ECO 350K • Experimental Economics
The systematic evaluation of economic theories under controlled laboratory conditions is a relatively recent development, but in the last twenty years or so the use of experimental methods to evaluate economic and psychological propositions has become increasingly widespread. They have also come to provide an important foundation for bridging the gap between economic theory and observation. In this course, we will (1) undertake a systematic evaluation of the existing experimental literature; (2) instruct students on how to design suitable experiments in attempting to test a theoretical conjecture; (3) teach students how to collect data in a controlled setting and how to analyze the data to arrive at meaningful conclusions. The proposed course will focus primarily on decision and choice issues by analyzing game theoretic experiments and individual decision-making experiments. Experimental work in these two areas has significant overlap with cognitive psychology and neuroscience. In the course, we will also study how these fields interact with experimental economics.