Why Experimental Economics?
Not long ago, conventional wisdom in the economic community held that because economics is a science concerned with complex, naturally-occurring systems laboratory experiments – traditionally reserved for the ‘hard sciences’ – were of little value to researchers. Today, after decades of research and development, the field known as ‘experimental economics’ has become a well-established force in the academic community.
The experimental pioneer Dr. Vernon L. Smith – widely cited as the ‘father of experimental economics’ – is largely responsible for elevating this science from obscurity to popular acceptance.
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