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Classroom Games: Trading in a Pit Market

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  • Charles A. Holt

Abstract

This paper describes a classroom exercise that resembles trading in the 'pit' of some financial and futures markets. Playing cards are used to induce supply and demand functions. Instructions and helpful hints are provided. The exercise facilitates an understanding and appreciation of the robustness and efficiency of the textbook model of perfect competition.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.10.1.193
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Bibliographic Info

Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 10 (1996)
Issue (Month): 1 (Winter)
Pages: 193-203

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Handle: RePEc:aea:jecper:v:10:y:1996:i:1:p:193-203

Note: DOI: 10.1257/jep.10.1.193
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  1. Vernon L. Smith, 1962. "An Experimental Study of Competitive Market Behavior," Journal of Political Economy, University of Chicago Press, vol. 70, pages 322.
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Cited by:
  1. Lisa R. Anderson & Sarah L. Stafford, 2000. "Choosing Winners and Losers in a Classroom Permit Trading Game," Southern Economic Journal, Southern Economic Association, vol. 67(1), pages 212-219, July.
  2. Becker, William E., 2007. "Quit lying and address the controversies: there are no dogmata, laws, rules or standards in the science of economics," MPRA Paper 39958, University Library of Munich, Germany.
  3. Axelsen, Dan & Snarr, Hal W. & Friesner, Dan, 2009. "Teaching consumer theory to business students: an integrative approach," MPRA Paper 37249, University Library of Munich, Germany.
  4. Charles A. Holt & Roger Sherman, 1999. "Classroom Games: A Market for Lemons," Journal of Economic Perspectives, American Economic Association, vol. 13(1), pages 205-214, Winter.
  5. Ruffle, Bradley J., 2005. "Tax and subsidy incidence equivalence theories: experimental evidence from competitive markets," Journal of Public Economics, Elsevier, vol. 89(8), pages 1519-1542, August.
  6. Chris Geller, 2006. "Insecure Participation: Experiments in a One-Day Introduction to Economics, with Revised Experiments and Exercises," Economics Series 2006_32, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.
  7. Becker, William E., 2004. "Good-byE old, hello new in teaching economics," Australasian Journal of Economics Education (AJEE), University of Queensland, School of Economics, vol. 1(1), pages 5-17, March.
  8. Van de Walle, Bartel & Turoff, Murray, 2009. "Fuzzy relations for the analysis of traders' preferences in an information market game," European Journal of Operational Research, Elsevier, vol. 195(3), pages 905-913, June.

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