Experimental Economics Laboratory

    Welcome to the Experimental Economics Laboratory at the University of Oklahoma

Similarly to any other scientific field, researchers in Economics can run experiments to answer their research questions. This field is called Experimental Economics, which has Dr. Vernon Smith among its founding fathers. In 2002, Dr. Smith was awarded the Nobel Prize in Economics "for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms" (https://www.nobelprize.org/prizes/economic-sciences/2002/press-release/).

Since 2018, Dr. Daniel Nedelescu has installed software, and has made changes to the student computer lab in the Department of Economics at OU so the lab can serve the dual purpose of assisting our students, while it can be easily transformed into a lab for running economics experiments. The lab is located on our Norman campus, in Cate Center Drive 1 building, room 223.

 

For any economic experiment, a random sample of participants are invited to our computer lab. The researcher will read the instructions that explain to the participants the rules, payment, and any other type of information that is needed. After this, the participants will use the computer in front of them to make their decisions. Their payment is based on their decision, and sometimes on the decision of other participants. On average an experiment lasts for 1.5 to 2 hours, and the average payment is between $15 and $35. The participants should understand that it is possible to have a payment outside of this interval; this interval is an estimated one. 

If you are an OU student and would like to participate in these economics experiments—and earn cash at the end of the experiment—the first thing that a student has to do is to register in our database. For more information and how to register, please visit our website dedicated to this: 

https://cas-econ-orsee.rccc.ou.edu/public/