Why Experiment in economics
Scientific economists are not wasting their time in the laboratory.Scientific experimental economists can settle down to the twofold role of consolidating economic theory in those contexts where it works fairly well,and providing a source of inspiration for revising the theory where it does not work so well.In situations where the theory does not work at all,we need to accept our limitations and look to disciplines like psychology for the answers.The comparative advantage of economists is that they not only understand the formal statements and institutions within which the assumptions from which statements are deduced are likely to be valid.