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Article: Research from Auburn University in the area of agricultural economics described.
- Article from:
- Agriculture Week
- Article date:
- June 11, 2009
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"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," scientists writing in the journal Review of Agricultural Economics report.
"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 ...