A theorist's view of experiments

Ariel Rubinstein

    Research output: Contribution to journalArticle

    Abstract

    The paper springs from a position that economic theory is an abstract investigation of the concepts and considerations involved in real life economic decision making rather than a tool for predicting or describing real behavior. It is argued that when experimental economics is motivated by theory, it should not look to verify the predictions of theory but instead should focus on verifying that the considerations contained in the economic model are sound and in common use. It is argued that when theory is motivated by experiments, the theorist should not be hasty in adopting new functional forms but should try to identify the basic psychological themes which are revealed exposed by the experiment. Finally, some critical comments on the methodology of experimental economics are presented.

    Original languageEnglish (US)
    Pages (from-to)615-628
    Number of pages14
    JournalEuropean Economic Review
    Volume45
    Issue number4-6
    DOIs
    StatePublished - May 2001

    Keywords

    • Economic modeling
    • Economic theory
    • Experimental economics
    • Hyperbollic discounting

    ASJC Scopus subject areas

    • Finance
    • Economics and Econometrics

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