Download e-book for kindle: The Experiment in the History of Economics by Philippe Fontaine

By Philippe Fontaine

ISBN-10: 0415344298

ISBN-13: 9780415344296

Throughout the historical past of monetary principles, it has usually been asserted that experimentation is most unlikely, but, actually, historical past indicates that the belief of ‘experimentation’ has continuously been very important, and as such has been interpreted and placed to take advantage of in lots of methods. wealthy in historic aspect, the essays during this topical quantity take care of such concerns as laboratory experimentation, the saw transition from a post-war economics to a modern self-discipline, the contrasting positions of Friedrich Hayek and Oskar Morgenstern, the socio-economic experiments proposed by means of Ernest Solvay and Knut Wicksell, and a rigorous exam of how during which monetary versions can or can't be construed as legitimate experiments generating valuable knowledge.

A testomony to the diversity of how during which experimentation has been of significance within the production of monetary wisdom, those wide-ranging essays will curiosity these trying to extend their ancient knowing of the self-discipline, be they theorists, historians, philosophers, complex scholars or researchers.

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Econometrica 18(1950), 155–162, reprinted in Dimand and Dimand 1997, II, 3–10. , Jr. ” Econometrica 21(1953), 128–140, reprinted in Dimand and Dimand 1997, II, 35–47. Rapoport, Anatol. ), The Structure of Conflict. New York, Académic Press, 1970, 1–42. Rapoport, Anatol, and Carol Orwant. ” Behavioral Science 7(1962), 1–37, as reprinted in Dimand and Dimand (1997), III, 244–280. Orwant. Prisoner’s Dilemma: A Study in Conflict and Cooperation. Ann Arbor, University of Michigan Press, 1965. M. Top Managerial Decision Simulation: The AMA Approach.

It does not seem to us that these notions are qualitatively inferior to certain well established and indispensable notions in physics, like force, mass, charge, etc. That is, while they are in their immediate form merely definitions, they become subject to empirical control through the theories which are built upon them—and in no other way. Thus the notion of utility is raised above the status of a tautology by such economic theories as make use of it and the result of which can be compared with experience or at least with common sense.

One cannot help being struck, however, by the paucity of “new research tasks” that have sprung from concern with the ecological validity of experimental games. In particular, few attempts have been made to compare behaviour in abstract experimental games with behaviour in more life-like strategic interactions. For instance, Rapoport (1970) argues that abstract laboratory games are interesting enough in themselves to warrant study, and warns against generalizing their results to the real world. ” This increasing specialization, and its consequences in the form of diminished communication between game theorists and experimental gamers, is ironic, since the emergence of experimental economic games as a distinctive feature of game theory within economics in the 1950s reflected the crossdisciplinary intellectual interaction of economists and such noneconomists as psychologists and biologists involved in game theory.

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The Experiment in the History of Economics by Philippe Fontaine

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