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Competitive Equilibrium and Classroom Pit Markets

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Author Info
Bradley J. Ruffle () (Ben-Gurion University)

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Abstract

Efforts to show the relevance of economic concepts early in a student’s education can prevent the “economics is not very useful†attitude from setting in. The author extends the work of Holt to describe a pit-market experiment used to illustrate the concept of competitive equilibrium. In addition to detailed instructions as to how to set up and conduct a pit-market experiment, the author discusses features of the data and provides accompanying materials, including software for the display of the data.

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Publisher Info
Article provided by Helen Dwight Reid Foundation in its journal The Journal of Economic Education.

Volume (Year): 34 (2003)
Issue (Month): 2 ()
Pages: 123-138
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Handle: RePEc:jee:journl:v:34:y:2003:i:2:p:123-138

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Related research
Keywords: classroom experiment; competitive equilibrium; experimental economics; pit market;

Find related papers by JEL classification:
A2 - General Economics and Teaching - - Economic Education and Teaching of Economics
C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
D41 - Microeconomics - - Market Structure and Pricing - - - Perfect Competition

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Roland Kirstein & Dieter Schmidtchen, . "Self-interest, Social Wealth, and Competition as a Discovery Procedure," German Working Papers in Law and Economics 2004-1-1083, Berkeley Electronic Press. [Downloadable!]
  2. Liu, Donald J. & Walker, J.D. & Bauer, Theresa A. & Zhao, Meng, 2008. "Facilitating Classroom Economics Experiments with an Emerging Technology: The Case of Clickers," Staff Papers 44344, University of Minnesota, Department of Applied Economics. [Downloadable!]
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This page was last updated on 2009-11-25.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.