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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