A new era in cutting edge economics research in Scotland begins today (November 22) with a masterclass for European researchers.
Around 30 PhD students will attend the first in a series of University of Aberdeen workshops on the use of experimental methods in economics.
The masterclass, which runs for two days, will take place at the University's Business School - home to Scotland's first experimental economics laboratory.
Using laboratory experiments to formulate economic policy has become an increasingly important in recent years. They were key to designing, for example, the UK 3G telecom licence auction of 2000, which raised over £22billion for the British Government.
Experiments can also generate priceless data on how individuals respond to the incentives produced by markets and other economic mechanisms.
And they have also allowed economists to test the behavioural implications of a variety of economic theories — from abstract concepts in game theory to the performance of market institutions.
The University has heavily backed this research area by building a state-of-the-art experimental lab, the Scottish Experimental Economics Laboratory (SEEL), and attracting leading economists in the field to its Business School.
Part of the masterclass's aim is to consider how economic research questions can fruitfully be addressed using lab experiments.
"Experimental methods now play a pivotal role in enhancing our understanding of how markets work, and how individuals make decisions," explained Professor Nick Feltovich, the Director of SEEL.
"In the last few years, the University has attracted a group of economists who use these methods to further our understanding of economic theory and its applications to diverse areas such as development economics, public economics, and the design of markets" added Professor Euan Phimister, Head of Economics at the Business School. "It's wonderful to now be able to put on this masterclass in such an exciting area of research."
The workshop is the first initiative to utilise the new lab, a key resource for the recently announced Scottish Institute for Research in Economics (SIRE). Aberdeen is among a number of Scottish universities committed to the £21million joint research venture. For more information visit: http://www.abdn.ac.uk/mediareleases/release.php?id=1140
The ESRC masterclass runs from 12 noon on Thursday, November 22 to 5pm on Friday, November 23.
The speakers are as follows: Prof. Miguel Costa-Gomes (University of York - soon to be Aberdeen); Prof. Nick Feltovich (University of Aberdeen); and Prof. Joe Swierzbinski (University of Aberdeen).