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Handbook of Experimental Economic Methodology$
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Guillaume R. Fréchette and Andrew Schotter

Print publication date: 2015

Print ISBN-13: 9780195328325

Published to Oxford Scholarship Online: March 2015

DOI: 10.1093/acprof:oso/9780195328325.001.0001

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The Relationship Between Economic Theory and Experiments

The Relationship Between Economic Theory and Experiments

Chapter:
(p.43) 2 The Relationship Between Economic Theory and Experiments
Source:
Handbook of Experimental Economic Methodology
Author(s):

David K. Levine

Jie Zheng

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195328325.003.0003

This chapter explores the relationship between economic theory and experimental evidence. It suggests that the impression that economic theory has little or no significance for explaining experimental results is misleading. Economic theory makes strong predictions about many situations and is generally quite accurate in predicting behavior in the laboratory. In situations where the theory is thought to fail, the failure is in the application of theory rather than the theory failing to explain the evidence.

Keywords:   economic theory, experimental evidence, experimental economics, application of theory

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