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ERIC Number: EJ949203
Record Type: Journal
Publication Date: 2011
Pages: 13
Abstractor: As Provided
Reference Count: 14
ISBN: N/A
ISSN: ISSN-0022-0485
Using a Simple Contest to Illustrate Mechanism Design
Blackwell, Calvin
Journal of Economic Education, v42 n4 p375-387 2011
This article describes a simple classroom activity that illustrates how economic theory can be used for mechanism design. The rules for a set of contests are presented; the results typically obtained from these contests illustrate how the prize structure can be manipulated in order to produce a particular outcome. Specifically, this activity is designed to show how changing the prize structure can impact both the contestants' average efforts and the effort level of the hardest-working contestant. The activity can be run in a 50-minute class, has instructions that fit on a single piece of paper, and, although it can be run in large classes, requires only six students. (Contains 1 figure, 2 tables, and 5 notes.)
Routledge. Available from: Taylor & Francis, Ltd. 325 Chestnut Street Suite 800, Philadelphia, PA 19106. Tel: 800-354-1420; Fax: 215-625-2940; Web site: http://www.tandf.co.uk/journals
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Higher Education; Postsecondary Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A