Competitive equilibrium and classroom pit markets

Bradley J. Ruffle

doi:10.1080/00220480309595207

Competitive equilibrium and classroom pit markets

Bradley J. Ruffle

Department of Economics

Research output: Contribution to journal › Article › peer-review

11 Scopus citations

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 materials, including software for the display of the data.

Original language	English
Pages (from-to)	123-137
Number of pages	15
Journal	Journal of Economic Education
Volume	34
Issue number	2
DOIs	https://doi.org/10.1080/00220480309595207
State	Published - 1 Jan 2003

Keywords

Classroom experiment
Competitive equilibrium
Experimental economics
Pit market

ASJC Scopus subject areas

Education
Economics and Econometrics

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10.1080/00220480309595207

Cite this

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Competitive equilibrium and classroom pit markets

Abstract

Keywords

ASJC Scopus subject areas

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