ECON30390 Experimental Economics: Lab Experiments

Academic Year 2022/2023

Experimental research has experienced a remarkable surge in recent years and has become part of the standard economics toolbox. Laboratory experiments are used to document empirical regularities in human behaviour, to test theories, to test "institutions", and to provide evidence to organizations and policy makers. This module will focus on the methodology and design of LABORATORY EXPERIMENTS in economics.

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Curricular information is subject to change

Learning Outcomes:

On successful completion of this module students will have:
- Obtained detailed knowledge of experimental methods in economics and of good scientific practices for conducting economics experiments.
- Developed a thorough understanding of advantages and limitations of laboratory experiments.

Indicative Module Content:

The focus of the module is on the methodology of economics experiments. The course will cover the following topics.

- Methodology: Principles of economics experiments. Types of experiments. Experimental design. The scientific method. Hypotheses testing.
- Best practices: Incentives. Sample size. Pre-registering. Replication.
- Practicalities: Participants. Laboratories. Software. Conducting an experiment.
- Data analysis: Experimetrics. Regressions and non-parametric statistical tests.
- Some applications: Individual decision making. Strategic interaction. Markets.

Student Effort Hours: 
Student Effort Type Hours
Lectures

24
Autonomous Student Learning

100
Total

124
Approaches to Teaching and Learning:
The module is highly interactive and driven by recent research in experimental economics. Throughout the course students will engage with a wide range of materials (published papers, books, videos), work on a group project, and participate in interactive classroom experiments using their smartphones. This technology-enhanced teaching approach allows students to experience an economic decision-making problem, work on a solution and receive real-time feedback, promoting active and experiential learning. 
Requirements, Exclusions and Recommendations
Learning Recommendations:

There are no formal pre-requisites for the course. However, having some basic knowledge of utility theory, game theory, statistics, and econometrics may be helpful.


Module Requisites and Incompatibles
Not applicable to this module.
 
Assessment Strategy  
Description Timing Open Book Exam Component Scale Must Pass Component % of Final Grade
Group Project: The students will work in small groups to design their own experiment. At the end of the trimester each group will present their idea and design in class. Throughout the Trimester n/a Graded No

40
Examination: Problem solving and/or answering questions. The exam will take place on Tuesday 11 April 2023. Unspecified No Alternative linear conversion grade scale 40% No

60

Carry forward of passed components
Yes
 
Resit In Terminal Exam
Summer No
Please see Student Jargon Buster for more information about remediation types and timing. 
Feedback Strategy/Strategies

• Feedback individually to students, post-assessment
• Group/class feedback, post-assessment

How will my Feedback be Delivered?

- Feedback in the form of individual grades for the exam. - Feedback in the form of grades and comments post-assessment for the group project.