[{"language":[{"iso":"eng"}],"main_file_link":[{"open_access":"1","url":"https://www.hindawi.com/journals/ecri/2015/875301/"}],"year":2015,"keyword":["Classroom experiment","monopoly","trial and error","pricing strategy"],"publication_status":"published","date_created":"2020-05-04T08:57:55Z","author":[{"id":"58841","full_name":"von Blanckenburg, Korbinian","first_name":"Korbinian","last_name":"von Blanckenburg"},{"full_name":"Neubert, Milena","first_name":"Milena","last_name":"Neubert"}],"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>"}],"publication_identifier":{"issn":["2090-2123","2090-2131"]},"oa":"1","date_updated":"2023-03-15T13:49:39Z","publication":"Economics Research International","publisher":"Hindawi Publ. Corp.","user_id":"15514","place":"New York, NY   ","page":"1-10","department":[{"_id":"DEP7034"}],"status":"public","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>","ieee":"K. von Blanckenburg and M. Neubert, “Monopoly Profit Maximization: Success and Economic Principles,” <i>Economics Research International</i>, pp. 1–10, 2015.","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>","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.","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> .","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>.","bjps":"<b>von Blanckenburg K and Neubert M</b> (2015) Monopoly Profit Maximization: Success and Economic Principles. <i>Economics Research International</i> 1–10.","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.","van":"von Blanckenburg K, Neubert M. Monopoly Profit Maximization: Success and Economic Principles. Economics Research International. 2015;1–10."},"doi":"10.1155/2015/875301","title":"Monopoly Profit Maximization: Success and Economic Principles","_id":"2269","type":"journal_article"}]