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Experiments. Law. Economics. Those three words taken by themselves encompass vast parts of the human intellectual experience. Even when we link them together as Experimental Law and Economics, we see a large and diverse body of inquiry over the last half century. This 21st volume of Research in Experimental Economics focuses on experimental and empirical investigations into topics about both the economic effects of the law and how economic theories can explain the behavior of individuals within a legal system.
The papers in this volume follow two long-standing traditions. Firstly, the tradition of experimental methodology that allows one to test the potential impacts of alternate institutional arrangements. Secondly, a subset of the papers in this volume, in addition to exploring institutional change, follow the tradition in experimental economics of replication and robustness studies.
Illuminating three key areas, by summarizing mechanisms to facilitate the assembly of property rights, exploring legal procedure, and replicating classic market experiments using more recent experimental methods to understand how different market rules affect market outcomes, each of these papers contributes to one of the broader areas within experimental law and economics.
R. Mark Isaac is the John and Hallie Quinn Eminent Scholar and Professor of Economics at Florida State University in Tallahassee, FL, USA. His doctoral degree is from the California Institute of Technology.
Carl Kitchens is the Bernard Sliger Scholar and Associate Professor of Economics at Florida State University in Tallahassee, FL, USA.
Introduction; R. Mark Isaac and Carl Kitchens
Chapter 1. Land-Assembly Experiments: A Survey; Javier Portillo
Chapter 2. Laboratory Experiments of Land Assembly without Eminent Domain; Mark DeSantis, Matthew McCarter, and Abel Winn
Chapter 3. Multi-offer Litigation: An Empirical Analysis of Alternative Mechanisms; Alexandros Sivvopoulos and Mark Van Boening
Chapter 4. Not as I Do: Hypocrisy Aversion and Optimal Punishment of Common Offenses; Greg DeAngelo, Michael Makowsky, and Bryan McCannon
Chapter 5. The Robustness of Lemons in Experimental Markets; Blake Dunkle, R. Mark Isaac, and Philip Solimine