to the Aton Experimental Economics Laboratory
Last Updated: 5th August 2009
The Aton Experimental Economics
Laboratory (AEELab) is an independent laboratory providing a range of
consulting, software and business
services around providing the expertise and
infrastructure for experimental
Experimental economics is a branch of economics
looking at how real people behave within economic systems, typically by
implementing an economic system in a computer lab, and using real
people as participants.
The AEELab provide lab support services and
experimental software for a number of groups in Australia and overseas,
including working with groups based at:
- The Interdisciplinary Centre for Economic
(ICES) at George Mason University
- CSIRO Sustainable Ecosystems in Canberra
- The University of Canberra
- The Australian National University
- The University of Sydney
The parent company of the AEELab is Aton Consulting Pty
Ltd, which is a specialist consulting firm in the environmental and
energy markets that has been operating
since 1996. In 2006 and 2007 Aton operated the SIRCA
Economics Lab (SEELab) in a joint venture with the university owned
Securities Industry Research Centre of Asia-Pacific (SIRCA). By
agreement this JV ended in 2007 and all materials and
contracts previously conducted by SEELab
have been transfered to the AEELab.
The owner and director of Aton Consulting is Dr. Karel
Karel became involved in experimental economics
his PhD research work commencing in the late 1990's. He
worked as an academic for a number of
years, including with the University of New South Wales (Senior
Research Fellow in the Faculty of Commerce and Economics) and as a
visiting research fellow with the ICES experimental economics labs at
George Mason University.
The AEELab currently employees 8 staff, mostly
IT focus, who develop experiments and related materials for our
clients. We also have a number of fellow academics and other
frequently collaborate with us on experimental economics based
work. Some of the resulting research is available under "papers"
Karel is currently employed full-time as an
Director in the Utilities and Climate Change team at Macquarie Capital
Sydney, and is an Adjunct Senior Lecturer at the University of Sydney
in the discipline of Agricultural and Resource Economics, and is a
member of the Resources
Energy and Environmental Markets Lab (REEML) at the university.
Experimental Economics ?
Experimental economics is the application of
methods to test the validity of various economic theories and
to test bed new market mechanisms. Using cash-motivated participants,
economic experiments create real-world incentives to help us better
understand why markets and other exchange systems work the way they
do. We have listed some papers at the bottom of this page
provide more information about experimental economics as a discipline.
the AEELab provide ?
The AEELab exists to support consultants,
and academics to conduct and use experimental economics
We manage experimental economics lab facilities at a number of
university campuses, and can provide easy access to labs and student
participants for persons wishing to
run experiments. We also develop experiments to address
research questions, and are a research facility in our own right,
conducting experiments in respect of our research agenda.
our working papers are available for download on the "papers" page.
In particular, the AEE Lab can provide:
Lab management and control software and systems
Hosting of experiments in other labs using our
based experiment management systems.
Development of experiments, drawing upon our
software library of robust and running experiments.
Delivery of experiments via our existing labs.
How do I
learn more ?
To discuss the activities of the Lab, please
information about Experimental Economics ?
You may be interested to read the following
the Interdisciplinary Center for Economic Science at George Mason
University. ICES is headed by Professor Vernon Smith, who was
co-reciepient of the 2002 Nobel Prize for Economics, in recognition of
his contributions to the field of Experimental Economics.
The links below take you to the ICES
materials are ICES Copyright.
about Experimental Economics
Smith, (1994). "Economics in the Laboratory," Journal of Economic
Perspectives 8(1), 113-131
Smith, (1987). "Experimental Methods in Economics," The New Palgrave: A
Dictionary of Economics, John Eatwell, Murray Milgate, and Peter Newman
Smith, (1982). "Microeconomic Systems as an Experimental Science,"
American Economic Review 72(5), 923-955
Market Design important to get right ???
Markets are frequently used to provide important public
services - with the intention of driving efficency of
delivery.... Are all markets equal for all policy
problems? The link below is to a Video Clip showing a fabulous
operation. (They should have asked us to test it
here (Approx 4MB)
(FULL RIGHTS TO THE CREATORS)