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The 'materials' of experimental economics: technological versus behavioral experiments

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  • Ana C. Santos

Abstract

In the natural sciences there is a general consensus on the epistemic value conferred by the participation of the 'material world' in the experimental process of knowledge production. This is no different in experimental economics. However, an inquiry into the epistemic role of the 'materials' of economics is still underdeveloped. The present paper is meant as a contribution to this inquiry. Two categories of experiments are identified according to the differentiated role of the 'materials' of economics. It is argued that the crucial 'material' of technological experiments is the market institution that is tailored in the laboratory to accomplish specific purposes. The crucial 'material' of behavioral experiments is instead the participation of the experimental subjects in the production of knowledge of individual and collective behavior. FCC spectrum auctions and ultimatum game experiments illustrate technological and behavioral experiments, respectively. General policy implications are also drawn from each kind of experiment.

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  • Ana C. Santos, 2007. "The 'materials' of experimental economics: technological versus behavioral experiments," Journal of Economic Methodology, Taylor & Francis Journals, vol. 14(3), pages 311-337.
    • Handle: RePEc:taf:jecmet:v:14:y:2007:i:3:p:311-337
    DOI: 10.1080/13501780701562476
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    References listed on IDEAS

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    1. Henrich, Joseph & Boyd, Robert & Bowles, Samuel & Camerer, Colin & Fehr, Ernst & Gintis, Herbert (ed.), 2004. "Foundations of Human Sociality: Economic Experiments and Ethnographic Evidence from Fifteen Small-Scale Societies," OUP Catalogue, Oxford University Press, number 9780199262052.
    2. Bruno S. Frey, 1997. "Not Just for the Money," Books, Edward Elgar Publishing, number 1183.
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    Cited by:

    1. María Caamaño-Alegre & José Caamaño-Alegre, 2019. "Economic experiments versus physical science experiments: an ontology-based approach," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 12(2), pages 1-30, May.
    2. Ana C. Santos, 2011. "Experimental Economics," Chapters, in: John B. Davis & D. Wade Hands (ed.), The Elgar Companion to Recent Economic Methodology, chapter 3, Edward Elgar Publishing.
    3. Roberta Muramatsu & Fabio Barbieri, 2017. "Behavioral economics and austrian economics: Lessons for policy and the prospects of nudges," Journal of Behavioral Economics for Policy, Society for the Advancement of Behavioral Economics (SABE), vol. 1(1), pages 73-78, February.

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