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What are economic experiments and why do we do them? Experimental economics provides a platform for generating scientific data for specific environments in a controlled manner. Experimental methods provide an important and inexpensive means for weeding out and improving bad theories. By studying the strategic decisions of individuals motivated by real money (subjects are paid based on their performance in experiments) within well-defined and controlled institutional contexts, one can gain deep insights about theories of economic processes that are routinely accepted by the research community and applied in vastly more comples contexts. Topics will include market games, monopoly, bargaining, public goods, adverse selection, commodity and fiat m oney, auctions, social networks, and voting processes. Students will first focus on the material from the perspective of a participant in experiments and afterwards learn about underlying theories and interpretations.
Unless preregistered students attend the first class meeting or communicate directly with the instructor prior to the first class, they will be dropped from the class list. NOTE: Students must still submit a completed Drop/Add form to the Registrar's Office.
COURSE FORMAT: Lecture
Level: UGRD Credit: 1 Gen Ed Area Dept: SBS ECON Grading Mode: Student Option
Prerequisites: (ECON111 AND ECON112) OR ECON105
Last Updated on MAR-26-2001
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