#25 – Julia Shvets on Overconfidence, Rank Incentives, and Lab vs Field Experiments
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The Importance of Lab Experiments in the Real World
In order to understand how things work in the real world, we have to move beyond the lab and test things in the field. I think there are three things that make one cautious about lab experiments. They're done with student volunteers - they're not representative of the population at large. We cannot yet force people to take part in the lab experiment. This is where the first warning bells were a relly rinin.
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