Experimental EconomicsExperimental economics facilitates the application of laboratory methods to general economic research and education, and, in the future, developing other potential new subfields of economics. One particular focus is electronic commerce and information economics. This research area is being developed by Bart Wilson. ICES also fosters basic research in experimental methods in business and economics such as the investigation of investor overreaction and price bubbles in asset markets. This research is collaboration between ICES and Professor Gunduz Caginalp of the Mathematics Department of the University of Pittsburgh. In addition to the basic research in price formation in financial markets, the Experimental Economics section will assist in public policy debates to better educate decision-makers as to the consequences of their decisions. Current research by Vernon Smith on property right economics directly impacts the substitution of decentralized processes for regulatory controls.
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