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Theory, Experimental Design, and Econometrics Are Complementary (And So Are Lab and Field Experiments)
Center for the Economic Analysis of Risk, Robinson College of Business, Georgia State University, Atlanta GA, USA.
Copenhagen Business School, Copenhagen, Denmark.
Dean's Behavioral Economics Laboratory, Robinson College of Business, and Andew Young School of Policy Studies, Georgia State University, Atlanta GA, USA.ORCID iD: 0000-0001-8616-3318
2015 (English)In: Handbook of Experimental Economic Methodology / [ed] Guillaume R. Fréchette and Andrew Schotter, New York: Oxford University Press, 2015, p. 296-338Chapter in book (Refereed)
Abstract [en]

This chapter proposes a systematic approach to research where theory, lab results, common sense, field data, and econometrics are all integrated into one’s research toolkit. The approach is illustrated by considering work done on an artifactual field experiment in Denmark. The chapter is organized into four sections. The section entitled “Policy Lotteries” introduces the concept of policy lotteries, giving a few examples. The section entitled “Risk Aversion” discusses how to draw inferences about risk attitudes using the systematic approach that includes conditioning these inferences on smaller-scale lab experiments, on sample selection effects and elicitation methods, on econometric and statistical strategies such as sampling frame and structural estimation approaches, and on theoretical and common sense considerations about out-of-domain predictions. The section entitled “Discount Rates” discusses inferences about discount rates and demonstrate the power of joint estimation of risk and time preferences as motivated by theory. The section entitled “Lessons Learned” expands the joint inference discussion to longitudinal issues such as temporal stability.

Place, publisher, year, edition, pages
New York: Oxford University Press, 2015. p. 296-338
Series
The handbooks in economic methodologies series
Keywords [en]
experimental economics, laboratory experiments, field data, econometrics, economic theory
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:oru:diva-68872DOI: 10.1093/acprof:oso/9780195328325.001.0001ISBN: 9780195328325 (print)ISBN: 9780190202187 (electronic)OAI: oai:DiVA.org:oru-68872DiVA, id: diva2:1247483
Available from: 2018-09-12 Created: 2018-09-12 Last updated: 2018-09-14Bibliographically approved

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Rutström, Elisabet

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf