The Origins and Evolution of Experimental Economics
Will be published approx. on 9. July 2026
Book
Hardback
244 pages
978-1-0353-5625-6 (ISBN)
Description
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.
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.
Reviews / Votes
'Charles Holt is the leading experimental economist of his time, 1977 to present. His contributions range across economic and game theory, experimental economics, industrial organization, macroeconomics, economic history, economic thought, probability theory and statistics, economic education and teaching. As I learned in my Caltech undergraduate classes, great research scholars are also great teachers. All these things you will learn in this book.' -- Vernon Smith, Chapman University, USA 'Charles Holt's new book offers a wonderful introduction to experimental economics and to the work of one of the field's pioneers. It is unapologetically opinionated and that is a good thing. The book challenges several experimental designs and methodological conventions that economists have relied on for decades.' -- Joerg Oechssler, University of Heidelberg, Germany 'Charles Holt reflects eloquently on what he and we have learned from his half-century of designing, conducting, and writing and teaching about experiments in economics.' -- Al Roth, Stanford University, USAMore details
Series
Language
English
Place of publication
Cheltenham
United Kingdom
Target group
Professional and scholarly
Dimensions
Height: 234 mm
Width: 156 mm
ISBN-13
978-1-0353-5625-6 (9781035356256)
Copyright in bibliographic data is held by Nielsen Book Services Limited or its licensors: all rights reserved.
Schweitzer Classification
Person
Charles A. Holt, A. Willis Robertson Professor of Political Economy, University of Virginia, USA
Content
Contents
1 Market trading: Looking inside the box
2 Asset-market experiments and spontaneous speculation
3 Probability weighting and loss aversion: Patterns and paradoxes
4 Measurement of risk preference
5 Belief elicitation and learning
6 Behavioral biases: Average chasing and pull-to-center effects
7 Behavioral game theory explanations of intuitive anomalies
8 Stochastic game theory: Introspection, evolution, and
equilibrium
9 The power of trust, incentives, and exclusion
10 Auctions and market design: Thinking outside of the box
1 Market trading: Looking inside the box
2 Asset-market experiments and spontaneous speculation
3 Probability weighting and loss aversion: Patterns and paradoxes
4 Measurement of risk preference
5 Belief elicitation and learning
6 Behavioral biases: Average chasing and pull-to-center effects
7 Behavioral game theory explanations of intuitive anomalies
8 Stochastic game theory: Introspection, evolution, and
equilibrium
9 The power of trust, incentives, and exclusion
10 Auctions and market design: Thinking outside of the box