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- Publisher
- American Economic Association
- Copyright
- Copyright © 1994 by the American Economic Association
- Subject
- Articles
- ISSN
- 0895-3309
- DOI
- 10.1257/jep.8.1.113
- Publisher site
- See Article on Publisher Site
Abstract
Abstract The questions addressed in this paper include: What is a laboratory experiment? What are the reasons why economists conduct such experiments? What have we learned? Among the many findings of experiments are included: institutions (the rules of exchange) matter; optimization in markets is not achieved by conscious calculation; less information is sometimes better; common information is not sufficient to yield common ‘knowledge’ or expectations; underrevelation is compatible with efficiency; and fairness is a matter of tastes or expectations. Also discussed is the methodological role of experiments in contributing to our knowledge of how things work.
Journal
Journal of Economic Perspectives – American Economic Association
Published: Feb 1, 1994