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Some Selected Topics in Experimental Economics
Author(s) -
LeopoldWildburger U.
Publication year - 1997
Publication title -
international transactions in operational research
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.032
H-Index - 52
eISSN - 1475-3995
pISSN - 0969-6016
DOI - 10.1111/j.1475-3995.1997.tb00073.x
Subject(s) - representativeness heuristic , heuristics , management science , experimental economics , computer science , operations research , economics , mathematical economics , mathematics , statistics , operating system
This paper presents a new tendency and method of analysis in Operations Research and economics respectively. It does not only rely exclusively on the optimization approach, but is concerned with a realistic description and successful explanation of the real economic behavior with the help of experimental economics. This will be exemplified in terms of three toptics of laboratory experimentation which have been conducted by the author: bargaining behavior, economic stabilization, and forecasts as representativeness heuristics. Good predictors and generally valid heuristics can be given for the outcomes of the experiments in all three fields of research.