeffrey Carpenter and Lorenz Goette (2009), “Performance Pay and Worker Cooperation: Evidence from an Artefactual Field Experiment”, Journal of
  2. Economic Behavior & Organization, Vol. 70, No.3, pp. 458-469. Butler David J. and John D. Hey (1987), “Experimental Economics: An Introduction”, Emprica, Vol. 14, No. 2, pp. 157-186.
  3. Chamberlin, Edward H. (1948), “An Experimental Imperfect Market”, The Journal of
  4. Political Economy, Vol. 56, No. 2, pp. 95-108
  5. Cunningham, R. L. (1967), “Ethics and Game Theory: The Prisoner's Dilemma”,(in:
  6. G.Tulock- Ed., Papers on Non-Market Decision Making, Vol. II), Charlottesville, VA: Thomas Jefferson Center for Political Economy, University of Virginia, pp. 11-26. Dimand, Robert W. (2005), “Experimental Economic Games: The Early Years”, (in:
  7. Philippe Fontaine and Robert Leonard-Eds., The Experiment in the History of Economics, London and New York: Routledge, pp. 4-20. Friedman, Daniel and Alessandra Cassar (2004), “Markets” (in: Daniel Friedman and Alessandra Cassar-Ed., Economics Lab: An Intensive Course in Experimental
  8. Economics), London and New York: Routledge, pp.83-91. Gigerenzer, Gerd (1984), “External Validity of Laboratory Experiments: The Frequency
  9. Validity Relationship”, The American Journal of Psychology, Vol. 97, No. 2, pp. 185- Guala, Francesco (1998), “Experiments as Mediators in the Non-Laboratory Sciences”, Philosophica, Vol.62, pp. 901-918.
  10. Harrison, Glenn W. and John A. List, “Naturally Occurring Markets and Exogenous Laboratory Experiments: A Case Study of the Winner's Curse”, The Economic Journal, No.528, pp., 822-843. Hasher, Lynn, David Goldstein and Thomas Toppino (1977), “Frequency and the Conference of Referential Validity”, Journal of Verbal Learning and Verbal Behavior, Vol.16, No.1, pp.107-112.
  11. List, John A. (2006), “The Behavioralist Meets the Market: Measuring Social
  12. Preferences and Reputation Effects in Actual Transactions”, Journal of Political Economy, Vol. 114, No.1, pp.1–37. Leonard, Robert and Philippe Fontaine, “Introduction”, (in: Philippe Fontaine and Robert Leonard-Eds., The Experiment in the History of Economics), London and New York: Routledge, pp.1-3. Levitt, Steven D. and John A. List (2009), “’Field experiments in Economics: The Past, the Present, and the Future”, European Economic Review, Vol.53, No.1 pp.1-18.
  13. Lichtenstein, Sarah and Paul Slovic (1973), “Response-induced reversals of preference in gambling: An extended replication in Las Vegas”, Journal of Experimental Psychology, Vol. 101, No.1, pp.16-20.
  14. Lichtenstein, Sarah and Slovic, Paul(1971), “Reversals of Preference Between Bids and Choices in Gambling Decisions”, Journal of Experimental Psychology, Vol.89, No.1, pp.46-55.
  15. List, John A. and David Lucking-Reiley (2000), “Demand Reduction in Multiunit
  16. Auctions: Evidence from a Sportscard Field Experiment”, The American Economic Review, Vol. 90, No. 4, pp. 961-972. List, John A.(2009), “An introduction to field experiments in economics”, Journal of
  17. Economic Behavior & Organization Vol.70, No.3, pp. 439-442. Mill, John Stuart (1970), “Two Methods of Comparison”, (in: Etzioni Amitai and Dubow
  18. Fredric L.- Eds., Comparative Perspectives, Theories and Methods, Boston: Litle, Brown and Company, pp.205-215. Mill, John Stuart (2006), The Collected Works of John Stuart Mill, Volume IV - Essays on Economics and Society Part I, John M. Robson, ed., Toronto: University of Toronto
