This is the ONE experiment on supply and demand which gives results close to the predictions of economic theory. So we will start with this experiment, which will also teach us supply and demand, and the conditions under which hold. We will do variations to see when the economic theory fails, also. This experiment gives us a lot more information about necessary conditions for convergence to S&D equilibrium which are not mentioned by textbooks. EXPERIMENTS will give students intuitive understanding of the mechanisms of S&D. We will start the class by running an S&D experiment using the ODA framework. This is the subject of Chapter 1 of Holt and Davis, the textbook for the course. There were NO SLIDES for this lecture. INSTEAD, the Chapter 1 of the text was directly displayed from the PDF file, and used for the lecture.
USUALLY, lectures will be ONLY in English, since these have a wide audience, outside Pakistan as well. However this first lecture used both urdu and english, as a one-time exception
WEA: PedBlog Behavioral vs Neoclassical Economics - Spells out the sharp contrast between Behavioral Economics and Neoclassical economics. Also has links to further references.
PIDE Lecture to MicroEcon students on Behavioral Economics - 45 minute lecture on how conventional micro is in conflict with studies of actual human behavior
Holt Experimental Economics in the Classroom - Instructions on how to conduct experiments in classroom
Cassar Friedman: Econ Lab: Intensive Course in Exp Econ - Explains full details of how to conduct experiments.
AM2L01 Oral Double Auction (Urdu/English) - ODA experiment conducted in class, analyzed & discussed. Ch 1 & 3 of Holt & Davis VIDEO of FIRST LECTURE