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professor of Economics, The Ohio State University |
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Why devote a site to experimental macroeconomics? Like in any science, the laboratory is a great source of discovery and knowledge. Experiments serve as grounds for testing theories in an environment that simulates the real world. This can provide valuable data to analyzing and studying macroeconomics. It's a Nobel Prize winning idea The 2002 economic Sciences award went to Daniel Kahneman “for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty” and Vernon L. Smith “for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms”.
Finn E. Kydland and Edward C. Prescott were honored for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles.
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