Journal
JOURNAL OF BEHAVIORAL AND EXPERIMENTAL ECONOMICS
Volume 93, Issue -, Pages -Publisher
ELSEVIER SCIENCE INC
DOI: 10.1016/j.socec.2021.101706
Keywords
Experimental economics methodology; Incentives; Financial incentives; Hypothetical experiments; Design of experiments; Performance-based incentives
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Incentives in experimental economics play a crucial role in recruiting subjects, influencing decision-making processes, and affecting various aspects of experimental design.
The incentives provided to participants are an important aspect in experimental economics. We discuss several aspects of experimental incentives: how they help to recruit subjects; why performance-based incentives can motivate careful decision making, and yet why sometimes experiments without performance-based incentives are also useful; paying for all rounds or only one round in multi-round experiments; paying all subjects or a subset of them; conversion rates of experimental currency to real money; non-monetary incentives; and incentives in field experiments.
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