Project Description
The International Trade Game is a multiplayer web application designed for students to learn about the intricacies of decision-making and trading in international economics.
In the game, students assume the roles of fictional countries, each with unique production and utilization requirements. As they navigate the game, students must engage in trade with one another to maximize their country's utility. By competing with their peers, students aim to optimize the well-being of their countries by making informed production and trading decisions given their country’s preferences, production costs, and comparative advantages.
Teaching Strategy
The game is played in class where students are broken into different groups, each assigned to a country. Each country has cost advantage(s) and disadvantage(s) in producing resources. The game is played across multiple rounds. In each round, players will decide how many units of each resource to produce and negotiate with other players how much of resources to import / export, and at what price.
They will be required to balance the interests of their own country against those of other countries, while trying to fulfil the goal of utility maximisation with limited savings. There may be “shock event” presented in each round, in which one or more countries gain a sudden advantage or disadvantage, which challenges players to respond with an appropriate strategy.
At the end of all rounds, students will see how well they performed against their peers and compare how they made import and production decisions relative to their peers. Instructors can use these results for in-class discussions, identifying common production / trade behaviours and strategies that worked / didn't work for players.
For access to the project, please contact CTE at cte [at] smu.edu.sg
