This school of study analyses economics with the help of application of the experimental methods. The answers to economic situations are found out with the help of data collection by experimentation method. The reliability and the validity of economic theories the answers to market mechanisms are derived with the help of experiments. Simulated experiments are used to interpret the movement of the market forces.
The experiments under experimental economics are done in two forms one is the field study and the other the laboratory study. The field study takes data from real world situation and subject while the laboratory settings will monitor the subject under study in the laboratory settings. The experiments can take the form of natural and quasi natural forms. The pioneer in the study of experimental economics was Edward Chamberlin who is said to have constructed and executed the first market experiment. Later economists like Vernon Smith inspired by Chamberlin conducted experiments to understand the behavior of the buyers and the sellers. Over the years economists have answered the questions related to market pricing mechanisms, prediction of the theory of perfect competition, commodity pricing etc. using various experiments. This is one of the hugely growing areas of economic study.
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