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Beat The Market
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Beat The Market is an online business simulation game published and developed by . It runs in a web browser on Macintosh and Microsoft Windows.
The goal in Beat The Market is to become the most profitable firm by applying economic concepts in a variety of "real world" market environments. Beat The Market also includes a set of exercises covering these topics, market equilibrium, demand, elasticity, production, long-run and short-run costs, revenue maximization, perfect competition, monopoly, monopolistic competition, and oligopoly.
Players compete against computer firms in single player mode and against other people as well as computers in multi-player mode.
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Encyclopedia
Beat The Market is an online business simulation game published and developed by . It runs in a web browser on Macintosh and Microsoft Windows.
The goal in Beat The Market is to become the most profitable firm by applying economic concepts in a variety of "real world" market environments. Beat The Market also includes a set of exercises covering these topics, market equilibrium, demand, elasticity, production, long-run and short-run costs, revenue maximization, perfect competition, monopoly, monopolistic competition, and oligopoly.
Players compete against computer firms in single player mode and against other people as well as computers in multi-player mode. Each player makes between 2 and eight economic decisions each quarter depending on the learning level. The decisions include, price, production, advertising, plant size, process improvements, product development, training, or e-commerce.
The original version of Beat The Market was Microsoft Windows only software that had to be installed on a computer. The online version was developed and released as Beat The Market Online on 10 August 2007, featuring automatic grading of games and exercises, progress reports and real time multiplayer functionality.
Gameplay
Modes
Beat The Market has 2 game modes; Test, and Practice. Test mode creates a unique game environment by randomizing starting conditions. Practice mode uses the same starting conditions each time enabling different strategies to be evaluated with the same market environment.
Learning Level
Different levels can be selected to limit the number of supply and demand decisions that must be made each quarter of the simulation. The minimum number of decisions is 2 and the maximum is 8.
Course Level
There are two course level choices, Principles and Advanced. The "Principles" level limits the number of decisions each firm must make to a maximum of four. More advanced courses may select the "Advanced" course level to allow a maximum of eight decisions.
Single or Multi-player
A single player game is played by one person competing against other computer managed firms. A multi-player game is played by multiple people competing against each other as well as other computer managed firms.
Features
Consultant
The consultant guides players by providing insight (not answers) for areas that may be able to be improved by making better decisions.
Graphing
There are many graphs throughout the simulation which provide relevant information based on the page being viewed. For example, the "Price Information" page shows a graph of marginal revenue and marginal cost. There is also a graphing page which enables the user to create custom graphs to view and analyze information. Some of the variables you can graph include, demand, production, marginal revenue, marginal cost, average variable costs, etc.
Reports
To analyze your firms performance in the simulation there are four reports available, profit report, demand & supply report, market research & macroeconomic report, and competitive analysis report. A button in the reports section can export all the simulation data to excel for further analysis.
In The Classroom
Exercises
A set of exercises is included in the simulation covering these topics, market equilibrium, demand, elasticity, production, long-run and short-run costs, revenue maximization, perfect competition, monopoly, monopolistic competition, and oligopoly. Any or all exercises can be assigned with due dates. Once the due date has expired the grades appear in the instructors gradebook for all their students. Students can check their own grades for each exercise and game within their own personal gradebook.
Gradebook
There is a gradebook for the instructor and the student. The instructor gradebook shows the grades for all assigned games and exercises. Games assigned as practice do not appear in the gradebook. The student gradebook similarly shows all the grades for that students games and exercises.
Progress Report
A progress report is available for each assigned game that shows how each student is doing and how much of that game has been completed. A chart on the progress report page summarizes this data. The instructor can enter a students game by clicking the "view" button. Once inside the game you can see everything the student sees when they enter the game including the decisions they have made so far and what the consultant recommends.
External links
- ABSEL (Association for Business Simulation and Experiential Learning)
- American Economics Association - Resources For Economists (RFE)
- AEA Annual Conference Exhibitor
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