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MarketTools: An educational commodity marketing game

Author

Listed:
  • Larry S. Lev

    (Agricultural and Resource Economics at Oregon State University)

  • Robert P. King

    (Agricultural Management Information Systems in the Department of Agricultural and Applied Economics at the University of Minnesota)

Abstract

Agricultural commodity market participants make decisions in a risky and changing environment. Few agricultural producers use the diverse marketing alternatives available to them. Many are unfamiliar with the mechanics of the alternatives and methods for incorporating them into marketing strategies. This article describes MarketTools, an educational software package designed to support real-time, competitive marketing games. MarketTools simplifies record keeping and provides the basis for a structured approach to marketing education. The concluding section summarizes experience in using MarketTools in adult education and classroom settings. © 1995 by John Wiley & Sons, Inc.

Suggested Citation

  • Larry S. Lev & Robert P. King, 1995. "MarketTools: An educational commodity marketing game," Agribusiness, John Wiley & Sons, Ltd., vol. 11(2), pages 187-193.
    • Handle: RePEc:wly:agribz:v:11:y:1995:i:2:p:187-193
    DOI: 10.1002/1520-6297(199503/04)11:2<187::AID-AGR2720110211>3.0.CO;2-W
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    References listed on IDEAS

    as
    1. Trapp, James N., 1989. "A Commodity Market Simulation Game For Teaching Market Risk Management," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 21(1), pages 1-9, July.
    2. Paul, Allen B. & Heifner, Richard G. & Gordon, J. Douglas, 1985. "Farmers' Use of Cash Forward Contracts, Futures Contracts, and Commodity Options," Agricultural Economic Reports 307991, United States Department of Agriculture, Economic Research Service.
    3. Trapp, James N., 1989. "A Commodity Market Simulation Game for Teaching Market Risk Management," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 21(1), pages 139-147, July.
    4. William I. Tierney, 1989. "Students Form Commodity Pool to Learn about the Futures Market," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 11(2), pages 289-296.
    5. Larry D. Makus & Biing-Hwan Lin & John Carlson & Rose Krebill-Prather, 1990. "Factors influencing farm level use of futures and options in commodity marketing," Agribusiness, John Wiley & Sons, Ltd., vol. 6(6), pages 621-631.
    6. B.I. Shapiro & B. Wade Brorsen, 1988. "Factors Affecting Farmers' Hedging Decisions," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 10(2), pages 145-153.
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    Cited by:

    1. Lowell D. Hill & Karen L. Bender, 1996. "Industry note: Market simulation for teaching commodity trading skills," Agribusiness, John Wiley & Sons, Ltd., vol. 12(4), pages 403-410.
    2. Nefstead, Ward E., 2000. "An Application Of Risk Analysis: Localized Corn And Soybean Price Distributions," 2000 Annual meeting, July 30-August 2, Tampa, FL 21774, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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