AgEcon SEMINAR Behavioural Economics: Theory and Practice

The “Behavioural Economics” revolution seen in recent decades has gone hand in hand with the rapid increase in the use of experiments in Economics.

This presentation will start by providing a straightforward example of an economic experiment designed to test the assumption of selfishness, and an array of treatment testing procedures will be discussed in this context.
The presentation will progress to the econometric estimation of structural parameters – in this case the parameters of a utility function with own payoff and other’s payoff as arguments.

Structural econometrics with experimental data has come to be known as “Experimetrics”. The presentation will conclude by presenting examples of the use of classroom data and naturally occurring data (including “bigdata”) to test behavioural theories.

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