Jim Murphy:
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Description

Learn more about the growing field of experimental economics that was awarded the Nobel Memorial Prize in Economics.

About once a week, students will actively participate in an economics experiment. This gives students the opportunity to experience economics first-hand and learn how people actually respond to economic incentives.

These experiments are a lot of fun and are a great break from the typical everyday lecture format! All majors are welcome!

Topics will include:

• How do notions of fairness and reciprocity factor into individual economic
  decisions?
• Can we explain why people voluntarily contribute to providing public goods,
  maintain a common pool resource or engage in collective action?
• How and why do markets work? When do they fail?
• How do we design new markets (e.g., electricity deregulation)
• How can private property rights be used to facilitate more efficient use of our
  natural resources and provide improved environmental quality?