Virtual reality experiments in economics

Alessandro Innocenti ()

Labsi Experimental Economics Laboratory University of Siena from University of Siena

Abstract: The paper provides a review of research using virtual reality as a tool in experimental economics. It addresses the question of whether behavior in virtual environments is a valuable source of empirical evidence for economists. A typology of virtual reality experiments based on the difference between low-immersive (LIVE) and high-immersive virtual environments (HIVE) is offered. It is argued that virtual reality experiments are framed field experiments, which allow testing the effect of contextual cues on economic decision-making under the strict control of the experimenter. This feature enhances replicability and attenuates the context-free illusion that represents an important limitation of the standard laboratory approach in economics.

Keywords: virtual reality; experimental economics; laboratory methods; virtual worlds; immersive environments. (search for similar items in EconPapers)
JEL-codes: B41 C90 C93 (search for similar items in EconPapers)
Date: 2015-11
New Economics Papers: this item is included in nep-cbe, nep-evo, nep-exp and nep-sog
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http://www.labsi.org/wp/labsi49.pdf (application/pdf)

Related works:
Journal Article: Virtual reality experiments in economics (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:usi:labsit:049

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