Empirical methods are used to study economic problems in experimental economics. The data obtained during the experiment will be used to estimate the effect size, test the reliability of economic theory, and explain market mechanisms. People are often motivated to model real incentives with cash in economic experiments.

Experimental economics is a scientific field which has emerged in the last decades. It has become increasingly popular among scholars, because of its close relationship with other disciplines such as psychology, sociology and business studies. The goal for this research is to study economic situations by means of controlled experiments in order to assess how they are impacted by specific variables.

Experimental economics, also sometimes called lab economics, is the use of experimentation as a tool for understanding economic behavior and solving problems within the field of economics. Experimental economists study how people behave in their own environments for topics such as fairness, cooperation, altruism, and other social questions.

Controlled experiments using certain parameters are used in order to analyse and evaluate how there will be reactions according to certain specified variables.

Experimental economics is a branch of economics that employs controlled experiments to study and understand economic behavior. Unlike traditional economic research, which often relies on observation of real-world data, experimental economics involves creating artificial environments where participants make decisions in controlled settings. Researchers design experiments to test economic theories, analyze decision-making processes, and explore the impact of various factors on individual and group behavior.

Participants, often volunteers, engage in activities like market transactions or strategic interactions under controlled conditions. The results of these experiments help economists conclude human decision-making, preferences, and responses to economic incentives. Experimental economics provides valuable insights into the underlying principles of economic behavior, shedding light on aspects that may be challenging to discern in complex real-world scenarios. This methodology contributes to a more comprehensive understanding of economic phenomena and helps refine economic theories through empirical testing.