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Scientific Method and Experimental Economics Quiz

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Scientific Method and Experimental Economics Quiz

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Questions and Answers

Why is experimentation considered a fundamental step in the scientific method?

It helps in the marketing of new scientific theories

It allows scientists to prove their personal opinions

It is the only way to learn new information

It is used by scientists to test the validity of theories (correct)

Why is experimental economics considered a relatively new field?

Because it does not provide clear results

Because it is less important than classical economics

Because it was only invented in the 21st century

Because the experimental design must meet certain requirements which are difficult to achieve in economics (correct)

Which of the following individuals was awarded a Nobel Prize for work related to experimental economics?

Daniel Kahneman (correct)

Adam Smith

John Maynard Keynes

Milton Friedman

Richard H.Thaler's research incorporates insights from which fields to analyze economic decision-making?

Psychology Signup and view all the answers

In the context of experimental economics, what is the primary purpose of an experiment?

To establish facts or test hypotheses through controlled observation Signup and view all the answers

What is a potential drawback of quasi-experiments in research?

Because they lack random assignment by the researcher to treatment and control groups Signup and view all the answers

Why do laboratory experiments have an advantage in experimental economics?

They provide high control Signup and view all the answers

What characterizes the replication crisis in experimental economics and psychology?

A scenario where original research results are not replicable or reproducible by other researchers Signup and view all the answers

Why might agreement be harder to achieve in economics compared to fields like physics or mathematics?

The economic behavior of individuals and markets is less predictable Signup and view all the answers

In experimental economics, why might quasi-experiments pose a higher risk of reaching incorrect conclusions?