In the study “What Do Laboratory Experiments Tell Us About the Real World?” University of Chicago professors Steven D. Levitt and John A. List address the challenges of interpreting experimental work in economics by constructing a model to help shed light on experimental results that likely are generalizable. While the basic strategy underlying lab experiments in the physical sciences and economics is similar, the fact that economists study human behavior raises fundamental questions about the ability to extrapolate experimental findings beyond the lab.
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