This paper describes a classroom experiment demonstrating the price mechanism and the clearing of markets in an endowment economy. Participants receive random endowments of two goods they may trade in order to maximize a given utility function. A market-clearing price is reached when no mutually...

A pilot program at Cal Poly, San Luis Obispo explores the potential for Planetizen Courses, an online video course platform, to enrich and extend curriculum through a hybrid classroom learning environment. Based on an implementation in two courses, results show increased command of, and comfort...

Crockett, Spear and Sunder [2006] propose a simple learning rule through which an informationally decentralized, repeated, static pure exchange economy populated by agents with standard neoclassical preferences will coordinate on a competitive equilibrium. In this paper a laboratory market is...

Exchange economies were created in which individuals faced losses. If people are risk seeking in the losses, as predicted by prospect theory, then due to the nonconvexity, the competitive equilibria are all on the boundaries of the Edgeworth Box. The experimental results are that risk-seeking...

Crockett, Spear and Sunder [2005] propose an algorithm whereby boundedly rational agents with standard neoclassical preferences learn competitive equilibrium in a repeated static exchange economy. In this paper, a laboratory market is instituted to examine the hypothesis that people are at least...

An economy's production set is the collection of all net output vectors that the economy is capable of producing with a given technology and fixed quantities of primary factors of production. The boundary of this set is called the production possibility frontier or PPF. We show that, if the...

A country's production possibility frontier or PPF is defined as the boundary of its economy's production set in the net output space for a given technology and fixed quantities of primary factors of production. In general equilibrium theory, exogenous changes in technology or primary-factor...

An economy's production set is the collection of all net output vectors that the economy is capable of producing with a given technology and fixed quantities of primary factors of production. The boundary of this set is called the production possibility frontier or PPF. We show that, if the...

A country's production possibility frontier or PPF is defined as the boundary of its economy's production set in the net output space for a given technology and fixed quantities of primary factors of production. In general equilibrium theory, exogenous changes in technology or primary-factor...

A country’s production possibility frontier or PPF is defined as the boundary of its economy’s production set in the net output space for a given technology and fixed quantities of primary factors of production. In general equilibrium theory, exogenous changes in technology or primary-factor...