LN 2011_03_22_online - WHY EXPERIMENT An introduction to...

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1 WHY EXPERIMENT? An introduction to its purposes and practices (Lecture: Andreas Ortmann, 2011_03_22) Remark 1 (my office number and office hour): Room 460 in ASB, Econonomics Department, appointments via email to [email protected] Remark 2 (the course segment objective): Over the past couple of decades experimental economics (EE) has become an indispensable, albeit not uncontroversial, tool in the economist’s toolbox. The growing recognition that experimental economics can be an experimental science is reflected, among other recognitions, in the award of the Nobel prizes 1994 (to game theorist and experimentalist Reinhard Selten, joint with Nash and Harsanyi) and in 2002 to experimental economist Vernon L. Smith and experimental psychologist Daniel Kahneman. (You find plenty of information on these guys on Wikipedia, or for that matter on the website of the Nobel Prize Foundation.) I offer a crash course on the promises and pitfalls of the experimental approach in economics. I have chosen the articles after having taken a close look at the slides for the first two lectures on game theory. Aside (under the „resources“ header you find): Topic 2: Economics as an experimental science Lecturer: Prof. Andreas Ortmann Lectures 22 & 29 March It is my expectation that you read all articles before you come to class and have *some* idea what they are about. Exception: The Gueth & Ortmann chapter and Ortmann (2003) are optional background readings. Assignments for March 22: Cherry et al, and Bekkers, and Plott (intro and the section on middlemen) Assignments for March 29: Bosch-Domenech et al, and Johnson et al., and Parco et al. Enjoy!
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2 Remark 4 (how to read an experimental paper): When reading an experimental paper, it is always a good idea to read the instructions before you get to the meat of the paper (design, implementation, results, discussion, conclusion, possibly even introduction!) Remark 5 (how to read an experimental paper, continued): We read papers selectively: - We are interested in experimental design and implementation - We are interested in experimental results (and how they interact with experimental design and implementation!) - We focus on the main ideas (not necessarily every detail of a paper) - We often (not always) do not go in depths into the theory underlying many of the papers. That’s what the decision and game theory courses are for. - We often (not always) do not pay much attention to statistical and econometric issues. That’s what the econometrics courses are for. Remark 6 (when lecture notes and worksheets will be posted): Lecture notes will be posted after the lecture – normally within 24 hours – on the Blackboard course site. As will be worksheets that will assist you in the review of lecture notes and articles.
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LN 2011_03_22_online - WHY EXPERIMENT An introduction to...

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