Edited by Vernon L. Smith, Professor of Economics and Law, Chapman University School of Law, US Won the 2002 Nobel Economics Prize jointly with Daniel Kahneman
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Series: Schools of Thought in Economics series
Experimental Economics includes the study of individual decision making in which an isolated individual chooses many alternatives that have a monetary (or commodity) value defined quantitatively by the experiment. Experimental methods have enjoyed a vast expansion in the quality, depth and diversity of economic questions to which laboratory experiments have been applied. It is characterised by a growing recognition that markets are most meaningfully studied and understood within the context of institutions. This collection includes influential, as well as representative, examples of the growth and development of experimental economics.