This article describes an experimental market designed for undergraduate classes in agricultural economics, environmental economics, public finance, or rural development. The experiment is a series of double-oral auctions that demonstrate private and social costs, externalities and market failures, and the efficiency of tradable permits relative to Pigouvian taxes. The novel feature is the non-pecuniary way that the negative production externality is mimicked in the classroom experiment. Details, instructions, and suggestions for how to tailor the experiment for different classes or purposes are included.
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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number
5241.
Length: Date of creation: 01 Mar 2002 Date of revision: Publication status: Published in Review of Agricultural Economics, 2000, Vol. 22, No. 2, pp. 586-606. Handle: RePEc:isu:genres:5241
Contact details of provider: Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070 Phone: +1 515.294.6741 Fax: +1 515.294.0221 Email: Web page: http://www.econ.iastate.edu More information through EDIRC
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Find related papers by JEL classification: A2 - General Economics and Teaching - - Economics Education and Teaching of Economics C9 - Mathematical and Quantitative Methods - - Design of Experiments H4 - Public Economics - - Publicly Provided Goods L5 - Industrial Organization - - Regulation and Industrial Policy Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation R0 - Urban, Rural, and Regional Economics - - General