Competitive equilibrium and classroom pit markets

Bradley J. Ruffle

Research output: Contribution to journalArticlepeer-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 languageEnglish
Pages (from-to)123-137
Number of pages15
JournalJournal of Economic Education
Volume34
Issue number2
DOIs
StatePublished - 1 Jan 2003

Keywords

  • Classroom experiment
  • Competitive equilibrium
  • Experimental economics
  • Pit market

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