A new experiment on 'Network economics' that deals with questions such as 'Why did Microsoft get so big?' 'Is this a good thing?' Students know about Microsoft and may be following the ongoing United States vs. Microsoft case.
More real-world explanations in the discussion sections of each chapter help the student better understand the economic concepts
Some experiments are shortened. Busy work is de-emphasized in favor of more attention to learning concepts
Answers to the warm-up exercises are now included at the end of the text. These provide instant reinforcement as the student becomes comfortable with the experiment's procedures
A public goods experiment will be added thereby expanding the range of the experiments.
More modular packaging options are offered. One experiment is already on the Web. Individual chapters may be custom published and wrapped with any Irwin/McGraw-Hill principles of economics textbook. Instructions for modular packaging will be on the Web.
Experiments can be conducted in an ordinary classroom without special equipment. Topics covered are those typically taught in a Microeconomics course: Supply, demand, market equilibria, taxes, price floors and ceilings, externalities, monopolies, and comparative advantage. Students are engaged in active learning and theory is brought to life via the laboratory experiment.
While the text is meant to supplement any microeconomics principles text, it can and has been used by itself. "Discussion Sections" give an abbreviated treatment of economic theory relevant to completing the experiment.
Each experiment contains instructions and a warm-up exercise that helps students think about the decisions they will be making in the experiment. Thus, the experiment is put into a context before it is performed to highlight its significance and to enhance student understanding.
"Lab Reports" for each experiment ask students to analyze data from the experiment and think about economic implications. On completing their lab reports, the students can organize their findings and report their findings at the next class meeting. In discussion groups, the students look for a theoretical explanation of what happened and explore other applications in the real world.
At the end of the chapter, there is a homework assignment that will help students solidify the ideas that have been explored.
The Instructor's Manual is essential for instructors who are new to using experiments to teach economics.
--This text refers to an out of print or unavailable edition of this title.