Experiments with Economic Principles – T. Bergstrom, J. Miller – 1st Edition


Taking a course in experimental economics is a little like going to dinner at a cannibal’s house. Sometimes you will be the diner, sometimes you will be part of the dinner, sometimes both.

If you take a laboratory course in the physical sciences, you get to mix smelly chemicals, or monkey with pulleys, or dissect a frog, but you are always the experimenter and never the subject of the experiment. In the market experiments conducted in this class, you and your classmates will be the participants in the markets as well as the scientific observers who try to understand the results.

It is hard to imagine that a chemist can put herself in the place of a hydrogen molecule. A biologist who studies animal behavior is not likely to know what it feels like to be a duck. You are more fortunate. You are studying the behavior and interactions of people in economically interesting situations. And as one of these interacting agents, you will be able to experience the problems faced by such an agent first hand. We suspect that you will learn nearly as much about economic principles from your experience as a participant as you will from your analysis as an observer.

This contains economic experiments designed for students who have not previously taken any economics. While this book can supplement any text, it can and has been used by itself to teach principles. Unique in the marketplace, EXPERIMENTS WITH ECONOMIC PRINCIPLES: MICROECONOMICS is an extension of the groundbreaking work in Experimental Economics of Vernon Smith.

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Table of Contents

1. Supply and Demand Lab Report for Experiment
2. Shifting Supply and Demand Lab Report for Experiment

II Market Intervention and Public Policy
3. A Sales Tax Lab Report for Experiment
4. Prohibition Lab Report for Experiment
5. A Minimum Wage Lab Report for Experiment

III. Imperfect Markets
6. Externalities Lab Report for Experiment
7. Monopolies and Cartels Lab Report for Experiment

IV Firms and Technology
8. Entry and Exit Lab Report for Experiment
9. Network Externalities Lab Report for Experiment
10. Entry and Exit Lab Report for Experiment
11. Measuring Productivity Lab Report for Experiment
12. Comparative Advantage Lab Report for Experiment

V Information, Auctions, and Bargaining
13. Adverse selection Lab Report for Experiment
14. Auctions Lab Report for Experiment
15. Fundamental Concepts Lab Report for Experiment

VI Essential Economic Concepts
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