In round 3, the fixed production cost increases and the player must decide how to react to that. This game about speculative bubbles "is useful to discuss about market efficiency and trading strategies in a financial economics course, and about behavioral aspects in a game theory course, at all levels"... "Students sequentially trade an asset which is publicly known to have a fundamental value of zero. The airlines simultaneously choose capacity and prices with which they compete. Rules and Model of demand. See more ideas about classroom activities, economics, activities. Once B receives the tripled points he can decide to send some or all of his points to A. When firms choose output quantities, there is a first-mover advantage, and when firms choose prices, there is a second-mover advantage... Students often find it difficult to understand the differences between these two situations. Robots' behavior is based on decisions observed in the original scientific experiment. Economics Department : Charles Holt's Teaching Interests [Web-based Classroom Experiment Programs] [*.pdf files for my (coauthored)classroom experiments papers] [bibliograpy of classroom experiments papers] [ECON 482 Class Homepage] [ECON 409 Class Homepage] There is a close tie between my experimental economics research and my teaching philosophy. We consider a setting where the principal's return is larger than the production costs in both states of nature. ", ("Design a Contract: A Simple Principal-Agent Problem as a Classroom Experiment", Simon Gächter and Manfred Königstein, Journal of Economic Education 2009, 40, 173–187). //-->. "... directly inspired by Plott and Sunder (1988). For advanced students, there exists a very interesting theoretical and experimental extension of this paper: " Learning in Speculative Bubbles: An Experiment " by Hong, Moinas and Pouget. A Classroom Investment Coordination Experiment by Denise Hazlett, 2007. You can also find a simulation tool outside of the game: Demand Simulation. Uses a double oral auction credit market to illustrate effects of inflation uncertainty. The Tennis Balls Game: students form a "production line" to illustrate diminishing marginal returns. document.write(eval(w_)) If the sum of demands is larger than 100 points, both players get nothing. Note: Players jointly own a renewable resource and must make harvesting decisions over a number of periods. The winner will receive 100 points, while other participants will receive nothing. Latin American Marketing Project (HS, lesson, activity) Land Use Competition (HS, lesson, activity) Trading Around the World game There are 4 different treatments: Asymmetric Information with more or less cost dispersion (AI 40-60 and AI 20-80) / Information Gathering with more or less cost dispersion (IG 40-60 and IG 20-80). If players behave according to the symetric mixed-strategy nash equilibrium of the game, the more players in the team, the less often the project succeeds. Gets students to privately choose firm's levels of investment, illustrating coordination failure, Portfolio Construction in Global Financial Markets by Dallas Brozik and Alina M. Zapalska, 2007. The proposer will make the responder a take-it-or-leave-it offer, which the responder can accept or reject. See also The tradable pollution permit exercise: Three additional tools by Michael A. McPherson & Michael L. Nieswiadomy, 2014, Discovering Economics in the Classroom with Experimental Economics and the Scottish Enlightenment by Taylor Jaworski, Vernon Smith and Bart Wilson, 2010, Teaching Opportunity Cost in an Emissions Permit Experiment by Charles Holt, Erica Myers, Markus Wrake, Dallas Burtraw and Svante Mandell, 2010, Experiential Learning with Experiments by Henrik Egbert and Vanessa Mertins, 2010, Patents and R&D: a Classroom Experiment by Amy Diduch, 2010, To Work or Not to Work … That is the Question: Labour Market Decisions in the Classroom by Arlene Garces-Ozanne and Phyll Esplin, 2010. High School Economics Classroom Resources. ("When do first-movers have an advantage? Describes a portfolio management game that can be played in a single session. There are 4 different treatments: No contract (NC) / Fixed Price Contract (FP) / The Option Contract (OC) / The Option Contract with Renegotiation (OCR). A separate page discusses some games that can be used with school students, for example on open days. Each player repeatedly plays two cournot games against the same competitors. Player B guesses what Player A chose. Experimental Evidence, An Experimental Study of Competitive Market Behavior, A Common Property Experiment with a Renewable Resource, Policies with Varying Costs and Benefits: A Land Conservation Classroom Game, Teaching Collective Action Problems without Contextual Bias: The Red/Green Simulation, Design a Contract: A Simple Principal-Agent Problem as a Classroom Experiment, Contracting under Incomplete Information and Social Preferences: An Experimental Study, Judgemental Overconfidence, Self-Monitoring, and Trading Performance in an Experimental Financial Market, A Classroom Investment Coordination Experiment, A Classroom Inflation Uncertainty Experiment. 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