QUERY Experimental Economics (SD6455)

[SDMAIL Martin Schaffernicht]

Posted by  Martin Schaffernicht <martin at utalca.cl>

Hi,

there have been publications on the relationship between "institutional 
economics" and "system dynamcis", but I wonder if someone has written about 
the relationship between "experimental economcis" and "system dynamcis".

In Bergen, I've seen that Erling Moxnes uses experiments and I first came 
to read something about economic experiments.  Both use some kind of 
"laboratory" in order to try out if a designed system would work (without 
too many side effects).  One uses simulation, the other real people.  Well, 
Erling uses both I guess.  But beyond theses similarities, aren't there 
differences?

For example, (experimental) economists look at how the institutional 
structure makes agents find close-to-optimal solutions; they are interested 
in the "ecological" rationality (where the bounded individual rationalty of 
agents does not prevent them from collectively findinig the solution).  
System dynamcics (I believe) tries to make individual agents overcome part 
of their ratinality's bounds.

Also, (experimental) economists seem to be looking for general theories, 
whereas system dynamics is more oriented towards concrete problems.

I'd like to know if someone has written about this.

Thanks,

Martin Schaffernicht
Universidad de Talca
Talca - Chile 
Posted by  Martin Schaffernicht <martin at utalca.cl>
posting date  Wed, 30 May 2007 12:40:09 -0400