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Industry note: Market simulation for teaching commodity trading skills

Author

Listed:
  • Lowell D. Hill

    (College of Agriculture, Department of Agricultural and Consumer Economics, University of Illinois, Urbana, IL 61801)

  • Karen L. Bender

    (College of Agriculture, Department of Agricultural and Consumer Economics, University of Illinois, Urbana, IL 61801)

Abstract

A Grain Market Simulator provided private traders in the Russian grain industry with an opportunity to develop marketing strategies and skills. Players were assigned a role as farmer, country elevator, merchandiser, or miller with appropriate inventories, costs, and capacities. Players were challenged with frequent changes in market information, requiring new strategies for risk management and profit maximization. Lecture|discussion periods were keyed to problems encountered by the market participants as trading became increasingly complex. The record of daily transactions provided information on which to base refinements in the computer program and rules of the game. © 1996 John Wiley & Sons, Inc.

Suggested Citation

  • 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.
    • Handle: RePEc:wly:agribz:v:12:y:1996:i:4:p:403-410
    DOI: 10.1002/(SICI)1520-6297(199607/08)12:4<403::AID-AGR10>3.0.CO;2-2
    as

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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. 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.
    3. Larry S. Lev & Robert P. King, 1995. "MarketTools: An educational commodity marketing game," Agribusiness, John Wiley & Sons, Ltd., vol. 11(2), pages 187-193.
    4. Vernon W. Ruttan, 1957. "Regional Income, National Bureau of Economic Research, Conference on Research in Income and Wealth, Volume 21, Princeton, Princeton University Press, 1957, pp. x, 408, $8.00," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 39(4), pages 1036-1038.
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