Why economic experiments?

On any scientific enterprise at some point during theory developing, it is very useful to put to test the ideas with an experiment.

Since the pioneering work of Vernon Smith, some 40 years ago, experiments in economics have been conducted. These experiments mainly focused on testing ‘rationalily’ of choice under uncertainty. Experiments on subjects playing a wide range of games, and even market games, have shown that humans depart in most cases with the rational outcome predicted by theory. This subject field is an exciting arena to try to understand how our human mind really makes choices under different setups of uncertainty.