Drs. Dan Settlage and Jim Wollscheid received the JET 2019 Best Paper Award for their paper "The Invisible Hand in Action - An Interactive Classroom Experiment." The two College of Business faculty members were recognized for their work during the Journal of Economics Teaching (JET) 2020 Symposium for Economics Teaching which took plae Jan. 24-25 in New Orleans.
According to the award recipients, the paper develops a flexible economic game that can be implemented in a classroom setting to improve the learning experience of the student and teacher from K-12 through university levels.
The game was demonstrated in a high school setting in collaboration with UAFS through the Adopt-A-Professor partnership program.
The JET “endeavors to be the premier outlet of economic teaching techniques at all levels.”
The full abstract for the paper is below.
“The economic concepts of market formation, industrial organization, and the behavioral implications of market structure are difficult for students to conceptualize. In this paper, we establish an interactive entrepreneurship game that can be played in a single class period. This game introduces the concepts of entrepreneurship, markets and equilibrium price formation, and firm profit. In a single class period, students form markets and observe “the invisible hand,” form collusive cartels, and see competitive profit driven to zero. In addition, the game can be easily extended to bring new economic topics into the existing framework over the entire course.”