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Winter 2019
ISSN 0890-913X
Volume 34, Number 4

Incentives and Economic Systems: A Classroom Exercise

James R. Bruehler, Eastern Illinois University
Linda S. Ghent, Eastern Illinois University
Alan P. Grant, Baker University
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/index.php?action=ajax&rs=GDMgetPage&rsargs[]=2019 Journal of Private Enterprise Vol 34 No 4 Winter parte6.pdf&rsargs[]=0
TheJournalofPrivateEnterprise34(4),2019,99114EDUCATIONALNOTEIncentivesandEconomicSystems:AClassroomExerciseJamesR.BruehlerEasternIllinoisUniversityLindaS.GhentEasternIllinoisUniversityAlanP.GrantBakerUniversity__________________________________________________________AbstractThissetofclassroomsimulationshighlightsthedifferentincentivesindividualsfaceundereconomicsystemsdefinedbyprivateproperty,bycommonproperty,andbyablendofthetwo.Ineachsystem,participantsmustchoosehowhardtheywillworktoproduceaconsumptiongood,balancingthepleasureofconsumingthatgoodagainstthedispleasureofwork.Inadditiontoillustratinghoweacheconomicsystemcreatesdifferentincentivestoputfortheffort,thesimulationscanillustratemarginalreasoning,facilitatetheexplicitcalculationofdeadweightloss,andillustrateimportantconceptsingametheory.__________________________________________________________JELCodes:A20,A22Keywords:capitalism,communism,mixedeconomy,economicsystems,classroomexperimentI.IntroductionInmostintroductoryeconomicscourses,studentslearnthethreebasicquestionsthatmustbeansweredinsettingupaneconomicsystem:Whatisproduced?Howisitproduced?Andwhoreceivesthegoodsandservicesoncetheyareproduced?Thislessonisgenerallyfollowedbyadiscussioncomparingmarket-basedeconomiesandcommand-typesystems.Studentsentereconomicscoursesbelievingthattheyknowwhatcapitalismandcommunismareandhoweachsystemimpactstheindividualslivingwithinit.However,a2016surveybytheglobalpublicopinionanddata
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