Vecon Lab Micro Principles

Trade Chapter 1: Specialization and Gains from Trade (PPF)
(No-trade followed by trade and communications: students learn to specialize.)
Demand Chapter 2: Marginal Analysis, Demand, Tax Effects, Step Function Graphs
(Simple enough for pre-class homework, with relative payoff feedback.)
Call Market Chapter 3: Supply and Demand, Efficiency, Floor/Ceiling, Taxes, Shifts
(Default setup with approximately linear S and D facilitates efficiency discussions.)
Opportunity Cost Chapter 4: Supply Decisions with Emissions Allowance Application
(Option to show relative earnings helps students recognize opportunity cost.)
Cost Curves Chapter 5: Fixed, Sunk, Marginal, and Average Costs
Monopoly and Competition Chapter 6: Local Monopoly Versus Free Trade
(New!, with default parameters for $2 MR increments)
Public Goods Chapter 7: Voluntary Contributions and Free-Riding
Externalities Chapter 8: Tragedy of the Commons, Congestion, Social Cost
Rent Seeking Chapter 9: Lobbying and the Inefficiency of Non-Market Allocations
Three Games Chapter 10: Game Theory: Prisoners' Dilemma, Coordination, Battle of Sexes
(Major social dilemma and coordination paradigms, and randomized strategies)
View Results View Results of Any Prior Setup

Auctions, Bargaining, Decisions, Finance, Games, Information, Markets, Public, Main Menu

Vecon Lab - November 21, 2017