How did Reinhard Selten influence experimental economics?
I was a strong advocate for using experiments to test economic theories, especially those related to game theory and bounded rationality. My belief was that theoretical models, while important, needed empirical validation. Experiments, conducted under controlled conditions, allow us to observe actual human behavior when faced with strategic choices. This approach provides valuable insights into the deviations from perfect rationality predicted by classical models and helps us build more realistic theories of economic decision-making.
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