ECON 2050 Experimental Microeconomics

This course offers an alternative pedagogical approach to microeconomics education involving an auction and exchange mechanism utilizing the concepts of scarcity and opportunity costs. Students purchase auction chips at the beginning of the semester and utilize these chips in making decisions that influence supply and demand. This helps students to examine the determination of price and quantity in a competitive market as well as imperfectly competitive markets. Using a capitalistic model, the class then gets to vote on how to distribute the income among the community resources.
Credits: 3.0