Posted by John Miller on October 29, 1997 at 08:28:07:
In Reply to: Experiment 5 posted by Jonathan Willner on October 23, 1997 at 10:23:11:
: Mostly a comment on student behavior. In a small class (10) studnets
: This experiment became very interesting to watch. First
: round was as expected.
These kinds of events often make for interesting
discussions. In experiment 2 (shifting supply and
demand), one round ended with one buyer and a bunch
of sellers, and you could see competition at work
as the sellers quickly undercut one another. The
next session ended with one buyer and one seller
remaining, and they engaged in an agonizing
negotiation while everyone watched. Both of these
events made for nice natural learning experiences
for the whole class about competition and two
person bargaining. I try and stay alert to these
types of opportunities, and when they start to
emerge, call attention to them so the class can
focus on what is happening around them.