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Numerical Simulations of Competition in Quantities

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Abstract

We present a series of numerical simulation models built in Excel that can be used to explore the properties of various models of strategic competition in quantities and their economic implications. The resources incorporate both tabular and graphical data presentation formats and are built in such a way that they provide instant or 'live' feedback on the consequences of changes in the economic system. We discuss the theory behind the models, how they can be implemented as numerical simulations in Excel, and ways in which the simulations can be used to enhance student understanding of the material. The tools are all available through RePEc and on the website Economic Models in Excel (https://sites.google.com/site/economicmodelsinexcel/io).

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  • Devon Gorry & John Gilbert, 2014. "Numerical Simulations of Competition in Quantities," Working Papers 201401, Utah State University, Department of Economics and Finance.
  • Handle: RePEc:uth:wpaper:201401
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    File URL: ftp://repec.bus.usu.edu/RePEc/uth/wpaper/DEFWP2014-01.pdf
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    References listed on IDEAS

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    1. John Gilbert & Reza Oladi, 2011. "Excel Models for International Trade Theory and Policy: An Online Resource," The Journal of Economic Education, Taylor & Francis Journals, vol. 42(1), pages 95-95, January.
    2. Briand, Genevieve & Hill, R. Carter, 2013. "Teaching basic econometric concepts using Monte Carlo simulations in Excel," International Review of Economics Education, Elsevier, vol. 12(C), pages 60-79.
    3. Nick L. Guo & John Gilbert, 2014. "Demystifying Financial Markets for Saving and Insurance with Numerical Models," The Journal of Economic Education, Taylor & Francis Journals, vol. 45(1), pages 78-78, March.
    4. Jonathan B. Wight, 1999. "Using Electronic Data Tools in Writing Assignments," The Journal of Economic Education, Taylor & Francis Journals, vol. 30(1), pages 21-27, January.
    5. J. Wilson Mixon, Jr. & Soumaya Tohamy, 2001. "Using Microsoft Excel in Principles of Economics," Computers in Higher Education Economics Review, Economics Network, University of Bristol, vol. 14(2), pages 4-6.
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    Cited by:

    1. Pezzino, Mario, 2016. "Understanding strategic competition using numerical simulations and dynamic diagrams in Mathematica," International Review of Economics Education, Elsevier, vol. 22(C), pages 34-47.

    More about this item

    Keywords

    IO; Excel; teaching;

    JEL classification:

    • A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection

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