---
_id: '2269'
abstract:
- lang: eng
  text: This paper presents a classroom experiment on pricing strategies available
    to monopolists. Each student makes production decisions as a monopolist during
    the experiment, learning from his/her own experiences what it means to be a price
    searcher. Full information is provided on cost conditions, while the demand function
    remains unknown to the participants. Given a sufficient number of periods, students
    will in principle be able to maximise their profits by applying a simple trial
    and error strategy. However, one of the objectives of the experiment is to demonstrate
    to students that search strategies based on economic principles are more efficient.</jats:p>
author:
- first_name: Korbinian
  full_name: von Blanckenburg, Korbinian
  id: '58841'
  last_name: von Blanckenburg
- first_name: Milena
  full_name: Neubert, Milena
  last_name: Neubert
citation:
  ama: 'von Blanckenburg K, Neubert M. Monopoly Profit Maximization: Success and Economic
    Principles. <i>Economics Research International</i>. 2015:1-10. doi:<a href="https://doi.org/10.1155/2015/875301">10.1155/2015/875301</a>'
  apa: 'von Blanckenburg, K., &#38; Neubert, M. (2015). Monopoly Profit Maximization:
    Success and Economic Principles. <i>Economics Research International</i>, 1–10.
    <a href="https://doi.org/10.1155/2015/875301">https://doi.org/10.1155/2015/875301</a>'
  bjps: '<b>von Blanckenburg K and Neubert M</b> (2015) Monopoly Profit Maximization:
    Success and Economic Principles. <i>Economics Research International</i> 1–10.'
  chicago: 'Blanckenburg, Korbinian von, and Milena Neubert. “Monopoly Profit Maximization:
    Success and Economic Principles.” <i>Economics Research International</i>, 2015,
    1–10. <a href="https://doi.org/10.1155/2015/875301">https://doi.org/10.1155/2015/875301</a>.'
  chicago-de: 'von Blanckenburg, Korbinian und Milena Neubert. 2015. Monopoly Profit
    Maximization: Success and Economic Principles. <i>Economics Research International</i>:
    1–10. doi:<a href="https://doi.org/10.1155/2015/875301,">10.1155/2015/875301,</a>
    .'
  din1505-2-1: '<span style="font-variant:small-caps;">von Blanckenburg, Korbinian</span>
    ; <span style="font-variant:small-caps;">Neubert, Milena</span>: Monopoly Profit
    Maximization: Success and Economic Principles. In: <i>Economics Research International</i>.
    New York, NY   , Hindawi Publ. Corp. (2015), S. 1–10'
  havard: 'K. von Blanckenburg, M. Neubert, Monopoly Profit Maximization: Success
    and Economic Principles, Economics Research International. (2015) 1–10.'
  ieee: 'K. von Blanckenburg and M. Neubert, “Monopoly Profit Maximization: Success
    and Economic Principles,” <i>Economics Research International</i>, pp. 1–10, 2015.'
  mla: 'von Blanckenburg, Korbinian, and Milena Neubert. “Monopoly Profit Maximization:
    Success and Economic Principles.” <i>Economics Research International</i>, Hindawi
    Publ. Corp., 2015, pp. 1–10, doi:<a href="https://doi.org/10.1155/2015/875301">10.1155/2015/875301</a>.'
  short: K. von Blanckenburg, M. Neubert, Economics Research International (2015)
    1–10.
  ufg: '<b>von Blanckenburg, Korbinian/Neubert, Milena (2015)</b>: Monopoly Profit
    Maximization: Success and Economic Principles, in: <i>Economics Research International</i>,
    S. 1–10.'
  van: 'von Blanckenburg K, Neubert M. Monopoly Profit Maximization: Success and Economic
    Principles. Economics Research International. 2015;1–10.'
date_created: 2020-05-04T08:57:55Z
date_updated: 2023-03-15T13:49:39Z
department:
- _id: DEP7034
doi: 10.1155/2015/875301
keyword:
- Classroom experiment
- monopoly
- trial and error
- pricing strategy
language:
- iso: eng
main_file_link:
- open_access: '1'
  url: https://www.hindawi.com/journals/ecri/2015/875301/
oa: '1'
page: 1-10
place: 'New York, NY   '
publication: Economics Research International
publication_identifier:
  issn:
  - 2090-2123
  - 2090-2131
publication_status: published
publisher: Hindawi Publ. Corp.
status: public
title: 'Monopoly Profit Maximization: Success and Economic Principles'
type: journal_article
user_id: '15514'
year: 2015
...