An experiment from the book Experiments with Economic Principles by Theodore C. Bergstrom, Marcus Giamattei, Humberto Llavador and John H. Miller. The experiment and warm-up exercises are located in the econ-class experiments folder within classEx,
This experiment illustrates the method of comparative statics with a shifting supply curve in a hypothetical fishing village. The experiment also forces students to grapple with the concept of sunk costs. The discussion is intended to teach them to distinguish shifts in a demand or supply curve from movements along the curve.
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