@article{2269,
  abstract     = {{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       = {{von Blanckenburg, Korbinian and Neubert, Milena}},
  issn         = {{2090-2123}},
  journal      = {{Economics Research International}},
  keywords     = {{Classroom experiment, monopoly, trial and error, pricing strategy}},
  pages        = {{1--10}},
  publisher    = {{Hindawi Publ. Corp.}},
  title        = {{{Monopoly Profit Maximization: Success and Economic Principles}}},
  doi          = {{10.1155/2015/875301}},
  year         = {{2015}},
}