Experimental Law and Economics: An Introduction

Abstract

"This paper reviews a new research technique in law and economics-- experimental law and economics. Although some economists have used laboratory techniques to study and develop economic theory for more than 20 years, researchers have only recently started to use these techniques specifically in law and economics. In this paper we review the literature in economics relevant to law and economics and then show how the technique makes it possible to both test theories and examine the effects of alternative legal policies without costly social experiments. Finally, we discuss the few experimental studies dealing directly with propositions in law and economics and suggest some appropriate directions for future research."