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Using Spreadsheets to Conduct Monte Carlo Experiments for Teaching Introductory Econometrics

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  • R. Kim Craft

Abstract

The Monte Carlo experiment can be a valuable pedagogical tool for introductory econometrics courses. In the past, however, the practicality of having students perform Monte Carlo simulations was limited because of the high opportunity cost involved in learning to program. This paper argues that spreadsheets offer a means for beginning students to conduct meaningful Monte Carlo experiments at a relatively low opportunity cost and provides instructions on how to do so with Microsoft Excel. Suggestions are offered for using spreadsheet‐based Monte Carlo experiments effectively in teaching basic econometric concepts.

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  • R. Kim Craft, 2003. "Using Spreadsheets to Conduct Monte Carlo Experiments for Teaching Introductory Econometrics," Southern Economic Journal, John Wiley & Sons, vol. 69(3), pages 726-735, January.
    • Handle: RePEc:wly:soecon:v:69:y:2003:i:3:p:726-735
    DOI: 10.1002/j.2325-8012.2003.tb00524.x
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    References listed on IDEAS

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    1. Guy Judge, 1999. "Simple Monte Carlo studies on a spreadsheet," Computers in Higher Education Economics Review, Economics Network, University of Bristol, vol. 13(2), pages 12-14.
    2. Miles Cahill & George Kosicki, 2001. "A Framework for Developing Spreadsheet Applications in Economics," Working Papers 0102, College of the Holy Cross, Department of Economics.
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