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A Laboratory Science Approach to Teaching in the Agricultural Economics Curriculum

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  • Norbert L.W. Wilson
  • Robert G. Nelson

Abstract

We argue that economic laboratory experiments can facilitate active learning of theory in the agricultural economics curriculum by placing students in decision-making roles. Three types of experimental protocols are described, along with a discussion of the costs and benefits of experiments. The Double Auction Experiment provides a platform for demonstrating concepts of equilibrium, price discovery, externalities, excess supply, surplus, and speculation. The Monopoly Experiment is a platform for demonstrating concepts of advance production, inventory carryover, monopoly pricing, and search strategies. The Oligopoly Experiment is a platform for demonstrating concepts of thin markets, coordination, and imperfectly competitive equilibria. Copyright 2009 Agricultural and Applied Economics Association

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Bibliographic Info

Article provided by Agricultural and Applied Economics Association in its journal Review of Agricultural Economics.

Volume (Year): 31 (2009)
Issue (Month): 2 (06)
Pages: 331-343

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Handle: RePEc:oup:revage:v:31:y:2009:i:2:p:331-343

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