Economic theory is often tested using data from natural markets. In many cases, clear conclusions about theoretical propositions can be drawn by observing naturally occurring data. At other times, ...

Our series continues on economic theories that are changing the way we think. Today, Andreas Ortmann explains experimental economics. Experimental economics is not really a new theory but a (still) ...

Reproducibility is an important measure of validity in experimental science. If researcher A publishes a result from his laboratory, researcher B should be able to follow the same protocol and achieve ...

Vernon L. Smith is Regents Professor of Economics and research director of the Economic Science Laboratory at the University of Arizona. He is author of more than 100 articles and books on capital ...

Nearly 400 years ago Galileo performed the first recorded laboratory experiment, timing balls as they rolled down an inclined plane to test his theory of acceleration. Since that time, laboratory ...

To understand how people behave in games or markets, economists build mathematical models that aim to explain or predict choices and outcomes. For example, the consumer decision-making process can be ...

Experimental economics is a sub‐discipline that employs controlled laboratory and field settings to investigate economic behaviour, test theoretical predictions, and inform policy. By designing ...

Abhijit Banerjee (left) and Esther Duflo. Photo: The Boston Globe/Getty Images Randomized control trials (RCTs) are all the rage at the moment in economics and, increasingly, in the analysis and even ...