A new research centre opening on Wednesday November 29 2017 at the University of Melbourne will strengthen research into the fast-growing areas of behavioural and experimental economics.
The Faculty of Business and Economics Experimental Research Facility will enable behavioural experiments to test economic theories and develop policy.
“Behavioural experiments are an increasingly important tool in social sciences research but also in business and policy-making,” said Professor Paul Kofman, Dean of the Faculty of Business and Economics.
Professor Korman said laboratory experiments allow researchers to study behaviour at a level of precision that is not feasible outside the lab.
Experiments are used to study behaviour and develop theories in many areas of the social sciences, ranging from consumer research, to accounting, market microstructure and health economics.
They are also increasingly being used by businesses and government agencies to develop and test new products, services and policies before they are rolled out.
“The opening of this new state-of-the art facility is another important step in our journey to turn the Faculty into a global powerhouse for experimental research in the social sciences,” Professor Kofman said.