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Social and Behavioral Sciences Commons™
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Articles 1 - 4 of 4
Full-Text Articles in Social and Behavioral Sciences
Economics Works! Experiments In High School Classrooms, Stephen L. Jackstadt, Paul Johnson, Bart J. Wilson
Economics Works! Experiments In High School Classrooms, Stephen L. Jackstadt, Paul Johnson, Bart J. Wilson
Economics Faculty Articles and Research
Economic experiments are a unique form of active learning. Students apply the scientific method by testing hypotheses and discovering for themselves how markets work. The authors conducted teacher training courses in experimental economics over a three-year period and conducted surveys to track teachers' adoption of classroom experiments. This paper discusses the survey results and describes how the training was revised accordingly. The primary conclusion of this article is that classroom experiments must be compatible with the school environment; that is, they should emphasize non-monetary incentives and hand-run experiments as well as be explicitly tied to school curricula.
Another Example Of A Credit System That Coexists With Money, Gabriele Camera, Yiting Li
Another Example Of A Credit System That Coexists With Money, Gabriele Camera, Yiting Li
Economics Faculty Articles and Research
We study an economy in which exchange occurs pairwise, there is no commitment, and anonymous agents choose between random monetary trade or deterministic credit trade. To accomplish the latter, agents can exploit a costly technology that allows limited recordkeeping and enforcement. An equilibrium with money and credit is shown to exist if the cost of using the technology is sufficiently small. Anonymity, record-keeping and enforcement limitations also permit some incidence of default, in equilibrium.
Experimental Gasoline Markets, Cary A. Deck, Bart J. Wilson
Experimental Gasoline Markets, Cary A. Deck, Bart J. Wilson
Economics Faculty Articles and Research
Zone pricing in wholesale gasoline markets is a contentious topic in the public policy debate. With a controlled laboratory experiment, we investigate the competitive effects of zone pricing on consumers, retail stations, and refiners vis-à-vis the proposed policy prescription of uniform wholesale pricing to retailers. We also examine the issue of divorcement and the “rockets and feathers” phenomenon. The former is the legal restriction that refiners and retailers cannot be vertically integrated, and the latter is the perception that retail gasoline prices rise faster than they fall in response to random walk movements in the world price for oil.
Interior Optima And The Inada Conditions, C. D. Aliprantis, Gabriele Camera, F. Ruscitti
Interior Optima And The Inada Conditions, C. D. Aliprantis, Gabriele Camera, F. Ruscitti
Economics Faculty Articles and Research
We present a new proof of the interiority of the policy function based on the Inada conditions. It is based on supporting properties of concave functions.