Experimental Economics

Date
1991
Authors
Hoffman, Elizabeth
Hoffman, Elizabeth
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Economics
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Economics
Abstract

"Experimental economics" is a general term for the experimental laboratory approach to studying economic institutions. Most applied economists study economic institutions by observing the way in which they operate in the naturally occurring environment and by measuring such economic variables as the prices of good sand services, the quantities of goods and services that are bought and sold, the wages that are paid to workers, and the quantities of inputs and outputs in the production of goods and services.

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This is a chapter from Survey of Social Sceience, Magill, F.N., (ed) 2 (1991); 754-761. Posted with permission.

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