Advances in Experimental Economics: A Review of Information Provision Experiment
Luo Jun1, Zou Lehao2
1.School of Economics / Center for Economic Behavior and Decision-making, Zhejiang University of Finance and Economics, Hangzhou 310018, China 2.Zhejiang Research Institute of ZUFE-UCASS, Hangzhou 310018, China
Abstract：The information provision experiment is a research method designed to evaluate the impact of belief changes on individual decision-making by providing participants with specific information about their real-world environment to induce belief updates. This method originates from randomized intervention experiments and retains their credibility and innovation while being low-cost and highly applicable. In recent years, information provision experiments have developed rapidly and have gradually become an important empirical tool in economics.This article provides a comprehensive review of information provision experiments. First, it systematically summarizes the implementation steps of these experiments, which include sample selection and grouping, belief measurement, and information intervention. Proper sample grouping is the first critical step for conducting the experiment. Measuring beliefs before and after the experiment distinguishes information provision experiments from other experimental approaches. Its design directly impacts the validity and interpretability of the results. Moreover, during the information intervention phase, the content and presentation of the information significantly influence belief updating among participants. Researchers must deeply understand participants’ characteristics, environments, and key concerns. Second, the article highlights the advantages of information provision experiments. These experiments excel in credibility, scalability, and mechanism verification. Through random grouping and experimental design, they offer high internal validity and credibility in causal inference. By altering only participants’ perceptions of the external world, this approach is more cost-effective and has broader applicability than traditional randomized intervention experiments. Additionally, by measuring participants’ initial beliefs and tracking their belief-updating processes, researchers can better identify how information affects individuals and explain the mechanisms underlying variations in belief updates, thus providing strong support for mechanism verification. Third, the article introduces representative information provision experiments in various fields. Information provision experiments are experiencing rapid development, with a growing body of outstanding research demonstrating their broad applications across key economic domains such as labor and education economics, macroeconomics and finance, public and political economics, and development economics. Through an analysis of these studies’ methodologies and key findings, the article showcases the potential and research value of information provision experiments, aiming at inspiring domestic scholars.In China, the research on information provision experiments is still in its infancy but shows immense potential. The complex challenges posed by China’s social transformation offer ample opportunities for localized applications of information provision experiments. Chinese scholars should anchor their research in domestic contexts and tell the “China story”, such as addressing employment issues, economic expectations, and educational choices. They should also leverage the advantages of digital innovation to conduct large-scale online experiments and promote collaboration with government agencies. By systematically organizing and reviewing the information provision experiment literature, this article provides domestic scholars with a clear research framework, aiding the academic community in better understanding the implementation steps and practical value of this method. It is hoped that efforts in China will not only advance domestic social progress but also contribute Chinese insights to the global development of experimental economics.
罗俊, 邹乐豪. 实验经济学新进展[J]. 浙江大学学报(人文社会科学版), 2025, 55(6): 63-80.
Luo Jun, Zou Lehao. Advances in Experimental Economics: A Review of Information Provision Experiment. JOURNAL OF ZHEJIANG UNIVERSITY, 2025, 55(6): 63-80.
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