Sorts and Types of Experiment

Abstract

This chapter presents the essence and characteristics of the economic experiment as well as the strong and weak points of its practical use. Moreover, three most commonly applied classifications along with their subclasses are synthetically described. This methodological overview gives the idea how fast this underestimated scientific method has been developing, thus contributing to the advancement of experimental economics. That the constantly changing reality generates demand for new solutions and for new cognitive methods, so the scientific world strives to meet this demand by coming up with new types of experiments or discovering innovative applications of the existing ones.