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A Monopoly Classroom Experiment

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  • Robert J. Oxoby

Abstract

The author uses a simple classroom experiment to develop the economic model of monopoly. As a pedagogical tool, the experiment introduces students to the nature of the monopoly problem and motivates them to think of the associated efficiency issues as a divergence between private benefits and social contributions. As a test of economic principles, the experiment highlights the role of information and fairness ideals in determining economic outcomes.

Suggested Citation

  • Robert J. Oxoby, 2001. "A Monopoly Classroom Experiment," The Journal of Economic Education, Taylor & Francis Journals, vol. 32(2), pages 160-168, January.
  • Handle: RePEc:taf:jeduce:v:32:y:2001:i:2:p:160-168 DOI: 10.1080/00220480109595181
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    References listed on IDEAS

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    1. Cooper, Russell & DeJong, Douglas V. & Forsythe, Robert & Ross, Thomas W., 1996. "Cooperation without Reputation: Experimental Evidence from Prisoner's Dilemma Games," Games and Economic Behavior, Elsevier, pages 187-218.
    2. Dawes, Robyn M & Thaler, Richard H, 1988. "Anomalies: Cooperation," Journal of Economic Perspectives, American Economic Association, vol. 2(3), pages 187-197, Summer.
    3. C. Monica Capra, 1999. "Anomalous Behavior in a Traveler's Dilemma?," American Economic Review, American Economic Association, pages 678-690.
    4. Roth, Alvin E, 1988. "Laboratory Experimentation in Economics: A Methodological Overview," Economic Journal, Royal Economic Society, vol. 98(393), pages 974-1031, December.
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    Cited by:

    1. Korbinian von Blanckenburg & Milena Neubert, 2014. "Monopoly Profit Maximization: Success and Economic Principles," Working Papers 1406, Gutenberg School of Management and Economics, Johannes Gutenberg-Universit├Ąt Mainz, revised 25 Nov 2014.

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