LEEP, Experimental Economics
The Paris School of Econmics has its own experimental laboratory: the LEEP (Laboratoire d’Economie Expérimentale de Paris).
>> Visit the LEEP website
Taking part in experiments at the LEEP
No qualifications are needed to take part in experiments. Participation in experiments is voluntary and allows participants to gain sums of money which depend on the decisions that they take, as well as the decisions taken by other participants.
>> Details on how to sign up and additional practical information are available at the following website:
For further information, please contact Nicolas Jacquemet (nicolas.jacquemet at univ-paris1.fr) and Jean-Christophe Vergnaud (vergnaud at univ-paris1.fr).
Experimental economics is now used in a number of different domains
It has notably been used to test, and challenge, the traditional postulates of microeconomics, such as those which posit that individuals are purely egoistic, perfectly rational and with no self-control problems. Experiments also shed new light on individuals’ decisions faced with strategic interactions, which is the domain of game theory. For example, most auctions used by different governments to sell radio frequencies for mobile telephone networks or television channels, amongst other things, were pre-tested in laboratory settings. In general, mechanism design (which proposes trade procedures, intermediation and so on, in different settings) has greatly benefitted from this new approach. Experimental Economics has also been used, although less often, in the domain of Macroeconomics.
Recognition of the key role played by experimental economics recently came in the form of the 2002 Nobel prize in Economics, jointly awarded to the psychologist Daniel Kahneman and to the experimental economist of market structures Vernon Smith.
Partly based on experimental results (in both economics and psychology) a new research domain, behavioural economics, has become increasingly important over the past 20 years. Experimental economics is now a separate research domain at the Paris School of Economics.