Banking_Game - Banking Game Of the 6 other firms in your...

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Unformatted text preview: Banking Game Of the 6 other firms in your group, the number that choose 2 Your profits if you choose 2 and are in a green group. Your profits if you choose 1 and are in a green group. Your profits if you choose 2 and are in a white group. Your amount if you choose 1 and are in a white group 0 1 2 3 4 5 6 0 8 13 16 18 19 20 9 10 10 10 10 10 10 0 0 0 0 0 4 12 6 6 7 8 8 9 10 Classroom experiment Number withdrawing early 20 15 Number 10 5 0 0 Both types Type B's Normal Normal Normal conditions credit 10 Credit crunch 20 Round crunch Suspension Don't Panic! A Hitchhiker's Guide to Computerized Economic Teaching Experiments by Dieter Balkenborg Todd Kaplan Tim Miller Types of Classroom Experiments HandRun. Computerized. Homework. Quick raise hands (symmetric prisoners' dilemma). Sampling paper collection (2*2 games, currency attack). More sophisticated (Pit market, Sloman's Trade Game). Web based: PhP or Java (Bertrand, Double Auction). Locally based/installed (ztree). Simple Q&A with feedback in class: (Rubinstein's site). More advanced Individual Choice experiments with some immediate feedback (Monty Hall). Play against a fictitious/robot/prior human player (Holt: Traveler's dilemma). Students play each other at designated time. Why Using Computerized Experiments Limitations: "Free ride" on existing resources Little preparation speedy Automatic tabulation of results Some are difficult to do handrun Class size Computing facilities Time constraints FEELE; veconlab, econport, Three new names to learn Easy to "google" for We will spend some time on each site and learn how to use them We start with a visit to http://en.wikiversity.org/wiki/Economic_Class Please add your experience! On "our" wikiversity site Google "ECONOMIC CLASSROOM EXPERIMENTS" 1 Why use experiments in teaching economics 2 List of Experiments 3 Hints for running economic classroom experimen 4 Useful Links and Related Literature ... Now, let's google for "FEELE" FEELE web pages Google "FEELE" experiments Handbook FDTL5 Grant for Bringing Experimental Economics into the Classroom Register using codeword: ESA2006 Under construction FEELE Laboratory is mainly a research lab so look for: "Access our Website of Teaching Experiments" View list of experiments (short descriptions) Experimenter access (that's soon you) Participant access (enter now) Now register as experimenter Code word: deadsea Next time login with your assigned password (your initials + number) and password (4digit number emailed to you, KEEP ACCESSIBLE) Set up experiment New, different suffix for each session you run, your username + suffix = access code for students Name: Bertrand complements, DEE Select type of experiment from drop down box (Bertrand) Add session Press "add session" View instructions Configure initially make minimal adjustments: complementary, number of subjects, number of rounds, number of players, fixed partners View instructions (Run session, View and save results) Veconlab (Charlie Holt) FEELE copies this design Similar registration procedure and setting up of experiment One website for students, one for participants Don't miss the bubble experiment!!!!! Testing a new experiment I demonstrate here how I can learn about a new experiment by 1. Setting it up with a minimal number of participants 2. Open a new window for each participant and register as participant 3. Play against myself by switching between the open windows (use ALTTAB to switch) 4. See the results in the instructor's window Denise Hazlett's Classroom Experiments in Macroeconomics http://marcus.whitman.edu/~hazlett/econ/ List of Experiments 1. Federal Funds Market Experiment. 2. Consumer Price Index Experiment 3. Unemployment Compensation Experiment. 4. Investment Coordination Experiment 5. Money as a Medium of Exchange Experiment 6. The Effects of Real vs. Nominal Interest Charlie Holt U. of Virginia Creator of Veconlab Has written textbook on teaching experiments. Book explains both handrun and computerized Theodore C. Bergstrom, John H. Miller Experiments with Economic Principles: Microeconomics Rubinstein's Game Theory Site http://gametheory.tau.ac.il/i nstructor/ Short questions with immediate feedback EconPort (James Cox) The Best for: 1. Vernon Smith's double auction (graphs! Adding excise taxes!) 2. Charlie Plott's asset market 3. General normal form games 4. Extensive games Also: handbook, resources How to use EconPort 1 1. 2. 3. Java must be installed, testing necessary! First: Configurations: ADD A NEW GROUP (No changes in group "public configurations") DO NOT CREATE NEW CONFIGURATION YOURSELF!! How to use EconPort 2 1. 2. 3. 4. 5. 6. Now go via tab to "Experiments" Choose documentation, e.g. on marketlink or check the teaching module sections. In the documentation you find standard configurations, e.g. for excise taxes in a competitive market, which you can add to your newly created configuration group. This configuration can then be edited. Create a new group in your "experiments" There you add the configuration as often as you want to run a new session. Per group you can only have one experiment at a time running. It is a great software!!! Sample result: Bertrand Average Price 8 7 6 5 Average Selling Price Price 4 3 2 1 0 1 Marginal Cost Two Firms Two Firms Five Firms Random Partners 21 23 25 27 29 Fixed Partners Random Partners 3 5 7 9 11 13 15 17 19 "I "Some that collusion can take place in a learnt people are undercutting bastards!!! competitive though, even without any actual how the Seriously market it was interesting to see meeting taking place practise." two parties." theory is shown in between the Time Challenges for Classroom Experiments Students Lecturers Module (Course) Structure Challenges Students: They have limited time too (both inside and outside the classroom). Maintain attention (negative externality of both data and speed). Assess performance/motivation (earnings is noisy, attendance has problems). How can we write test (or homework) questions that require student to attend experiment? Some may (correctly/incorrectly) resent being used for research experiments at a sacrifice of their studies. Challenges Lecturers: 4 types: Eager, Interested but need support, hesitant, unwilling. Need to want to try something new. Need to sacrifice course time. Need to think experiments are of value. Challenges Classes: Many courses don't have experiments that fit directly into them (macro / finance). Same experiments for different courses (avoid repeat). Some experiments may require students to be in two courses. (Run an experiment in micro economics and analyze it for the statistics course.) Rewards Students Enjoyable, Interactive Better grades (Emerson & Taylor, 2004) Concrete learning experience (rather than abstract/mathematical formulas). Some students do well in experiments but poor on tests (such as those with poor math skills). Lecturers Richer teaching style > evaluations Promote experimental economics (preach what we practice). How to use experiments Size can determine how: Big lectures (>100): use short handrun, homework Large Lectures (40<#<100): make use of computerized experiments in tutorials. Small Lectures (<40). Possible to use computerized experiments in place of lectures Experiments seem to work well for all levels of students (even high school) Hints: Usually do experiments before covering the material in the course. Let students participate in preparation, execution and evaluation. (Especially in an experimental class.) Relate some exam questions to experiments. Don't be too obsessed with preserving a research environment. Using ExeterGames (Link from www.ex.ac.uk/feele) On purpose same style as Veconlab. Goal is to complement selection of experiments. 11 (soon to be expanded) computerized experiments (some are betaversions). Types are a mix of individual choice (homework) and interactive games. ...
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This note was uploaded on 05/20/2010 for the course DOF AAf001-6 taught by Professor Changchungdo during the Spring '10 term at 카이스트, 한국과학기술원.

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