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W1971920416 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. Can agricultural economics be taught like a natural science, with experiments" @default.
W1971920416 created "2016-06-24" @default.
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W1971920416 date "2009-06-01" @default.
W1971920416 modified "2023-10-09" @default.
W1971920416 title "<i>A Laboratory Science Approach to Teaching in the Agricultural Economics Curriculum</i>" @default.
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W1971920416 doi "https://doi.org/10.1111/j.1467-9353.2009.01440.x" @default.
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