This course introduces students to the field of experimental economics and is complementary to the courses Microeconomic Theory I and II.
This course will allow students to understand the basic advantages and disadvantages of studying economic phenomena in a laboratory setting. The course will also cover the basic design principles of economic experiments like randomization and incentivized tasks.
The aim of the course is for students to understand the core literature regarding bargaining games, public good games, auctions and risk/time preference elicitation. The aims of the course are also achieved by having students participating in economic experiments which will then form the basis of in class discussion.
By successfully completing this course the student will:
- have a good understanding of the basic principles of different experimental designs.
- be able to design an economic experiment for the purpose of answering microeconomic questions.
- have a basic understanding of the core results in the relevant literature.
- have developed necessary skills for continuing his/her studies at graduate level.
- have the ability to collect data using rigorous experimental methods that can be used in making judgements about related socio-economic problems.