This survey discusses behavioral and experimental macroeconomics emphasizing a complex systems perspective. The economy consists of boundedly rational heterogeneous agents who do not fully understand their complex environment and use simple decision heuristics. Central to our survey is the...

When forming policy under conditions of extreme uncertainty, the optimal approach seems to be a process by which the policy decision is divided into multiple stages, or in other words, an experimental approach. The optimal legal vehicle for such policy experimentation is what I call...

We introduce a model of strategic experimentation on social networks where forwardlooking agents learn from their own and neighbors’ successes. In equilibrium, private discovery is followed by social diffusion. Social learning crowds out own experimentation, so total information decreases with...

Experimental Business Research includes papers that were presented at the First Asian Conference on Experimental Business Research held at the Hong Kong University of Science and Technology (HKUST), on December 7-10, 1999. The conference was organized by the Center for Experimental Business...