Introductory description

The module will introduce students to the principles of experimental design, conduct and analysis. Alongside the practical design of experiments, the course also includes a series of case studies demonstrating the power and variety of experimental methods in several fields of Economics. The course will encourage students to consider the scope and limitations of 'laboratory' experiments in economics and to compare this research tool with others such as surveys and field experiments to enable a critical evaluation of the experimental economics literature.

Module web page

Module aims

Outline syllabus

This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.

Core methods normally covered at the start of the course:

• Introducing experimental economics: historical background; what experiments might (not) be good for; the relationship between experimental economics and behavioural economics; laboratory vs. the field; strengths and limitations.
• Experimental methodology: important issues in design; using treatments; control vs. realism; recruitment; incentives; priming and ethics. The course then moves on to cover different topics which may include some topics chosen from the examples below or others:
• Individual decision experiments: basic tools and methods; risk and uncertainty; intertemporal decision making; noise/error/imprecision.
• Herding and information: brief outline of informational herding theory; tests of herding behaviour; extensions: prices and endogenous timing; error modelling in experiments.
• Subjective wellbeing: measuring happiness in experiments; mood induction; causes and effects; experimental evidence.
• Strategic Interaction: explorations/tests of ‘conventional’ game theory; risk, preferences and social preferences; noise/error/imprecision and reasoning.

Learning outcomes

By the end of the module, students should be able to:

• Subject Knowledge and Understanding: ...demonstrate understanding of how such methods might be used to address issues that are, as yet, unresolved. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, independent study. The summative assessment methods that measure the achievement of this learning outcome are: Exam
• Subject Knowledge and Understanding:...critically evaluate the strengths and weaknesses of applying experimental methods in economic research - and in particular, identify the different areas of economic behaviour where such methods are more or less useful. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, independent study. The summative assessment methods that measure the achievement of this learning outcome are: Exam
• Subject Knowledge and Understanding:...demonstrate understanding of and apply basic principles of experimental design, conduct and analysis. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, independent study. The summative assessment methods that measure the achievement of this learning outcome are: Exam
• Cognitive Skills:...demonstrate ability to critically evaluate key experiments in the different areas where experimental methods have most often been applied. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, independent study. The summative assessment methods that measure the achievement of this learning outcome are: Exam
• Cognitive Skills:...evaluate the main controversies in the field. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, independent study. The summative assessment methods that measure the achievement of this learning outcome are: Exam

Indicative reading list

Please see Talis Aspire link for most up to date list.

View reading list on Talis Aspire

Subject specific skills

Students will have the opportunity to develop skills in:
Analytical thinking and communication
Analytical reasoning
Critical thinking
Strategic thinking
Problem-solving
Abstraction
Analysis of incentives
Analysis of optimisation
Understanding of Uncertainty and Incomplete Information

Transferable skills

Students will have the opportunity to develop:
Numeracy and quantitative skills
IT skills
Written communication skills
Oral communication skills
Mathematical, statistical and data-based research skills