Simulating Price-Taking

Lucas Engelhardt

The Journal of Economic Education, 2015, vol. 46, issue 4, 430-439

Abstract: In this article, the author presents a price-takers' market simulation geared toward principles-level students. This simulation demonstrates that price-taking behavior is a natural result of the conditions that create perfect competition. In trials, there is a significant degree of price convergence in just three or four rounds. Students find this simulation to be a fun, educational experience that adds value to their understanding of competitive markets.

Date: 2015
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DOI: 10.1080/00220485.2015.1071219

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