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Erschienen in:
Introduction to Development in India: Micro and Macro Perspectives Kapitel lesen Erstes Kapitel lesen

2016 | OriginalPaper | Buchkapitel

10. Experimental Exploration into Macro Economics

verfasst von : Shyam Sunder

Erschienen in: Development in India

Verlag: Springer India

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Abstract

Economics, long thought beyond the reach of experimentation, began gradually to yield some of its inaccessible secrets to laboratory and field investigations over the past century. Observation and analyses of laboratory games have led economists to think about markets as social artifacts, whether evolved or designed, to achieve predictable outcomes in specified environments. The value of potential insights into properties of macro economic models and policies had to overcome the barrier of virtual impossibility of conducting controlled experiments at macro economic scale. Fortunately, micro models of macro phenomena have allowed experiments to identify the more plausible from sets of multiple or indeterminate outcomes, and assess policy alternatives and institutional designs. Without attempting a comprehensive survey, this paper summarizes some important discoveries from experimental economics, with special emphasis on macro economics. Challenges ahead are mentioned briefly.

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Vorheriges Kapitel A Model of Bubbles and Crashes
Nächstes Kapitel Does the Tail Wag the Dog? The Effect of Credit Default Swaps on Credit Risk
Fußnoten
1
I do not address the deeper philosophical issue of whether human free will, and the idea of replicable laws of individual behavior, are irreconcilable with each other. Major aspects of experimental economics that I shall mention here are confined to regularities in the outcomes of social institutions (e.g., markets) that constrain the behavior of individuals who interact with one another. Even if populated with individuals whose free will cannot be captured in identifiable laws of behavior, it is entirely possible for social institutions to exhibit regular and replicable properties. It is an issue I return to in sections on the role of optimization and markets as artifacts.
 
2
See Sunder (1995) for further results.
 
3
Unlike the other four economies with two phases, Economy 5 has three phases: no extrinsic shock, extrinsic shock, and no-extrinsic shock again.
 
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Metadaten
Titel
Experimental Exploration into Macro Economics
verfasst von
Shyam Sunder
Copyright-Jahr
2016
Verlag
Springer India
Buch
Development in India

Print ISBN: 978-81-322-2540-9

Electronic ISBN: 978-81-322-2541-6

Copyright-Jahr: 2016

DOI
https://doi.org/10.1007/978-81-322-2541-6_10

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