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Journal of Economic Perspectives: Vol. 8 No. 1 (Winter 1994)
JEP Volume. 8, Issue 1 | 
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Economics in the Laboratory
Article Citation
Smith, Vernon L. 1994. "Economics in the Laboratory."
Journal of Economic Perspectives,
8(1): 113-131.
DOI: 10.1257/jep.8.1.113
DOI: 10.1257/jep.8.1.113
Abstract
The questions addressed in this paper include: What is a laboratory experiment? What are the reasons why economists conduct such experiments? What have we learned? Among the many findings of experiments are included: institutions (the rules of exchange) matter; optimization in markets is not achieved by conscious calculation; less information is sometimes better; common information is not sufficient to yield common 'knowledge' or expectations; underrevelation is compatible with efficiency; and fairness is a matter of tastes or expectations. Also discussed is the methodological role of experiments in contributing to our knowledge of how things work.
Article Full-Text Access
Full-text Article (Complimentary)
Authors
Smith, Vernon L. (U AZ)
JEL Classifications
C90: Design of Experiments: General
D00: Microeconomics: General
D00: Microeconomics: General
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