The Role of Experiments for the Development of Economic Theories

Arbeitspapier

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: SFB/TR 15 Discussion Paper ; No. 252

Classification and Topics

• Classification: Wirtschaft ; Economic Methodology ; Design of Experiments: General
• Subject: Economic experiments ; economic theories ; falsification ; confirmation ; phenomena ; models ; Experimentelle Ökonomik ; Wirtschaftstheorie

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Schmidt, Klaus M.
• Event: Veröffentlichung
• (who): Sonderforschungsbereich/Transregio 15 - Governance and the Efficiency of Economic Systems (GESY)
• (where): München
• (when): 2009

Further information

• DOI: doi:10.5282/ubm/epub.13300
• Handle: http://hdl.handle.net/10419/94088
• URN: urn:nbn:de:bvb:19-epub-13300-6
• Last update: 10.03.2025, 11:42 AM CET