Experiment 1: The Market for Lemons
The Market for Lemons is a classic economic experiment created by Nobel Prize winner George Akerlof to illustrate the concept of asymmetric information in markets. In this experiment, participants take part in a market in which there are two types of goods: high-quality and low-quality (lemons). The problem is that buyers cannot easily distinguish between the two types.
Experiment 2: The dictator game
The Dictator Game is a commonly used experimental economics game that explores decision making and fairness. In this game, one player (the dictator) is given a sum of money/tokens/tokens/candy and has the right to decide how much, if any, to share with another player.
Experiment 3: Public Goods Game
The public goods game is a common economic experiment that explores cooperation and the provision of public goods within a group.
Experiment 4: Double Oral Auction
Conducting a paper-and-pencil economic experiment focusing on an oral double auction involves simulating a market in which participants buy and sell goods through a bidding process.
This material is an output of the project KEGA 017EU-4/2021 entitled “Implementation of experimental economics as innovative method for development of new skills for economic education”.