A Laboratory Science Approach to Teaching in the Agricultural Economics Curriculum

Norbert Wilson () and Robert G. Nelson

Review of Agricultural Economics, 2009, vol. 31, issue 2, 331-343

Abstract: 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

Date: 2009
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