Replicability of Experimental Data and Credibility of Economic Theory

Michihiro Kandori
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Michihiro Kandori: The University of Tokyo

The Japanese Economic Review, 2018, vol. 69, issue 1, No 2, 4-25

Abstract: Abstract Finding a data set that supports a theory is not enough for the theory to gain credibility. Credibility of a theory is established only after the initial supporting finding can be replicated by a number of follow-up studies. Economics so far has paid little attention to replicability, presumably because the profession has been overly pessimistic about obtaining a high degree of replicability of non-trivial theoretical predictions. By using a large data set I have collected that involves more than 4,000 subjects, I show that there is hope for economic theory to gain credibility by means of replications of laboratory data.

Keywords: A11; B41; C72; C92 (search for similar items in EconPapers)
Date: 2018
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DOI: 10.1111/jere.12175

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