In Economics, like in any social science, empirical tests of theoretical results face the problem that the economy cannot be reproduced in laboratories. Drawing on the experience of Psychology, Experimental Economics nowadays uses stylised experiments to test at least the basic assumptions of...

A classroom experiment that makes the "invisible hand" visible. In Economics, as in any social science, empirical tests of theoretical results face a problem: researchers are unable to reproduce the whole economy (or at least its relevant parts) in their laboratories. Nowadays, Experimental...