Workshop: Experimental Economics

16 11 2011

Image of silver starPresenter: Steve Tucker, University of Canterbury

Full title: Introduction to Experimental Methods in Economics Research

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10 responses

16 11 2011
Muawya Ahmed Hussein

Experimental Economics
How to apply this in developing countries, since there is no financial resources?

17 11 2011
Steven Tucker

As I mentioned during the talk, the linking of decisions to financial consequences is an important aspect of experimental economics, i.e., the payments to subjects capture the incentives of the theoretical model for which the experiment was designed. Now in saying this, the incentives do not necessarily need to be large. The typical payment scheme is such that subjects earn on average 1.5 times what they would earn outside the laboratory. In the NZEEL, we typically choose our parameters such that we pay ~$18NZ per hour for student participation. For developing countries, the subject payments will most likely be much lower than this. In saying that, if absolutely no financial resources are available, then unfortunately, many of the types of experiments would be quite difficult to conduct. However, there is still the option of natural field experiments in which subjects participate unknowingly within their own natural environments, and thus monetary payment may not necessarily be required.

16 11 2011
Muhammad Anees

Really interesting. It is motivating for a student of Economics.

16 11 2011
Margaret Giles

I do quasi field experiments to test hypotheses about student learning. Most recently this involved a classroom survey on time preferences. Students who participated in the survey went into a draw for prizes. The prizes were considered an incentive to participate and provide considered answers in the survey. Is there an incentive structure for these types of laboratory experiments at Canterbury (or elsewhere) and, if so, how is this determined?

17 11 2011
Steven Tucker

We typically do not run experiments in the NZEEL in which the monetary incentives are not directly related to the subject decisions. In saying that, we’ve run surveys similar to what you mention in order to provide insights into our experimental design which is then conducted within the laboratory environment.

16 11 2011
Today’s sessions – Wednesday « Wiley Economics Online Conference

[…] Experimental Economics […]

16 11 2011
Dr. Saima Javaid

Awesome Presentation and very useful applied knowledge. The Lab facility provided to the researchers was superb and environment is highly conducive for the research. Is the experimental economics can be used by researchers in the area of finance? If so, then how.

17 11 2011
Steven Tucker

Over the last few decades, the methods of experimental economics has been applied more and more to address financial issues to the point of an area of Experimental Finance emerging to stand on its own. An annual conference has recently been established with a focus on experimental finance, which was held most recently in Sept 2011 of this year in Innsbruck. One of the areas of research conducted in the NZEEL is focused on laboratory asset markets and the study of price bubble formation.

16 11 2011
The Wrap – Day 1 « Wiley Economics Online Conference

[…] Workshop – Tucker, Experimental Economics […]

17 11 2011
Dr. Saima Javaid

Thank you so much for the valuable information. I want to gain more knowledge on Experimental Finance. Please guide me, Sir… Suggest me some books or sites..I want to learn more about it… I will be highly grateful to you.
Thanks




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