Title: Oligopoly Behavior
Authors: Giddings, Lisa; Nunley, John
Discipline: Economics
Submission Date: June 2015
Abstract: Through the study of oligopolies, our learning objective is to improve student ability to compare and contrast the different models that economics use to explain oligopoly behavior and to be able to recognize where these models are applicable in the real world. These goals follow the broad learning goals of the Department of Economics that include improving critical thinking, and having students be able to apply economics models to the real world. We developed a lesson plan which included pre- and post-assessments and participating in active learning in groups through problem solving. We found after one test of the lesson and one observation that students had a hard time connecting the oligopoly market structure to the other market structures they had learned in class already (perfect competition and monopoly) at least mathematically. As such, they were unable to evaluate the outcomes of the various market structures from a consumer's perspective. Students got bogged down in learning the mathematics of oligopoly and were subsequently unable to apply what they learned to the real world.
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