What We Do

The mission of the Smeal College of Business Laboratory for Economics Management and Auctions (LEMA).

Why an experiment?
The motivation for doing experiments in economic and management science is much the same as in the natural sciences. The laboratory environment is controlled and can be made relatively simple, conditions that are conducive to exploring new ideas and concepts. More >>

What kinds of issues do you study?
Those involved with LEMA are doing research in auctions, bargaining and dispute resolution, market and mechanism design, and decision support systems. More >>

Do the results of experiments extend to field situations?
Ultimately, we want to develop ideas that have use in the field. It is nice to know that there is a way to cure laboratory rats of cancer, but the ultimate question is whether the technique works with people. More >>

What are the business applications of these methods and who is using them?
Samples are drawn from virtually every area of business research. More >>

How do economics and psychology experiments differ?
The answer to this used to be relatively straightforward. Economists were interested in institutions, mostly markets and gaming situations, whereas psychologists were interested in individual factors such as learning, social motivation, and the like. But the difference is not so clear anymore. More >>