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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

Suggested Citation

  • Norbert L.W. Wilson & Robert G. Nelson, 2009. "A Laboratory Science Approach to Teaching in the Agricultural Economics Curriculum," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 31(2), pages 331-343, June.
  • Handle: RePEc:oup:revage:v:31:y:2009:i:2:p:331-343
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    Cited by:

    1. Berning, Joshua P., 2014. "Using self-reported data collection and analysis to facilitate student learning: A case study," 2014 Annual Meeting, February 1-4, 2014, Dallas, Texas 162482, Southern Agricultural Economics Association.

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