Economists are increasingly turning to the experimental method as a means to estimate causal effects. By using randomization to identify key treatment effects, theories previously viewed as untestable are now scrutinized, efficacy of public policies are now more easily verified, and stakeholders...

Field experiments occupy a middle ground between laboratory experiments and naturally occurring field data. The idea is to perform a controlled experiment that captures important characteristics of the real world. Relative to traditional empirical economics, field experiments provide an...

Creation of empirical knowledge in economics has taken a dramatic turn in the past few decades. One feature of the new research landscape is the nature and extent to which scholars generate data. Today, in nearly every field the experimental approach plays an increasingly crucial role in testing...

Samuelson's biological theory of interest rate - that population growth rate and interest rate must be the same - affects many countries, especially in shaping their population and retirement policies. This paper proves that he derives his so-called theorem by many tricks, which are, however, in...

This paper disentangles the theory of the firm by Jensen and Meckling (1976). Their producer theory is actually a consumer one. However, both their budget constraint and indifference curve are void. This makes their model completely empty. The corrected utility maximization model restores the...