Experimental Economics
I just finished taking a 2-credit class---Teaching with Experimental Economics---at UAA. It was 9 to 4, Monday through Friday, and a total blast.
The two instructors, Bart and Ryan, work with Veron Smith (the winner of the 2002 Nobel Prize in economics---Experimental Economics) at George Mason University.
We did three different types of economic experiments each day. We played the game/did the experiment (did the bidding and asking), the instructors explained the concepts, then we worked problems envolving the concepts. Tremendously interesting. What's more, we made actual money,"It's just as good as cash", during each experiment. I ended the week with $128 in cash. You couldn't lose money; you just made varying amounts.
We did the stock market bubble experiment and true to form we created a bubble by bidding more than the values. It just does happen!!! As long as there are new investors, there will be bubbles. It takes going through two significant market corrections before people quit overbidding for the underlying value.
We spent nearly alll day Wednesday at ConcocPhillips playing their Oil Exploration and Development simulation game. It was fantastic. What a great way to quickly learn about the costs and risks involved in exploring for oil and developing wells!
In conclusion, many thanks to ConocoPhillips for underwriting the Teaching Experimental Economics course for Anchorage teachers.
4:47:50 PM 
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Happy 4th of July
