Nav: Home

How well do laboratory experiments in economics replicate?

March 03, 2016

In a study aiming to replicate laboratory experiments published in high-impact economics journals, researchers reproduced original results in 61% of cases. The work contributes to increasing efforts to demonstrate that scientific findings are reproducible amid continued concern on this matter across disciplines. In recent decades, the reproducibility of results has been questioned in sciences such as medicine, neuroscience and genetics. In economics, concerns have been raised about inflated findings in both empirical and experimental analysis. Here, to contribute data on the latter, Colin Camerer and colleagues replicated 18 experimental studies published in the American Economic Review and the Quarterly Journal of Economics from 2011 through 2014. Four international teams replicated the most important statistically significant finding in each of the 18 studies. All replication and analysis plans were made publicly known on the project website and were also sent to the original authors for verification. To determine what constituted a successful replication, Camerer and colleagues used the same complementary indicators employed in the Reproducibility Project Psychology published in 2015. Ultimately, they were able to reproduce the original results in 11 studies, or 61% of cases. Three more studies were relatively close to being replicated, they said. Their results lead them to conclude that "...replication in this sample of experiments is generally successful, though there is room for improvement." For example, scientists should design and document methods as clearly as possible in anticipation of replications being done in the future.

American Association for the Advancement of Science

Related Economics Articles:

Life data economics: calling for new models to assess the value of human data
After the collapse of the blockchain bubble a number of research organisations are developing platforms to enable individual ownership of life data and establish the data valuation and pricing models.
SCAI and ACVP release consensus statement on cardiovascular catheterization laboratory economics
A newly released expert consensus statement provides recommendations for optimizing the financial operations of the cardiovascular catheterization laboratory (CCL) while providing cutting-edge patient care.
Shocking economics
Understanding economies in times of crises? Modern macroeconomics failed so far.
When does one of the central ideas in economics work?
Many situations in economics are complicated and competitive; this research raises the question of whether many theories in economics may suffer from the very fundamental problem that the key behavioral assumption of equilibrium is wrong.
From property damage to lost production: How natural disasters impact economics
When a natural disaster strikes, major disaster databases tend to compile information about losses such as damages to property or cost of repairs, but other economic impacts after the disaster are often overlooked--such as how a company's lost ability to produce products may affect the entire supply-chain within the affected region and in other regions.
More Economics News and Economics Current Events

Best Science Podcasts 2019

We have hand picked the best science podcasts for 2019. Sit back and enjoy new science podcasts updated daily from your favorite science news services and scientists.
Now Playing: TED Radio Hour

Rethinking Anger
Anger is universal and complex: it can be quiet, festering, justified, vengeful, and destructive. This hour, TED speakers explore the many sides of anger, why we need it, and who's allowed to feel it. Guests include psychologists Ryan Martin and Russell Kolts, writer Soraya Chemaly, former talk radio host Lisa Fritsch, and business professor Dan Moshavi.
Now Playing: Science for the People

#537 Science Journalism, Hold the Hype
Everyone's seen a piece of science getting over-exaggerated in the media. Most people would be quick to blame journalists and big media for getting in wrong. In many cases, you'd be right. But there's other sources of hype in science journalism. and one of them can be found in the humble, and little-known press release. We're talking with Chris Chambers about doing science about science journalism, and where the hype creeps in. Related links: The association between exaggeration in health related science news and academic press releases: retrospective observational study Claims of causality in health news: a randomised trial This...