Economic Efficiency and the Role of Prices: Market Sessions for the Use in the Classroom
Stuart Mestelmen
McMaster University
Hamilton, Ontario,
Canada
L8S 4M4
December 1985
Abstract
The paper presents three market sessions which can be run in large introductory and intermediate
classes. Data relevant to important topics are provided. The relative efficiency of a command
economy and a market economy, the role of information in market adjustment, and the extent to
which contract price information is sufficient to lead many individuals with very different
preferences to optimal outcomes are a few of these topics. The sessions differ from the
economics games frequently used in classroom settings (such as board games or computer
assisted production management and investment games). The sessions have the advantage that
the instructor can control the parameter values presented to the participants, and therefore
directly test the standard supply and demand models in the classroom setting.
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