Competitive Equilibrium and Classroom Pit Markets

Bradley Ruffle

The Journal of Economic Education, 2003, vol. 34, issue 2, 123-137

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.

Date: 2003
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DOI: 10.1080/00220480309595207

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