Is formalism the key to resolving the generalizability crisis? An experimental economics perspective

Abstract

I draw lessons from experimental economics. I argue that the lack of mathematical formalism cannot be usefully thought as the cause of the underappreciation of contextual and generalizability considerations. Instead, this lack is problematic because it hinders a clear relationship between theory and quantitative predictions. I also advocate a pragmatic policy-focused approach as a partial remedy to the generalizability problem.