The Role of Experiments for the Development of Economic Theories

Klaus Schmidt ()

Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems from Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich

Abstract: Economic experiments interact with economic theories in various ways. First of all they are used to test economic theories. However, they can neither confirm nor falsify them in a strict sense. They rather inform us about the range of applicability, the robustness and the predictive power of a theory. Furthermore, economic experiments discover and isolate phenomena and challenge economic theorists to explain them. Finally, many economic experiments are “material†models. They are used to analyse and predict how changes in the environment affect economic outcomes. However, they cannot offer an explanation for what we observe. This has to be provided by economic theory.

Keywords: Economic experiments; economic theories; falsification; confirmation; phenomena; models (search for similar items in EconPapers)
JEL-codes: B41 C90 (search for similar items in EconPapers)
Date: 2009-01
New Economics Papers: this item is included in nep-exp
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Related works:
Journal Article: The Role of Experiments for the Development of Economic Theories (2009)
Working Paper: The role of experiments for the development of economic theories (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:trf:wpaper:252

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