Origins and Evolution of Experimental Economics

In this expansive book, Charles Holt evaluates early findings in the evolution of experimental economics and explores pathways for future discoveries. The book presents a sequence of experiments that fit together, punctuated with descriptions of the people involved and their motivations.Chapters present a historical perspective on primary areas of experimental economics, illustrated with critical data-based figures. Topics covered include market experiments, asset market bubbles, prospect theory, risk preferences, belief elicitation, behavioral biases, behavioral and stochastic game theory, and trust and incentives. The book also provides practical insights into auction design based on the author's extensive experience developing instruments including emissions and irrigation permits, combinatorial broadcast licenses and a diverse set of securities.This book is highly recommended for scholars and students interested in the implications and the history of controlled economic experiments. Those in the field of experimental economics, and related social sciences such as political science will benefit from this book’s insights.