Handbook of Research Methods and Applications in Experimental Economics
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Handbook of Research Methods and Applications in Experimental Economics

Edited by Arthur Schram and Aljaž Ule

This volume offers a comprehensive review of experimental methods in economics. Its 21 chapters cover theoretical and practical issues such as incentives, theory and policy development, data analysis, recruitment, software and laboratory organization. The Handbook includes separate parts on procedures, field experiments and neuroeconomics, and provides the first methodological overview of replication studies and a novel set-valued equilibrium concept. As a whole, the combination of basic methods and current developments will aid both beginners and advanced experimental economists.
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Chapter 3: Preference measurement and manipulation in experimental economics

Hande Erkut and Ernesto Reuben

Abstract

One of the foundations of economic theory is that the choices individuals make are driven by their preferences. Importantly for economic modeling, preferences are commonly assumed to be rationalizable by a utility function. The predictive ability of most microeconomic models relies on properly quantifying these preferences and their rationalizability. Hence, this is a challenging but necessary task. In this chapter, we discuss methodologies used in experimental economics to measure preference and their degree of consistency with utility maximization. Topics include the measurement of risk, intertemporal, and social preferences. Moreover, we discuss the effects of manipulating revealed preferences though framing and the revelation of normative information.

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