Simulation in Economics Instruction
Porter, T.S., Riley, T.M., and Ruffer, R.L. (2004). A Review of the Use of Simulations in Teaching Economics. Social Science Computer Review, 22(4), 426-443.
This article is an inclusive review of the literature on the use of simulations in economics instruction. It is the first thing to read if you are new to the topic.
Simulation in Physics Instruction
The PhET Interactive Simulations Research website contains a wealth of information on what makes simulations effective in physics instruction. Instructors across all disciplines will find this an exceptionally useful site on the design and implementation of effective instructional simulations.
Simulation Software for Economics
Mathematical software companies maintain archives of samples and demonstrations. The following links go directly to listings of files that are of direct interest to economists thinking about simulation applications of the software.
- Wolfram Macroeconomics Demonstrations
- Wolfram Microeconomic Demonstrations
- Wolfram Finance Demonstrations
- MATLAB File Exchange: Using keywords economics and simulation
- GAMS File Listing
Journal of Economic EducationThe Journal of Economic Education publishes occasional examples of classroom simulation. The content of each issue is shown on the Journal's web site. The Journal also maintains an Online Section of Accepted Web Sites, which includes some simulation examples.
Simulation Archive at CHEERThe Computers in Higher Education Economics Review (CHEER) has been publishing examples of simulations in economics and business for many years. The link shown below searches the CHEER for the keyword "simulation" in terms of relevance. You can adjust the search for date or add additional keywords to narrow the focus of your particular interest.
Research on the Effectiveness of Simulation in Economics Instruction
Katz, A., and J. Ochs. (1993). Profiling Student Activities with the Smithtown Discovery World Program. Social Science Computer Review, 11(3), 366-378.
Shute, V.J., R. Glaser, and K. Raghavan. (1989). Inference in Discovery in an Exploratory Laboratory. In P.L. Ackerman, R.J. Sternberg, and R. Glaser (Eds.), Learning and Individual Differences, Advances in Theory and Research, New York: Freeman. 279-332.
Shute, V.J., and R. Glaser (1990). A Large-Scale Evaluation of an Intelligent Discovery World: Smithtown. Interactive Learning Environments, 1, 51-77.
Simulation ResourcesAllen, M.T., and M. Kaighobadi. (2001). Using Auction Simulation to Demonstrate Real Estate Market Dynamics. Journal of Real Estate Practice and Education, 4(1), 55-69.
Alonzi, P., and D.R. Lange, and B.J. Simkins. (2000). An Innovative Approach in Teaching Futures: A Participatory Futures Trading Simulation. Financial Practice and Education, 10(1), 228 - 238.
Arellano, F., S. Hine, and D.D. Thilmany. (2001). Using MANECSIM As a Simulation for Agribusiness Capstone Courses. Review of Agricultural Economics, 23(1), 275 - 285.
Baird, K.E. (2005). Player Markets, Profits, and Competitive Balance: A Classroom Simulation Exercise. Journal of Sports Economics, 6(3), 331 - 334.
Bodo, P. (2002). In-Class Simulations of the Iterated Prisoner's Dilemma Game. Journal of Economic Education, 33(3), 207 - 216.
Bolton, R.E. (2005). Computer Simulation of the Alonso Household Location Model in the Microeconomics Course. Journal of Economic Education, 36(1), 59 - 76.
Bransford, J.D., A.L. Brown, and R.R. Cocking, eds. (2000). How People Learn: Brain, Mind, Experience and School. National Academies Press.
Craft, R.K. (2003). Using Spreadsheets to Conduct Monte Carlo Experiments for Teaching Introductory Econometrics. Southern Economic Journal, 69(3), 726-735.
Einolf, K.W. (2005). EconFantasy.com: Where Fantasy Becomes Reality in an Economics-of-Sports Simulation. Journal of Sports Economics, 6(3), 338 - 339.
Fair, R.C. (2004). Estimating How the Macroeconomy Works. Harvard University Press.
Fair, R.C. (2002). Predicting Presidential Elections and Other Things. Stanford Economics and Finance.
Gilbert, J., and R. Oladi. (2007). Simulating Tariffs vs. Quotas with Domestic Monopoly. Journal of Industrial Organization Education, 2(1).
Grawe, N.D. (2007). A Simulation of Counter-Cyclical Intervention: Some Practical Lessons. Journal of Economic Education, 38(4), 371 - 392.
Hardle, W., and J.L. Horowitz. (2000). Internet-Based Econometric Computing. Journal of Econometrics, 95(2),333-345.
Hertel, J.P., and B.J. Millis. (2002). Using Simulations to Promote Learning in Higher Education. Stylus Publishing, LLC.
Ironside, B., W. Joerding, and P. Kuzyk. (2004). Double-Auction Market Simulation Software for Very Large Classes. Journal of Economic Education, 35(3), 284 - 289.
Kaufman, D., and L. Sauve. (2010). Educational Gameplay and Simulation Environments: Case Studies and Lessons Learned. Information Science Publishing.
Kendrick, D.A. (2007). Teaching Computational Economics to Graduate Students. Computational Economics, 30(4), 381 - 391.
Lean, J., M. Moizer, and C.A. Towler. (2006). Active Learning in Higher Education. Journal of Simulation and Games, 7(3), 227-242.
Lengwiler, Y. (2004). A Monetary Policy Simulation Game. Journal of Economic Education, 35(2), 175 - 183.
McHaney, R., D. White, and G. E. Heilman (2002). Simulation Project Success and Failure: Survey Findings. Simulation and Gaming, 33(1), 49-66.
Miranda, M.J. (2005). Teaching Computational Economics in an Applied Economics Program. Computational Economics, 25(3), 229 - 254.
Nicholson, W., and F. Westhoff. (2009). General Equilibrium Models: Improving the Microeconomics Classroom. Journal of Economic Education, 40(3), 297 - 314.
Nordhouse, W. (2008) A Question of Balance: Economic Modeling of Global Warming. Yale University Press.
Popp, M.P. and T.C. Keisling. (2001). An Economic Simulation Game with Fast Feedback for a Lay Audience: An Example of Seasonal Cash Marketing Strategies. Review of Agricultural Economics, 23(2), 538 - 546.
Saitone, T. L. and R.J. Sexton. (2009). A Flexible Oligopoly-Oligopsony Model for Classroom Simulations and Policy Analyses. Journal of Industrial Organization Education, 4(1).
Santos, J. (2002). Developing and Implementing an Internet-Based Financial System Simulation Game. Journal of Economic Education, 33(1), 31 - 40.
Schmidt, S.J.(2003). Active and Cooperative Learning Using Web-Based Simulations. Journal of Economic Education, 34(2), 151 - 167.
Surdam, D.G. (2009). A Sports Franchise Simulation Game. Journal of Economic Education, 40(2), 138 - 149.
Woltjer, G.B. (2005). Decisions and Macroeconomics: Development and Implementation of a Simulation Game. Journal of Economic Education, 36(2), 139 - 144.