Competitive Equilibrium and Classroom Pit Markets
AbstractEfforts 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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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal The Journal of Economic Education.
Volume (Year): 34 (2003)
Issue (Month): 2 (January)
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- 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.
- 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.
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- Kirstein, Roland & Schmidtchen, Dieter, 2003. "Self-interest, Social Wealth, and Competition as a Discovery Procedure : A classroom experiment that makes the "invisible hand" visible," CSLE Discussion Paper Series 2003-08, Saarland University, CSLE - Center for the Study of Law and Economics.
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