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Banking Game Of the 6 other firms in your group, the number that choose 2 0123456 Your profits if you choose 2 and are in a green group. £0£8£13£16£18£19£20.

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Presentation on theme: "Banking Game Of the 6 other firms in your group, the number that choose 2 0123456 Your profits if you choose 2 and are in a green group. £0£8£13£16£18£19£20."— Presentation transcript:

1 Banking Game Of the 6 other firms in your group, the number that choose Your profits if you choose 2 and are in a green group. £0£8£13£16£18£19£20 Your profits if you choose 1 and are in a green group. £9£10 Your profits if you choose 2 and are in a white group. £0 £4£12 Your amount if you choose 1 and are in a white group £6 £7£8 £9£10

2 Classroom experiment Normal conditions credit crunch Normal Credit crunch Normal

3 Dont Panic! A Hitchhikers Guide to Computerized Economic Teaching Experiments

4 by Dieter Balkenborg Todd Kaplan Tim Miller

5 Types of Classroom Experiments HandRun. HandRun. –Quick raise hands (symmetric prisoners dilemma). –Sampling paper collection (2*2 games, currency attack). –More sophisticated (Pit market, Slomans Trade Game). Computerized. Computerized. –Web based: PhP or Java (Bertrand, Double Auction). –Locally based/installed (z-tree). Homework. Homework. –Simple Q&A with feedback in class: (Rubinsteins site). –More advanced Individual Choice experiments with some immediate feedback (Monty Hall). –Play against a fictitious/robot/prior human player (Holt: Travelers dilemma). –Students play each other at designated time.

6 Why Using Computerized Experiments Free ride on existing resources Free ride on existing resources Little preparation Little preparation speedy speedy Automatic tabulation of results Automatic tabulation of results Some are difficult to do hand-run Some are difficult to do hand-runLimitations: Class size Class size Computing facilities Computing facilities Time constraints Time constraints

7 FEELE; veconlab, econport, Three new names to learn Three new names to learn Easy to google for Easy to google for We will spend some time on each site and learn how to use them We will spend some time on each site and learn how to use them We start with a visit to We start with a visit to Classroom_Experiments Classroom_Experiments Please add your experience!

8 On our wikiversity site Google ECONOMIC CLASSROOM EXPERIMENTS 1 Why use experiments in teaching economics 1 Why use experiments in teaching economics 2 List of Experiments 2 List of Experiments 3 Hints for running economic classroom experiments 3 Hints for running economic classroom experiments 4 Useful Links and Related Literature 4 Useful Links and Related Literature… Now, lets google for FEELE

9 FEELE web pages Google FEELE experiments experiments Handbook Handbook Under construction FDTL5 Grant for Bringing Experimental Economics into the Classroom Register using codeword: ESA2006

10 FEELE Laboratory is mainly a research lab so look for: is mainly a research lab so look for: Access our Website of Teaching Experiments View list of experimentsView list of experiments (short descriptions) View list of experiments Experimenter accessExperimenter access (thats soon you) Experimenter access Participant accessParticipant access (enter now) Participant access

11 Now register as experimenter Code word: deadsea Code word: deadsea Next time login with your assigned password (your initials + number) and password (4-digit number ed to you, KEEP ACCESSIBLE) Next time login with your assigned password (your initials + number) and password (4-digit number ed to you, KEEP ACCESSIBLE)

12 Set up experiment New, different suffix for each session you run, your username + suffix = access code for students New, different suffix for each session you run, your username + suffix = access code for students Name: Bertrand complements, DEE Name: Bertrand complements, DEE Select type of experiment from drop- down box (Bertrand) Select type of experiment from drop- down box (Bertrand)

13 Add session Press add session Press add session View instructions View instructions Configure – initially make minimal adjustments: complementary, number of subjects, number of rounds, number of players, fixed partners Configure – initially make minimal adjustments: complementary, number of subjects, number of rounds, number of players, fixed partners View instructions View instructions (Run session, View and save results) (Run session, View and save results)

14 Veconlab (Charlie Holt) FEELE copies this design FEELE copies this design Similar registration procedure and setting up of experiment Similar registration procedure and setting up of experiment One website for students, one for participants One website for students, one for participants Dont miss the bubble experiment!!!!! Dont miss the bubble experiment!!!!!

