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2014 » Papers » Volume 3 » EXPERIMENTAL ECONOMICS AND EXPERIMENTAL METHODS IN TEACHING ECONOMICS 1. EXPERIMENTAL ECONOMICS AND EXPERIMENTAL METHODS IN TEACHING ECONOMICS Authors: Lacatus Maria Liana Volume 3 | DOI: 10.12753/2066-026X-14-179 | Pages: 250-255 | Download PDF | Abstract
Abstract: The paper presents new approaches in economics, especially from the perspective of using experimental methods in developing and teaching economics. The first part emphasizes requirements and challenges in teaching economics in order to underline the need of effective teaching methods nowadays when many students do not have clearly defined learning and professional options and, as consequences, are not properly motivated to study. The first part advocates in favor of methods that create motivation and interest for studying economics and try to demonstrate that such methods could be the methods used by economist to analyze and understand the economic reality itself adapted to classroom. The second part analyses the relationship between research and teaching in economics focused upon experimental economics and experimental methods applicable in classroom. The history of economic research retained in 1960's experiments designed initially to study the behavior of oligopoly and laws of demand and supply. Than through new experiments, economists tested the market equilibrium and the market price, the surplus of consumers and producers, the exchange and the income distribution on the market. The third part presents the market experiment, considered to be the most relevant example for experimental methods used in teaching economics. The most frequent experiment used in teaching economics is designed to demonstrate the equilibrium on a perfect (pure) competition market and, respectively, the market price as equilibrium price. In laboratory, perfect (pure) markets tend regularly to the equilibrium predicted by economic theory. This is why researchers consider market experiment as a 'natural instrument' in teaching economics recommended especially for its remarkable educational potential. The final part of the paper analyses costs and benefits of using market experiment in the classroom emphasizing that the most important benefit of experimental methods is the living maner is that students are learning and the efficieny of the learning process. Through an market experiment the study of economics can be an active experience in that students conducted by teachers participate in producing economic facts and descovering market mechanisms. | Keywords
Experimental economics, teaching methods, market experiment |
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