Experimental Exploration into Macro Economics
Shyam Sunder
Chapter Chapter 10 in Development in India, 2016, pp 169-198 from Springer
Abstract:
Abstract Economics, long thought beyond the reach of experimentation, began gradually to yield some of its inaccessible secrets to laboratory and field investigations over the past century. Observation and analyses of laboratory games have led economists to think about markets as social artifacts, whether evolved or designed, to achieve predictable outcomes in specified environments. The value of potential insights into properties of macro economic models and policies had to overcome the barrier of virtual impossibility of conducting controlled experiments at macro economic scale. Fortunately, micro models of macro phenomena have allowed experiments to identify the more plausible from sets of multiple or indeterminate outcomes, and assess policy alternatives and institutional designs. Without attempting a comprehensive survey, this paper summarizes some important discoveries from experimental economics, with special emphasis on macro economics. Challenges ahead are mentioned briefly.
Keywords: Monetary Policy; Competitive Equilibrium; Micro Model; Allocative Efficiency; Asset Market (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations:
There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:spr:isbchp:978-81-322-2541-6_10
Ordering information: This item can be ordered from
http://www.springer.com/9788132225416
DOI: 10.1007/978-81-322-2541-6_10
Access Statistics for this chapter
More chapters in India Studies in Business and Economics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().