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 | |
| 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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