Beyond the Oxymoron: Economics as a Social Science?

Abstract

Experiments are becoming better integrated with other kinds of economic research because we are becoming aware the experimental lab has unique advantages. In particular, I would argue that information collected from experimental micro-systems differs from that obtained from empirical data. The former offers richer insights into the individual and collective dynamics of a model and could represent a solution to the problem of availability of micro data which threatens the research on the microfoundations of macroeco- nomic models. The constantly growing experimental literature is showing the power of experimental studies in unraveling the macro properties of both social structures and individuals’ behavior and in exploring the link between micro and macro phenomena. All these findings stand against the long-lasting skepticism of some economists. And, if there are some weakness that may be ascribed to the experimental method, they could be overcome by enhancing the “reproducibility culture” and adopting independent replication as the cornerstone of the experimental science.

Keywords: Experimental Economics, Social Science, Field Experiments, Microeconomic Data, Bounded Rationality

JEL Classification: C9