You can start by reading the Instructor’s Manual for any of the experiments. Experiments are self-contained and instructions are written to allow running each experiment independently, yet they share a similar core structure. The Apple Market is the simplest experiment and perhaps a good starting point if you have not run experiments before.
Each experiment includes an instructor’s manual, a student’s manual, a warm-up quiz, and Excel files that automatically generate solutions to the exercises and report participation, profits and the number of correct answers to the warm-up quiz (in case you want to keep records), based on the files provided by classEx. The student’s manual is provided in three separate documents: Instructions for participants, Exercises, and Theory and Discussion. Students should read the Instructions for participants before the experiment. We recommend using Exercises and Theory and Discussion material after the experiment to reflect on the experience and the findings. See the experiential learning section for suggestions on using the material on your classes.
All fully implemented experiments are ready-to-use in classEx. For each experiment we include the following material (click each item for a brief description of its contents):
Step-by-step instructions on how to run the experiment and a guide for in-class discussion. It includes tips from previous experiences and, for advanced users, technical details on the design of the experiment .
All necessary information for students to participate in the experiment and reflect on the outcome. It is structured in three separate documents:
I. Instructions for Participants: Detailed instructions and warm-up exercises that prepare students for the experiment. This is the only documentation that students need before experiment.
II. Exercises: A series of constructive exercises that use the data generated during the experiment. These exercises guide students to discover some of the concepts by themselves.
III. Theory and Discussion: A brief presentation of the theory behind the results in the experiments.
Excel file for the instructor
A spreadsheet that feeds from the data file obtained from classEx to automatically generate:
1. the information necessary to provide to students for the exercises;
2. answers to the exercises, based on the outcome data from the experiment;
3. student participation and profits (in case you want to keep records).
We also provides a sample data file from the repository of classEx with the outcome of a previously run experiment.
Warm-up quiz in classEx
A four-question quiz implemented in classEx and based on the warm-up exercises in the Student’s Manual. This is a very simple test that helps checking students’ understanding of the instructions. By collecting the grades, we have also used this test for motivating students to carefully read the instructions before attending the experimental session.
An Excel file that extracts and reports the number of correct answers for each participant to a Warm-Up Quiz. The data file can be downloaded from classEx after running a Warmp-Up Quiz. Detail instructions are provided in the first tab of the Quiz Grader file.
This section provides answers to common questions and general hints on running the experiments.
Sessions, Rounds, and Transactions
A session represents a specific market situation with a fixed distribution of types. A market session includes several rounds: repetitions of the same experiment with the same market fundamentals. Rounds are repeated to allow students to revise their behavior based on what they have learnt from participating in the market. A round of trading begins when the market manager click the start button and ends when transactions cease. A transaction is a deal between a buyer and a seller, consummated in the form of a sales contract which is submitted and projected for the whole classroom.
The experiments are designed to work smoothly with many different class sizes. Although groups between fifteen to sixty students favor discussion, the experiments can be easily applied to classes of 100 or more students. The implementation in classEx automatize the distribution of roles and personal instructions, posting transactions, and collecting participation data.
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