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A Market‐Clearing Classroom Experiment

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  • Radim Boháček

Abstract

This paper describes a classroom experiment demonstrating the price mechanism and the clearing of markets in an endowment economy. Participants receive random endowments of two goods they may trade in order to maximize a given utility function. A market‐clearing price is reached when no mutually beneficial trades are possible. The outcome is truly endogenous, with no reservation prices or willingness to trade imposed on the participants. A problem set allows the participants to study the equilibrium outcome analytically. The experiment can be used in intermediate micro‐ and macroeconomic courses.

Suggested Citation

  • Radim Boháček, 2002. "A Market‐Clearing Classroom Experiment," Southern Economic Journal, John Wiley & Sons, vol. 69(1), pages 189-194, July.
    • Handle: RePEc:wly:soecon:v:69:y:2002:i:1:p:189-194
    DOI: 10.1002/j.2325-8012.2002.tb00485.x
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    1. Robin L. Bartlett, 1996. "Discovering Diversity in Introductory Economics," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 141-153, Spring.
    2. Maureen J. Lage & Glenn J. Platt & Michael Treglia, 2000. "Inverting the Classroom: A Gateway to Creating an Inclusive Learning Environment," The Journal of Economic Education, Taylor & Francis Journals, vol. 31(1), pages 30-43, December.
    3. Becker, William E & Watts, Michael, 1996. "Chalk and Talk: A National Survey on Teaching Undergraduate Economics," American Economic Review, American Economic Association, vol. 86(2), pages 448-453, May.
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