The prices and number of trades then form the basis of class discussion regarding the theoretical power of the basic competitive model.' Students mingle in a common area to negotiate trades over a number of trading periods. 'Playing cards are used to assign buyer and seller values in pit auction. Prizes can be given! Trading in a pit market Voting takes place again as above to select the overall winner. Everyone then meets for the finals, where the winning groups from each room repeat their presentations. Each room has a set of presentations and voting as above, and there is a winning group from each room. Round 1 would be in two or more separate rooms containing 3 or 4 groups per room. With large numbers of students, the exercise can be done in two rounds. The remaining students then vote on each group's presentation, giving a two marks for each group of 1, 2 or 3 according to (a) academic content (b) the entertainment value of the presentation. The students are then sorted into groups of 5 or 6 and then have 30 to 40 minutes to prepare a group presentation on the topic. The students are first given some preliminary information, though handouts, short video/audio clips and a very brief lecture (5 to 10 minutes). Group presentations on a topical economic issue The game illustrates a large number of economic concepts, including specialisation and division of labour, opportunity cost, supply and demand and the determination of price, prices as signals and incentives, cartels and oligopolistic collusion, game theory (strategy, bargaining, trust, etc.), the law of comparative advantage, terms of trade, the importance of market power in international trade, imperfect information and acting on expected prices. Details of the equipment and templates for the materials are given in the case study.
More than one room could be used allowing multiple games to be played at large conferences.Īll the necessary equipment can be simply made and the room takes no more than 10 minutes to set up.
It can be played in two parallel games of 60 students each in a large room with just one lecturer as game leader. The game itself lasts about 75 minutes, plus 5-20 minutes feedback. The game takes less than two minutes to introduce to the students. It is also ideal as an induction game for new students.
This has been used by at least two universities in the UK as part of a Year 12 conference. Some could be played over a period of time in conjunction with schools and thereby help to develop a link with them. This page has a range of games and other activities that can be used on open days, student conferences or other events.
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