Experimental Economics

Experimental economics is a relatively young but already prominently established field of economics.

The impact of experimental methods in economics has been recognized by multiple Nobel Prizes, awarded to Vernon Smith and other researchers.

Early interest in experimental methods came from observations that actual economic behavior in controlled settings often deviated from predictions of classical theory. In fact, economic theory is being continuously tested (and improved) by experimental economics. Practical areas such as marketing are also being impacted by experimental methods and the results they yield.

Broadly speaking, experimental methods allow researchers, as well as practitioners, to learn about factors behind the observed behavior and outcomes. Ultimately, this has direct implications in generating solutions and improvements (accompanied by testing).

This course will empower students with the knowledge of experimental methods, experience in using them, and an overall improvement in understanding of the decision-making of individuals and companies.