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