Answer ONE of the following two questions:
1. Critically evaluate the relative advantages and disadvantages of each of the following: laboratory experiments, field experiments and non-experimental empirical research in economics. Give examples of potential research questions for which each of these methods is most appropriate.
2. Compare and contrast the concepts of strategic equivalence and revenue equivalence in the context of independent-private-value auctions. Discuss experimental results testing the predictions of strategic and revenue equivalence.
Overall word limit: 2000 words maximum.
The word count should:
• Include all the text, including title, preface, introduction, in-text citations, quotations, footnotes and any other items not specifically excluded below.
• Exclude diagrams, tables (including tables/lists of contents and figures), equations, executive summary/abstract, acknowledgements, declaration, bibliography/list of references and appendices. However, it is not appropriate to use diagrams or tables merely as a way of circumventing the word limit. If a student uses a table or figure as a means of presenting his/her own words, then this is included in the word count.
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