15

16 Testing a new experiment I demonstrate here how I can learn about a new experiment by 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 ALT-TAB to switch) 4.See the results in the instructors window

17 Denise Hazlett's Classroom Experiments in Macroeconomics 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 Rates on Investment 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 Rates on Investment

18 Charlie Holt U. of Virginia Creator of Veconlab Has written textbook on teaching experiments. Has written textbook on teaching experiments. Book explains both handrun and computerized Book explains both handrun and computerized

19 Theodore C. Bergstrom, John H. Miller Experiments with Economic Principles: Microeconomics

20 Rubinsteins Game Theory Site instructor/ instructor/ Short questions with Short questions with immediate feedback

21 EconPort (James Cox) The Best for: 1. Vernon Smiths double auction (graphs! Adding excise taxes!) 2. Charlie Plotts asset market 3. General normal form games 4. Extensive games Also: handbook, resources

22 How to use EconPort 1 1. Java must be installed, testing necessary! 2. First: Configurations: ADD A NEW GROUP (No changes in group public configurations) 3. DO NOT CREATE NEW CONFIGURATION YOURSELF!!

23 How to use EconPort 2 1. Now go via tab to Experiments 2. Choose documentation, e.g. on marketlink or check the teaching module sections. 3. 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. 4. Create a new group in your experiments 5. 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. 6. It is a great software!!!

24 Sample result: Bertrand I learnt that collusion can take place in a competitive market even without any actual meeting taking place between the two parties. Two Firms Fixed Partners Two Firms Random Partners Five Firms Random Partners Some people are undercutting bastards!!! Seriously though, it was interesting to see how the theory is shown in practise.

25 Challenges for Classroom Experiments Students Students Lecturers Lecturers Module (Course) Structure Module (Course) Structure

26 Challenges Students: They have limited time too (both inside and outside the classroom). They have limited time too (both inside and outside the classroom). Maintain attention (negative externality of both data and speed). Maintain attention (negative externality of both data and speed). Assess performance/motivation (earnings is noisy, attendance has problems). Assess performance/motivation (earnings is noisy, attendance has problems). How can we write test (or homework) questions that require student to attend experiment? 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. Some may (correctly/incorrectly) resent being used for research experiments at a sacrifice of their studies.

27 Challenges Lecturers: 4 types: Eager, Interested but need support, hesitant, unwilling. Need to want to try something new. Need to want to try something new. Need to sacrifice course time. Need to sacrifice course time. Need to think experiments are of value. Need to think experiments are of value.

28 Challenges Classes: Many courses dont have experiments that fit directly into them (macro / finance). Many courses dont have experiments that fit directly into them (macro / finance). Same experiments for different courses (avoid repeat). 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.) Some experiments may require students to be in two courses. (Run an experiment in micro economics and analyze it for the statistics course.)

29 Rewards Students Enjoyable, Interactive Enjoyable, Interactive Better grades (Emerson & Taylor, 2004) Better grades (Emerson & Taylor, 2004) Concrete learning experience (rather than abstract/mathematical formulas). 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). Some students do well in experiments but poor on tests (such as those with poor math skills).Lecturers Richer teaching style -> evaluations Richer teaching style -> evaluations Promote experimental economics (preach what we practice). Promote experimental economics (preach what we practice).

30 How to use experiments Size can determine how: Big lectures (>100): use short hand-run, homework Big lectures (>100): use short hand-run, homework Large Lectures (40<#<100): make use of computerized experiments in tutorials. Large Lectures (40<#<100): make use of computerized experiments in tutorials. Small Lectures (<40). Possible to use computerized experiments in place of lectures 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. Usually do experiments before covering the material in the course. Let students participate in preparation, execution and evaluation. (Especially in an experimental class.) Let students participate in preparation, execution and evaluation. (Especially in an experimental class.) Relate some exam questions to experiments. Relate some exam questions to experiments. Dont be too obsessed with preserving a research environment. Dont be too obsessed with preserving a research environment.

31 Using ExeterGames (Link from (Link from On purpose same style as Veconlab. On purpose same style as Veconlab. Goal is to complement selection of experiments. Goal is to complement selection of experiments. 11 (soon to be expanded) computerized experiments (some are beta-versions). 11 (soon to be expanded) computerized experiments (some are beta-versions). Types are a mix of individual choice (homework) and interactive games. Types are a mix of individual choice (homework) and interactive games.


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