UC set to take leading role in field of experimental economics
The University of Canterbury is to establish the New Zealand Experimental Economics Laboratory (NZEEL) which is anticipated to become one of the leading experimental economic research hubs in Australasia and a major player worldwide.
Experimental economics is an innovative and relatively new branch of economics that uses experimental methods to study economic phenomena. It uses controlled experiments, normally within a laboratory setting, to study economic behaviour.
NZEEL will feature a purpose-built experimental economics laboratory with an observation room and privacy screening around each cubicle.
Pro-Vice-Chancellor (Business and Economics) Professor Nigel Healey said NZEEL would trial projects and connect UC research to the private sector.
"It will attract distinguished international academics as research visitors and attract masters and PhD students from other universities and postdocs as they want to be taught by and collaborate with the best in the field in these areas."
UC’s reputation in the field of experimental economics has been boosted with the successful hosting of an Australasian workshop and the publication of a special edition of the New Zealand Economic Papers.
Dr Maroš Servátka and Dr Steven Tucker (Economics and Finance) organised the 4th Australia/New Zealand Workshop on Experimental Economics (ANZWEE) at UC in December.
The two-day workshop was attended by leading economists from around the world including the president of the Economic Science Association, Professor Tim Cason (Purdue University), and the association’s past president, Professor James C Cox (Georgia State University).
Dr Tucker said the workshop positioned the University of Canterbury as one of the world’s hubs for this relatively new field of economics.
Topics presented during the workshop included the current financial meltdown and creation of asset bubbles, market institutions and the effect they might have on the behaviour of firms and consumers, negotiations regarding the level of investment and the split of the profit it generates, and altruistic behaviour by individuals.
Professor Healey said the College of Business and Economics was delighted to host the workshop.
"In recent years, the College has developed significant research capability in the area of experimental economics and now has a strong team of talented young researchers. Hosting such an impressive roll call of leading experimental economists from around the world at this year’s workshop demonstrates that our group is one of the largest and most active in Australasia," Professor Healey said.
Dr Servátka and Dr Tucker, together with Charles Noussair (Tilburg University), guest edited a special issue of New Zealand Economic Papers on laboratory experiments in economics, finance and political science.
"Journals are usually edited by senior people from the field. Therefore, it was a great honour for us to be able to guest-edit this special issue and at the same time to promote experimental economics in New Zealand," Dr Servátka said.
"Australasian universities are becoming significant players in experimental economic research and we are glad that we can help contribute to this status."
Source: Communications & Development, University of Canterbury (2010, Jan 29), UC set to take leading role in field of experimental economics, Chronicle, Vol. 45, No. 1, p.8.
