Contact Us

If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.

Please fill out the contact form below and we will reply as soon as possible.

  • Courses
  • Home
  • Economics, Finance, & Analytics
  • Economic Analysis & Monetary Policy

Experimental Economics - Definition

Written by Jason Gordon

Updated at December 19th, 2020

Contact Us

If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.

Please fill out the contact form below and we will reply as soon as possible.

  • Marketing, Advertising, Sales & PR
    Principles of Marketing Sales Advertising Public Relations SEO, Social Media, Direct Marketing
  • Accounting, Taxation, and Reporting
    Managerial & Financial Accounting & Reporting Business Taxation
  • Professionalism & Career Development
  • Law, Transactions, & Risk Management
    Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
  • Business Management & Operations
    Operations, Project, & Supply Chain Management Strategy, Entrepreneurship, & Innovation Business Ethics & Social Responsibility Global Business, International Law & Relations Business Communications & Negotiation Management, Leadership, & Organizational Behavior
  • Economics, Finance, & Analytics
    Economic Analysis & Monetary Policy Research, Quantitative Analysis, & Decision Science Investments, Trading, and Financial Markets Banking, Lending, and Credit Industry Business Finance, Personal Finance, and Valuation Principles
  • Courses
+ More
Back to:ECONOMIC ANALYSIS & MONETARY POLICY

Experimental Economics Definition

Experimental economics is a branch of economics where experimental methods are applied in the study of economic theories and economic behaviors. This branch of economics relies heavily on data, laboratory-controlled and scientifically developed experiments in the study of economic behaviors and theories. In experimental economics, data retrieved from experiments are applied in the evaluation of economic theories, questions, and behaviors. This branch of economics tests economic theories in laboratory settings and conditions using scientifically designed experiments.

A Little More on What is Experimental Economics

Experimental economics as a branch of economics was developed by Vernon Smith, a winner of the Nobel Prize in economics in 2002. This branch of economics does not use mathematical models but scientific experiments to study economic theories, human behaviors, and other economic concepts. With experimental economics, individuals are able to gain a clearer understanding of how market functions, how humans behave in the markets and the reasons for these.

Reference for Experimental Economics

https://en.wikipedia.org/wiki/Experimental_economicshttps://link.springer.com/journal/10683https://www.econlib.org/library/Enc/ExperimentalEconomics.htmlhttps://www.umass.edu/resec/what-experimental-economics-and-public-policyhttps://www.investopedia.com Investing Financial Analysishttps://www.sciencedaily.com/terms/experimental_economics.htm

Was this article helpful?

Yes
No

Related Articles

  • Market Power - Definition
  • Economic Cycle - Definition
  • Balance of Trade Definition
  • Traveler's Dilemma - Definition



©2011-2021. The Business Professor, LLC.
  • Privacy

  • Questions

Definition by Author

0
0
Expand