Replicability of Experimental Data and Credibility of Economic Theory

Finding a data set that supports a theory is not enough for the theory to gain credibility. Credibility of a theory is established only after the initial supporting finding can be replicated by a number of follow-up studies. Economics so far has paid little attention to replicability, presumably bec...

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Bibliographic Details
Published inJapanese economic review (Oxford, England) Vol. 69; no. 1; pp. 4 - 25
Main Author Kandori, Michihiro
Format Journal Article
LanguageEnglish
Published Singapore Springer Singapore 01.03.2018
Springer Nature B.V
Subjects
Credibility
Development Economics
Econometrics
Economic History
Economic theory
Economics
Macroeconomics/Monetary Economics//Financial Economics
Microeconomics
A11
C92
B41
C72
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Summary:Finding a data set that supports a theory is not enough for the theory to gain credibility. Credibility of a theory is established only after the initial supporting finding can be replicated by a number of follow-up studies. Economics so far has paid little attention to replicability, presumably because the profession has been overly pessimistic about obtaining a high degree of replicability of non-trivial theoretical predictions. By using a large data set I have collected that involves more than 4,000 subjects, I show that there is hope for economic theory to gain credibility by means of replications of laboratory data.
Bibliography:ObjectType-Article-1
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ISSN:1352-4739
1468-5876
DOI:10.1111/jere.12175