The Professor’s Dilemma: Teaching Game Theory in Principles of Agricultural Economics
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Typically, students in undergraduate agricultural programs are required to take an introduction or principles class in Agricultural Economics. These courses usually include a section on oligopoly markets, which may lead to a lecture on game theory. This presents a problem as game theory can be a very difficult topic. Herein, I present an easy and fun method that can be used to present static and repeated games in a classroom setting and describe the results of using an experimental Prisoner’s Dilemma game as a teaching tool. Any instructor can replicate this in any classroom as a computer is not required.