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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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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 22 November 2019

Theory, Experimental Design, and Econometrics Are Complementary (And So Are Lab and Field Experiments)

Theory, Experimental Design, and Econometrics Are Complementary (And So Are Lab and Field Experiments)

Chapter:
(p.296) 15 Theory, Experimental Design, and Econometrics Are Complementary (And So Are Lab and Field Experiments)
Source:
Handbook of Experimental Economic Methodology
Author(s):

Glenn W. Harrison

Morten I. Lau

E. Elisabet Rutström

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195328325.003.0017

This chapter proposes a systematic approach to research where theory, lab results, common sense, field data, and econometrics are all integrated into one’s research toolkit. The approach is illustrated by considering work done on an artifactual field experiment in Denmark. The chapter is organized into four sections. The section entitled “Policy Lotteries” introduces the concept of policy lotteries, giving a few examples. The section entitled “Risk Aversion” discusses how to draw inferences about risk attitudes using the systematic approach that includes conditioning these inferences on smaller-scale lab experiments, on sample selection effects and elicitation methods, on econometric and statistical strategies such as sampling frame and structural estimation approaches, and on theoretical and common sense considerations about out-of-domain predictions. The section entitled “Discount Rates” discusses inferences about discount rates and demonstrate the power of joint estimation of risk and time preferences as motivated by theory. The section entitled “Lessons Learned” expands the joint inference discussion to longitudinal issues such as temporal stability.

Keywords:   experimental economics, laboratory experiments, field data, econometrics, economic theory

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