  19. Press, London: Routledge and Kegan Paul, 1967).
  20. Plous, Scott (1993), The Psychology of Judgment and Decision Making, New York:
  21. McGraw-Hill, Inc. Princeton University Press. Robbins, Lionel (1981 ), Economics and Political Economy, Papers and Proceedings of the Ninety Third Annual Meeting of the American Economic Association, The American
  22. Economic Review, Vol. 71, No. 2, pp. 1-10. Robbins, Lionel (1984), An Essay on The Nature and Significance of Economic
  23. Science, 3th ed, Basingstoke: Macmillan, 1984.
  24. Roth, Alvin E. (1995) “Introduction to Experimenatal Economics”, (in: John H.Kagel,
  25. J.H. and Alvin E. Roth- eds., The Handbook of Experimental Economics, New Jersey: Princeton University Press, pp.4- 109. Sagal, Paul T. (1977), “Epistemology of Economics”, Zeitschrift für allgemeine
  26. Wissenschaftstheorie / Journal for General Philosophy of Science, Vol. 8, No. 1, pp. 144- Samuelson, Paul A., William D. Nordhaus (1985), Economics, 12th edition, New York: McGraw Hill Company.
  27. Shubik, Martin(1964), Related Approaches to Social Game Theory and Behavior, N.Y.: Wiley, 1964.
  28. Siegel, Sidney and Lawrence E. Fouraker (1960), Bargaining and Group Decision
  29. Making, New York: McGraw- Hill Book Co. Smith, Mark J.(2002), Social Sciences in Question, London, 2th edition, Thousands Oak and New Delhi: Sage Publications.
  30. Smith, Vernon L. (1962), “An Experimental Study of Competitive Market Behavior”,
  31. Journal of Political Economy, Vol. 70, No. 2, pp.111-37. Smith, Vernon L. (1965), “Experimental Auction Markets and the Walrasian
  32. Hypothesis”, The Journal of Political Economy, Vol. 73, No. 4, pp. 387-393. Smith, Vernon L. (1980), “Experiments with a Decentralized Mechanism for Public Good
  33. Decisions”, The American Economic Review, Vol. 70, No. 4, pp. 584-599
  34. Smith, Vernon L. (1991), “Bidding and auctioning institutions: Empirical results”, (in:
  35. Vernon L. Smith-Ed., Papers in Experimental Economics), New York and Melbourne: Cambridge University Press, pp. 236-253. Smith, Vernon L., Suchanek, Gerry L., Williams, Arlington W.(1988), “Bubbles,
  36. Crashes, and Endogenous Expectations in Experimental Spot Asset Markets”, Econometrica, Vol. 56, No. 5, pp. 1119-1151.
  37. Starmer, Chris (1999) “Experiments in economics: Should We Trust the Dismal
  38. Scientists in white Coats?”, Journal of Economic Methodology, Vol.6, No. 1, pp. 1-30
  39. Sugden, Robert (2005), “ Experiment, Theory, World: A Symposium on the Role of
  40. Experiments in Economics”, Journal of Economic Methodology, Vol.12, No.2, 177-184. Thurstone, L. L.(1931), “The Indifference Function”, Journal of Social Psychology, Vol.2, No.2, pp.139-167.
  41. Tversky, Amos (1975), “A Critique of Expected Utility Theory: Descriptive and Normative Considerations”,, Erkenntnis, Vol. 9, No. 2, pp. 163-173.
  42. Von Neumann, John and Oskar Morgenstern (1944), The Theory of Games and Economic Behavior, Princeton.
  43. Reiley, David H. and John A List (2007), Field Experiments in Economics, http://www.u.arizona.edu/~dreiley/papers/PalgraveFieldExperiments.pdf, [accessed 03.2011]
  44. Economic Behavior & Organization Vol.70, No.3, pp. 439-442. Mill, John Stuart (1970), “Two Methods of Comparison”, (in: Etzioni Amitai and Dubow
  45. J.H. and Alvin E. Roth- eds., The Handbook of Experimental Economics, New Jersey: Princeton University Press, pp.4- 109. Sagal, Paul T. (1977), “Epistemology of Economics”, Zeitschrift für allgemeine
  46. Vernon L. Smith-Ed., Papers in Experimental Economics), New York and Melbourne: Cambridge University Press, pp. 236-253. Smith, Vernon L., Suchanek, Gerry L., Williams, Arlington W.(1988), “Bubbles,
  47. Tversky, Amos (1975), “A Critique of Expected Utility Theory: Descriptive and Normative Considerations”,, Erkenntnis, Vol. 9, No. 2, pp. 163-173.