IDEAS home Printed from https://ideas.repec.org/a/taf/jeduce/v55y2024i3p276-291.html
   My bibliography  Save this article

A classroom market experiment: Data and reflections

Author

Listed:
  • Anna Cartwright
  • Edward Cartwright

Abstract

In this article, the authors analyze data accumulated over 10+ years of teaching market interaction using a simple classroom experiment. The experiment is designed to teach first-year undergraduate students the basics of supply and demand and market efficiency. In total, they analyze data from 85 teaching sessions and 243 individual markets. They find that traded prices typically (90% of the time) move in accordance with market equilibrium comparative statics. They also find that average traded prices are rarely (5% of the time) consistent with market equilibrium but typically (70% of the time) “close” to the equilibrium. The traded quantity is often (60% of the time) more than equilibrium, which results in a loss of efficiency. The law of one price is strongly rejected.

Suggested Citation

  • Anna Cartwright & Edward Cartwright, 2024. "A classroom market experiment: Data and reflections," The Journal of Economic Education, Taylor & Francis Journals, vol. 55(3), pages 276-291, July.
    • Handle: RePEc:taf:jeduce:v:55:y:2024:i:3:p:276-291
    DOI: 10.1080/00220485.2024.2351853
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/00220485.2024.2351853
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/00220485.2024.2351853?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:jeduce:v:55:y:2024:i:3:p:276-291. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/VECE20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.