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Competitive Equilibrium and Classroom Pit Markets

  • Bradley J. Ruffle

Efforts 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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Article provided by Taylor & Francis Journals in its journal The Journal of Economic Education.

Volume (Year): 34 (2003)
Issue (Month): 2 (January)
Pages: 123-137

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Handle: RePEc:taf:jeduce:v:34:y:2003:i:2:p:123-137
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