The Monash Laboratory for Experimental Economics (MonLEE) is now operational in the Clayton Campus.
MonLEE has 27 computers, and is run by Monash University’s Department of Economics. This new laboratory will help economists to test their hypotheses, identify the forces that enhance innovation, cooperation, and productivity, and contribute to shape policy making and advance the science of economics across the globe.
Experimental economics is a relatively new tool which examines actions and behaviour of individuals under different set ups and conditions, in the attempt to analyse the implications of such actions and behaviour for economic development and growth.Across the world experiments have been used to design, understand and test policy implications including electricity market deregulation, auctions for biodiversity and aqua-culture. Participants in these experiments simulate the behaviour of people in everyday bargaining situations, in organisations, and in the market at large. Experimental economics are also increasingly being used to examine exactly how morale and self-motivation are crucial for the growth of productivity and how intangible institutions such as trust are imperative for success of market networks and organizations in the global competitive environment.
MonLEE is available for booking by staff members, graduate students, and visitors of the Faculty of Business and Economics at Monash for conducting research in experimental economics, as well as for conducting class-room experiments in units offered by the Faculty. All booking inquiries should be directed to Kevin Wu E-mail: email@example.com. For all other inquiries, please contact the lab director, Professor Klaus Abbink (E857, Menzies Building) firstname.lastname@example.org Tel: 9902 0857. All first-time users of MonLEE must fill out a registration form to acknowledge that he/she agrees to accept the terms and conditions set by the lab when using MonLEE for research and teaching activities. Please click here for the form.
Professor Dietrich Fausten, Head of Department at the time of the lab's launch, said he is thrilled that Monash can continue to actively contribute to the economic development of communities across the world through its research.
“Economic models help to shape government decision-making, allowing world leaders to make informed policy decisions,” Professor Fausten said. “The new laboratories at Monash and Melbourne universities put Victoria and Australia at the forefront of economics research, developing new findings about rationality that will have deep reverberations in policy development and implementation.