This document provides an introduction to experimental economics. It discusses how experiments allow economists to isolate variables and test theories under controlled conditions, unlike observational data from the field. The main types of experiments studied are individual decision making, game theory, and market experiments. Experiments help gather new facts, test theories, and influence policymakers. They provide simpler analysis than field data and allow replication. The key advantages of lab experiments are enhanced control over variables and conditions, which facilitates causal inference. Experimental economics incorporates insights from psychology but uses different methodological practices focused on monetary incentives and non-deception.
This presents an overview about relevance and significance of statistics as a valid tool in enhancing quality of research. It also touches upon some misuse and abuse of statistics.
Episode 18 : Research Methodology ( Part 8 )
Approach to de-synthesizing data, informational, and/or factual elements to answer research questions
Method of putting together facts and figures
to solve research problem
Systematic process of utilizing data to address research questions
Breaking down research issues through utilizing controlled data and factual information
SAJJAD KHUDHUR ABBAS
Chemical Engineering , Al-Muthanna University, Iraq
Oil & Gas Safety and Health Professional – OSHACADEMY
Trainer of Trainers (TOT) - Canadian Center of Human
Development
This presents an overview about relevance and significance of statistics as a valid tool in enhancing quality of research. It also touches upon some misuse and abuse of statistics.
Episode 18 : Research Methodology ( Part 8 )
Approach to de-synthesizing data, informational, and/or factual elements to answer research questions
Method of putting together facts and figures
to solve research problem
Systematic process of utilizing data to address research questions
Breaking down research issues through utilizing controlled data and factual information
SAJJAD KHUDHUR ABBAS
Chemical Engineering , Al-Muthanna University, Iraq
Oil & Gas Safety and Health Professional – OSHACADEMY
Trainer of Trainers (TOT) - Canadian Center of Human
Development
This lecture looks at:
- An explanation of each of the steps in the research process flowchart
- Types of data
- Generating and testing theories
- Measurement error
- Validity
- Reliability
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
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This lecture looks at:
- An explanation of each of the steps in the research process flowchart
- Types of data
- Generating and testing theories
- Measurement error
- Validity
- Reliability
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the what'sapp contact of my personal vendor.
+12349014282
#pi network #pi coins #legit #passive income
#US
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the what'sapp number of my personal pi merchant who i trade pi with.
Message: +12349014282 VIA Whatsapp.
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2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the what'sapp information for my personal pi vendor.
+12349014282
This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
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What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
2. Introduction
This Class:
• What is an experiment?
• Brief history of experimental economics
• Behavioral vs. experimental economics
• Main types of topics studied through
experiments
Next Few Classes: The methodology of
experiments.
2
3. 3
Experiments and Econ
• One possible way of figuring out economic
laws ... is by controlled experiments. ...
Economists (unfortunately )... cannot
perform the controlled experiments of
chemists or biologists because they
cannot easily control other important
factors. Like astronomers or
meteorologists, they generally must be
content largely to observe.” (Samuelson
and Nordhaus, Principles of Economics,
1985, p. 8)
4. 4
Experiments and Econ
• Experimental economics is an “exciting
new development”.
-Samuelson and Nordhaus, Principles of
Economics, 14th Edition, 1992, p.5
6. What is an experiment?
An experiment is a replicable observation of
a phenomenon under controlled
conditions.
“Control”=>The essence of experimental
methodology (Smith, 1972).
We want to: isolate the effect of variables of
interest, keeping other things constant.
6
7. What is an economics experiment?
We collect our own data on individuals’
behavior to answer an economic question.
Why?
Sometimes, we don’t have “good” data in
the field.
Sometimes we want to test some theory:
e.g. Does “competitive equilibrium” work?
How do people behave in a prisoners’
dilemma? What is the observed
equilibrium? 7
8. Economics
• Theory (Models of how individuals behave
in economic situations, predictions of what
outcomes are observed)
• Naturally-occurring (field) data (e.g. GDP,
prices, school enrollments, wages etc.)
