-
About
Our Story
back- Our Mission
- Our Leadership
- Accessibility
- Careers
- Diversity, Equity, Inclusion
- Learning Science
- Sustainability
Our Solutions
back
-
Community
Community
back- Newsroom
- Discussions
- Webinars on Demand
- Digital Community
- The Institute at Macmillan Learning
- English Community
- Psychology Community
- History Community
- Communication Community
- College Success Community
- Economics Community
- Institutional Solutions Community
- Nutrition Community
- Lab Solutions Community
- STEM Community
- Newsroom
- Macmillan Community
- :
- Economics Community
- :
- Economics Blog
- :
- Asymmetric Information, Bargaining, and Comparativ...
Asymmetric Information, Bargaining, and Comparative Advantage in Trade Relationships: An Interactive
- Subscribe to RSS Feed
- Mark as New
- Mark as Read
- Bookmark
- Subscribe
- Printer Friendly Page
- Report Inappropriate Content
Asymmetric Information, Bargaining, and Comparative Advantage in Trade Relationships
Southern Economic Journal Vol. 74 No. 2 (October 2007) by Eric Chiang
Description of Game
The concept of comparative advantage is a fundamental tool in economics. Yet, it is a concept that new students of economics frequently find challenging to grasp. In this interactive classroom game, three essential lessons of comparative advantage are emphasized: 1) individuals can have a comparative advantage (and thus benefit from specialization) in an activity despite not having an absolute advantage, 2) the gains from specialization are greatest when individuals have the most heterogeneous skill sets, and 3) the extent of each individual’s share of the gains from specialization is often left to negotiation, with asymmetric information playing an influential role. This classroom game allows each player to possess a unique production function, thus better resembling the diverse pool of potential trade partners that characterizes real-life trade.
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.
-
Achieve
3 -
Chiang
3 -
Cowen-Tabarrok
4 -
EconEd
121 -
iClicker
1 -
Krugman-Wells
5 -
Online Learning
2 -
Poverty and Income Distribution
3 -
Price Controls
1 -
Public Goods and Common Resources
10 -
Stevenson-Wolfers
8 -
Taxes
1 -
Teach Econ
5 -
TeachEcon
4 -
Trade
2 -
Unemployment
4 -
Webinars
11