Re:A plan to change how Harvard teaches economics
by barry-cotter on Thursday June 13, 2019 @02:47AM
(#20172369)
Experimental economics is all about seeing how markets work in practice. Mechanism design is all about taking the theory of economics and using it in the real world, where it works. Economics for the real world exists already. That’s why companies like Microsoft, Amazon and Uber hire so many Ph.D. economists.
Experimental economics is the application of experimental methods[1] to study economic questions. Data collected in experiments are used to estimate effect size, test the validity of economic theories, and illuminate market mechanisms. Economic experiments usually use cash to motivate subjects, in order to mimic real-world incentives. Experiments are used to help understand how and why markets and other exchange systems function as they do. Experimental economics have also expanded to understand institutions and the law (experimental law and economics).
https://en.wikipedia.org/wiki/Experimental_economics
Experimental economics is the application of experimental methods[1] to study economic questions. Data collected in experiments are used to estimate effect size, test the validity of economic theories, and illuminate market mechanisms. Economic experiments usually use cash to motivate subjects, in order to mimic real-world incentives. Experiments are used to help understand how and why markets and other exchange systems function as they do. Experimental economics have also expanded to understand institutions and the law (experimental law and economics).