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To work or not to work ... that is the question: A classroom experiment on how the labour market operates

Author

Listed:
  • Arlene Garces-Ozanne

    (Department of Economics, University of Otago)

  • Phyll Esplin

    (Department of Economics, University of Otago)

Abstract

This paper presents a simple classroom experiment that helps students make economic decisions about participation in the labour market. The students are designated as workers and are given information about their skill endowments, marginal productivities and opportunity costs. The lecturer, who is the designated sole employer in this experiment, offers appropriate wage rates to the workers, knowing the workersÕ marginal productivities and the price at which output can be sold. The experiment is run for a number of periods, each period representing different conditions in the labour market, e.g., a minimum wage law is mandated by the government. During each period, the students (workers) must decide whether or not to offer their labour services based on the information they have at hand.

Suggested Citation

  • Arlene Garces-Ozanne & Phyll Esplin, 2008. "To work or not to work ... that is the question: A classroom experiment on how the labour market operates," Working Papers 0802, University of Otago, Department of Economics, revised Jan 2008.
    • Handle: RePEc:otg:wpaper:0802
    as

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    References listed on IDEAS

    as
    1. William E. Becker & Michael Watts, 2001. "Teaching Methods in U.S. Undergraduate Economics Courses," The Journal of Economic Education, Taylor & Francis Journals, vol. 32(3), pages 269-279, January.
    2. William E. Becker, 2004. "Economics for a Higher Education," International Review of Economic Education, Economics Network, University of Bristol, vol. 3(1), pages 52-62.
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    More about this item

    Keywords

    Classroom experiment; labour market;

    JEL classification:

    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate

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