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Handbook of Experimental Economic Methodology$
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Guillaume R. Fréchette and Andrew Schotter

Print publication date: 2015

Print ISBN-13: 9780195328325

Published to Oxford Scholarship Online: March 2015

DOI: 10.1093/acprof:oso/9780195328325.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use.date: 03 July 2022

The Relationship Between Economic Theory and Experiments

The Relationship Between Economic Theory and Experiments

(p.43) 2 The Relationship Between Economic Theory and Experiments
Handbook of Experimental Economic Methodology

David K. Levine

Jie Zheng

Oxford University Press

This chapter explores the relationship between economic theory and experimental evidence. It suggests that the impression that economic theory has little or no significance for explaining experimental results is misleading. Economic theory makes strong predictions about many situations and is generally quite accurate in predicting behavior in the laboratory. In situations where the theory is thought to fail, the failure is in the application of theory rather than the theory failing to explain the evidence.

Keywords:   economic theory, experimental evidence, experimental economics, application of theory

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