Replicability of Experimental Data and Credibility of Economic Theory

Michihiro Kandori

The Japanese Economic Review, 2018, vol. 69, issue 1, 4-25

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.

Date: 2018
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