Journal article
Competitive Equilibrium and Classroom Pit Markets
Abstract
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 …
Authors
Ruffle BJ
Journal
The Journal of Economic Education, Vol. 34, No. 2, pp. 123–137
Publisher
Taylor & Francis
Publication Date
January 2003
DOI
10.1080/00220480309595207
ISSN
0022-0485