Like it or love it?
Let me put it this way: when I write “Vernon Smith” down on paper, I dot the i with a heart.
Of course, my caveat is the one you might suspect: surveying undergraduates, for instance, might not reveal data that actually reflects market processes. Of course, creating quality, truth-revealing experiments is an important and tricky endeavor for any field.
What is “experimental economics”?
Can you give me a brief definition of it in your own words?
What is the difference between an economic experiment and a psychology experiment in your view?
It’s extremely interesting and not useless, but it can never exactly mirror real life conditions.
P.S. Go Bart Wilson.