Is Economics Becoming an Experimental Science?

Abstract

Is economics becoming an experimental science? In this paper, we review the principals of a new approach in economics that has become increasing v widespread in the last twenty years, experimental economics. We first explain the roots of this method and then present a brief historical evolution of it. We then elaborate on laboratory methods, especially design and data collection, and their advantages and limitations. Following a brief overview of the studies undertaken in Turkey, we discuss the relationship between experimental and behavioral economics. Me conclude with a brief discussion of practical implications of experimental economics and the possible roadmap for its evolution.