The Virtues of Lab Experiments

24 Pages Posted: 5 Dec 2023

See all articles by Gary Charness

Gary Charness

University of California, Santa Barbara (UCSB) - Department of Economics

James C. Cox

Georgia State University

Catherine C. Eckel

Texas A&M University

Charles A. Holt

University of Virginia - Department of Economics

Brian Jabarian

The University of Chicago

Date Written: 2023

Abstract

Physical lab experiments have played an instrumental role in sculpting the history of experimental economics, facilitating controlled information conditions, efficient monetary inducements, and exclusive advantages via immediate human interaction and engaging experiences. These unique benefits render in-person lab experiments essential for the future of experimental economics, complementing the growth of online experiments and the emerging AI revolution. We characterize the environments in which it seems particularly important to conduct lab-in-the-lab experiments. Overall, the lab benefits culminate in a comprehensive research procedure that produces precise and enlightening outcomes, ultimately enriching the domain of experimental economics, and potentially extending benefits to the broader realm of social science.

Keywords: lab experiments, AI

Suggested Citation

Charness, Gary and Cox, James C. and Eckel, Catherine C. and Holt, Charles A. and Jabarian, Brian, The Virtues of Lab Experiments (2023). CESifo Working Paper No. 10796, Available at SSRN: https://ssrn.com/abstract=4653682 or http://dx.doi.org/10.2139/ssrn.4653682

Gary Charness

University of California, Santa Barbara (UCSB) - Department of Economics ( email )

2127 North Hall
Santa Barbara, CA 93106
United States
805-893-2412 (Phone)
805-893-8830 (Fax)

James C. Cox

Georgia State University

Catherine C. Eckel

Texas A&M University ( email )

5201 University Blvd.
College Station, TX 77843-4228
United States

Charles A. Holt

University of Virginia - Department of Economics ( email )

P.O. Box 400182
Rouss Hall #114
Charlottesville, VA 22904-4182
United States
(804) 924-7894 (Phone)

Brian Jabarian (Contact Author)

The University of Chicago ( email )

Chicago
United States

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