A laboratory science approach to teaching in the agricultural economics curriculum

Journal Article (Journal Article)

We argue that economic laboratory experiments can facilitate active learning of theory in the agricultural economics curriculum by placing students in decision-making roles. Three types of experimental protocols are described, along with a discussion of the costs and benefits of experiments. The Double Auction Experiment provides a platform for demonstrating concepts of equilibrium, price discovery, externalities, excess supply, surplus, and speculation. The Monopoly Experiment is a platform for demonstrating concepts of advance production, inventory carryover, monopoly pricing, and search strategies. The Oligopoly Experiment is a platform for demonstrating concepts of thin markets, coordination, and imperfectly competitive equilibria. © 2009 Agricultural and Applied Economics Association.

Full Text

Duke Authors

Cited Authors

  • Wilson, NLW; Nelson, RG

Published Date

  • May 18, 2009

Published In

Volume / Issue

  • 31 / 2

Start / End Page

  • 331 - 343

Electronic International Standard Serial Number (EISSN)

  • 1467-9353

International Standard Serial Number (ISSN)

  • 1058-7195

Digital Object Identifier (DOI)

  • 10.1111/j.1467-9353.2009.01440.x

Citation Source

  • Scopus