LMU Celebrates Opening of Experimental Economics Lab

Loyola Marymount University took a giant leap forward in the field of economics by opening the LMU Experimental Economics Lab on February 1, 2008. More than 40 students, faculty, staff and donors attended the grand opening which was held in University Hall 4228.

The event included a demonstration of the lab's services and speeches delivered by Dorothea Herreiner, lab director; James Konow, chair of the Department of Economics; Michael Engh, S.J., dean of Bellarmine College; and Jim ('66) and Tish Wood, donors of the Econ lab. A reception immediately followed.

"Young business people need to have an understanding of a value system and integrate it into their lives," Wood said. "The econ lab will create future business leaders who are more attuned to social justice and the ethical implications of their actions."

The 1,000 square-foot econ lab is equipped with 33 laptop computers and three servers. It will be used to study different fields in economics with experimental methods and ethical decision-making.

"Experimental economics has become a major field in economics over the past 15 years and a state-of-the-art econ lab is essential for LMU to be at the forefront of that field," said Herreiner.

The lab's Web site can be found at http://bellarmine2.lmu.edu/econlab/

- Fred Puza