By Alessandra Cassar, Dan Friedman
Experimental Economics is a self-discipline that makes an attempt to provide fiscal concept less assailable clinical foundations than it has probably had long ago. This notable new booklet will introduce scholars to this important box.
Read Online or Download Economics Lab: An Intensive Course in Experimental Economics (Routledge Advances in Experimental and Computable Economics) PDF
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Extra resources for Economics Lab: An Intensive Course in Experimental Economics (Routledge Advances in Experimental and Computable Economics)
Self-selection. Try to have a long list from which you can choose your subjects. When the subject pool is potentially important, you should actively choose balanced subject pools. For example, if you advertise a finance experiment in a finance class and in a biology class and let them show up at the door, you probably will end up mainly with finance students. Idiosyncrasies of individual subjects or pools. A subject or a group with a particular background may lead to unrepresentative behavior. We had once a scheduler that was member of a sorority, and after a couple of sessions we realized our subjects were exclusively first year female members!
Factorial design not only achieves complete independence among control variables in moderate numbers of trials, but also allows the examination of all the interactions. The design, however, has two disadvantages. First, the number of conditions, hence the required number of trials, grows explosively with increased number of treatment variables (or levels in each treatment). Second, it is not quite as robust to experimenter error as the fully randomized design. If you make a mistake in assigning the treatments in one session, the design is no longer factorial.
This design will not tell us much about how the variables interact, but it will give a first look at the main effects. Important nuisances In choosing your design it is worth thinking through what nuisance variables are likely to be important and how you will deal with them. Here is a checklist of standard nuisances. 1 Learning. Subjects’ behavior usually changes over time as their understanding of game deepens during a session. If this is a nuisance, you can control it by keeping it constant: use only the last few periods or runs.