Renewable resource dynamics: A Web-based classroom experiment

Abstract

The authors adapted a lab-in-the-field experiment emulating the dynamic extraction of a fishery to create a Web-based classroom experiment. The game includes a multi-player version analogous to an open-access problem and a single-player version analogous to the social planner problem. This game is helpful in introductory microeconomics courses to teach about dominant strategies and the consequences of resource rivalry. In elective courses, the game helps teach bio-economics concepts, including logistic growth functions and optimal extraction paths. Instructions for game deployment and creating the sessions are provided. Conducting the game takes about 20 minutes, and because the game is Web-based, students can access it from their laptops, tablets, or smartphones.