Experiments in Economics

The experiment is one of base approach to scientific work for centuries. However, as Camerer & Loewenstein (2004) mentioned, many economists have long been pessimistic that an experimental approach could offer such vivid illustrations of cause and effect in their field. Difficulties of experimental approach are highly compensated by datasets and we would like to show how to use this experimental approach correctly. For this reason, we introduce the experimental design of our experiment and show some major problems with developing experiment, ways how to solve those problems or avoid the problem. Main theoretical focus of this essay is on paradigm about homo economicus and the ceteris paribus condition in the context of necessarily in economic research. Focus of the experiment part will be put on problematic of too complex experimental design, ways how to avoid that and through that shows also mistakes which could arise with development.