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Classroom Games: Trading in a Pit Market 2.0

Author

Listed:
  • Markwardt, Gunther
  • Seidel, André
  • Thum, Marcel

Abstract

We have developed a computerized version of Charles Holt’s classical market game that can be used even in classes with a large audience. The Pit market game gives students intuitive access to the interaction of supply and demand in real-world markets. Even though trade can take place at non-uniform prices in the classroom game, the average price and the quantity traded are usually very close to the equilibrium values predicted by supply and demand curves. The classroom game can also be used for a lively discussion about the efficiency of markets or to show the consequences of taxes and regulatory interventions.

Suggested Citation

  • Markwardt, Gunther & Seidel, André & Thum, Marcel, 2016. "Classroom Games: Trading in a Pit Market 2.0," CEPIE Working Papers 04/16, Technische Universität Dresden, Center of Public and International Economics (CEPIE).
  • Handle: RePEc:zbw:tudcep:0416
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    File URL: https://www.econstor.eu/bitstream/10419/146771/1/CEPIE_WP_04_2016.pdf
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    References listed on IDEAS

    as
    1. Charles A. Holt, 1996. "Classroom Games: Trading in a Pit Market," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 193-203, Winter.
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    More about this item

    Keywords

    Pit Market; Market Game; Classroom Game; Economic Education; Supply and Demand; Pit Market; Angebot und Nachfrage; Marktspiel;
    All these keywords.

    JEL classification:

    • A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
    • C88 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Other Computer Software
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General

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