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Journal of Economic Perspectives: Vol. 10 No. 2 (Spring 1996)
JEP Volume. 10, Issue 2 | 
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Classroom Games: Understanding Bayes' Rule
Article Citation
Holt, Charles A., and
Lisa R. Anderson. 1996. "Classroom Games: Understanding Bayes' Rule."
Journal of Economic Perspectives,
10(2): 179-187.
DOI: 10.1257/jep.10.2.179
DOI: 10.1257/jep.10.2.179
Abstract
This paper uses the technique of experimental economics to set up a classroom situation where students learn to make Bayesian decisions. The exercises allow students to discover for themselves a natural counting heuristic that corresponds to Bayes's rule and is much quicker to use in many situations. In the context of balls and urns, this heuristic involves adjusting ball counts to reflect prior probabilities. It provides a natural bridge between simple intuition and the mathematical formula for Bayes's rule that is presented in undergraduate courses in economic statistics, game theory, and managerial economics.
Article Full-Text Access
Full-text Article (Complimentary)
Authors
Holt, Charles A. (U VA, Charlottesville)
Anderson, Lisa R. (American U)
Anderson, Lisa R. (American U)
JEL Classifications
A22: Economic Education and Teaching of Economics: Undergraduate
C11: Bayesian Analysis
C11: Bayesian Analysis
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