PSERC
4
Why Laboratory Experiments?
1.Theory Not Up to the Task
2.To Avoid Social Cost of
Experiments
of the Whole (e.g. California)
3. Low Cost Alternative
for Winnowing
Out
Alternatives
4.Reveals Human Cognitive Processes
(Learning
& Lags)
5. Value as Educational
Tool
But to be Effective,
_ _ _ Participants Must be Paid!