• Experimental data
– A) Laboratory experiments
– B) Field experiments
8
9. Types of Experiments
• Laboratory Experiments
-On student subjects
• Field Experiments
-Different subject pool, natural context etc.
9
10. Behavioral Economics
Incorporates psychological insights into
economic models.
For example, in economics we traditionally
assume that people are rational, selfish,
maximize expected utility.
10
11. • What if people are overconfident?
• What if people are time-inconsistent?
• What if people’s utility depends on others’
payoffs?
• How do we know=>Experiments
Behavioral economicsExperimental
Economics
11
12. 12
Nobel Prize in Economics, 2002
Daniel Kahneman (for behavioral),
Vernon Smith (for experimental)
13. 13
The Bank of Sweden Prize in Economic
Sciences in Memory of Alfred Nobel 2002
• Vernon Smith: “for the use of laboratory experiments as
a tool in empirical economic analysis, in particular, for
the study of different market mechanisms”. Founder of
experimental economics.
• Daniel Kahneman: “for the introduction of insights from
psychological research into economics, in particular with
regard to judgements and decisions under uncertainty”.
Kahneman’s research is based on psychological
experiments and questionnaires. Founder of behavioral
economics.
15. 15
Scanner
a very powerful electro-magnet
field strength of 3 teslas (T),
~60,000 times greater than the
Earth’s field
During the experiment:
subject lies in the scanner and is
exposed to the stimuli
scanner tracks the signal throughout
the brain
Example of MRI scanner
16. 16
Ultimatum games: This is your brain on unfairness
(Sanfey, Rilling et al, Sci 13 March ’03)
Insula: negative emotional states, ACC detection of conflicts;
DLPFC: cognitive process: goal maintenance, executive control
17. Topics & History
Chamberlin (1948)—market experiments
Vernon Smith…
Game theoretic experiments (e.g. see if
people cooperate in a prisoners’ dilemma)
Main Topics Studied Through Experiments
• Individual decision-making experiments
• Game theoretic experiments
• Market experiments
17
18. Why Experiments?
• Field data can be hard to interpret (e.g.
selection bias, many factors change
simultaneously, have to use complicated
econometrics)
e.g. supply/demand data
• Field data may not even exist (e.g. beliefs,
reservation wages/outside options of
workers, valuations that people place on
goods).
18
19. With experiments, we can:
• Help economic theorists
• Gather new facts
• Help/influence policy-makers
(Examples)
• Simpler statistical analysis
• Replicability and control
20.
21.
22.
23. 23
Advantages of (Lab) Experiments –
Enhanced Control
• Subjects are randomly assigned to the treatment
conditions – rules out selection bias.
• It is known which variables are exogenous and which are
endogenous – allows to make causal inferences.
• Experimenter can make ceteris paribus changes in the
exogenous variables – allows for the isolation of true
causes.
• Many variables that cannot be directly observed in the
field can be observed in the lab.
24. 24
Advantages of (Lab) Experiments –
Enhanced Control
• Information conditions and exogenous
stochastic processes and factors can be
controlled.
– Important for the testing of models with
asymmetric information.
• Better direct controls reduces the need for
complicated econometric methods.
• Replicability – provides the basis for statistical
tests. Critics can run their own experiments.
25. 25
Advantages of (Lab) Experiments –
Enhanced Control
• Enhanced control opportunities often imply that
the experimenter knows the predicted
equilibrium exactly.
– Equilibrium and disequilibrium actions can be
explicitly observed.
– Quick or sticky adjustment can be explicitly
observed
– Example: What are the supply and demand
schedules that underlie observable price &
quantity data? Is the observed price-quantity
combination a competitive equilibrium?
26. Economics vs. Psychology
Many common areas of interest (e.g.
judgment and decision-making), but very
different methodological practices.
Economics:
1.Salient monetary rewards (vs. participation
fee only).
2.Context-free to the extent possible.(*)
3.No deception!!!