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Wednesday, January 17, 2018

Scientists have shown that experimental Economics can be trusted

The staff of the California Institute of technology 18 repeated economic experiments to test whether to trust them. More than half were able to reproduce, so the results are reliable. The article was published in the journal Science.

In 11 out of 18 different experiments, the scientists got similar results. This is a good indicator, they say. While repeating only those studies that were published in reputable journals American Economic Review and Quarterly Journal of Economics for the years 2011-2014.

“It is extremely important to know to what extent we can trust the scientific data and to create institutions that will play them,” said Magnus Johansson, one of the authors of the study.

Professor Colin Chamber believes: “to Check other people’s results it’s not glamorous and not creative, so no one is doing this. But to be able to reproduce the same result again and again, it is a part of scientific knowledge”.

Economic experiments are conducted on humans to study the mechanisms of the market and test hypothesis. In 2002 Daniel Kahneman and Vernon Smith received the Nobel prize in Economics for his pilot study.

Previously, scientists have studied the reliability of psychological experiments. They repeated 100 experiments from three leading psychology journals, and found that it is possible to reproduce less than half of them.


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