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One of the basic assumptions of standard economic theory is that individuals' behavior is solely guided by the quest …
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I present a classroom experiment designed to help students learn (1) decision-making using marginal analysis; (2) the prediction of the price; (3) the decentralized determination of a price by the market; (4) specialization; (5) the gains from trade; and (6) the ability of a competitive market to...
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I present a classroom experiment designed to help students learn (1) decision-making using marginal analysis; (2) the prediction of the price; (3) the decentralized determination of a price by the market; (4) specialization; (5) the gains from trade; and (6) the ability of a competitive market to...
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current transition in microeconomic theory motivated by contributions from behavioral economics and transactions …
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