English, Article edition: A Laboratory Science Approach to Teaching in the Agricultural Economics Curriculum Norbert L.W. Wilson; Robert G. Nelson

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Physical Description
  • article
Language
  • English

Edition details

Title
  • A Laboratory Science Approach to Teaching in the Agricultural Economics Curriculum
Author
  • Norbert L.W. Wilson
  • Robert G. Nelson
Physical Description
  • article
Notes
  • We argue that economic laboratory experiments can facilitate active learning of theory in the agricultural economics curriculum by placing students in decision-making roles. Three types of experimental protocols are described, along with a discussion of the costs and benefits of experiments. The Double Auction Experiment provides a platform for demonstrating concepts of equilibrium, price discovery, externalities, excess supply, surplus, and speculation. The Monopoly Experiment is a platform for demonstrating concepts of advance production, inventory carryover, monopoly pricing, and search strategies. The Oligopoly Experiment is a platform for demonstrating concepts of thin markets, coordination, and imperfectly competitive equilibria. Copyright 2009 Agricultural and Applied Economics Association
  • RePEc:bla:ragrec:v:31:y:2009:i:2:p:331-343
Language
  • English
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