Microeconomic Simulator of Firm Behavior under Monopolistic Competition

Vasilev, Aleksandar (2017) Microeconomic Simulator of Firm Behavior under Monopolistic Competition. Journal of Research in Education Sciences, 8 (10). pp. 28-33. ISSN 2068 – 8407

Microeconomic Simulator of Firm Behavior under Monopolistic Competition
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Item Type:Article
Item Status:Live Archive


Computer simulators are proving to be indispensable education tools as they enable their users to readily apply
theoretical knowledge and to automatically receive immediate feedback, which is invaluable both to learners and to their
instructors. Yet at present, there is virtually no publically available software for teaching economics to people who are new to
this discipline. The Microeconomic Simulator of Firm Behavior under Monopolistic Competition is an interdisciplinary project
which tries to fill this niche by providing an interactive means of strengthening and assessing a person’s grasp of fundamental
economic concepts. It simulates the dynamic conditions of real-world markets that exhibit characteristics both of monopoly and
of perfect competition, and demonstrates how choices made by a company’s executives affect its profitability. This is done in
an intuitive manner through a user-friendly web application, which can be accessed from any device with an HTML5-compliant
browser. The application is based on a proprietary algorithm which transforms the abstract economic model of monopolistic
competition into a series of easy-to-follow steps and supplies diagrams and pop-ups, which help users comprehend the
consequences of their actions. The parameters of the model are fully customizable so that different economic environments
can be explored. After the end of a simulation, users are presented with a summary of their performance, which they can use
to measure their progress over time, or to see how they rank among their peers.

Keywords:monopolistic competition, computer simulators, teaching innovations
Subjects:L Social studies > L120 Microeconomics
Divisions:Lincoln International Business School
ID Code:35519
Deposited On:08 Apr 2019 13:00

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