Charles Holt, an economics professor at the University of Virginia, has developed electronic economics games for his students. These games involve various auction situations. One sequential auction game helps students understand the impact of different auction rules and how auctions influence the behavior of bidders. For instance, it helps them understand how a bidder might end up paying more for an object than it is worth. By playing the electronic game, students get a firsthand understanding of how an auction works by participating in the enjoyment and excitement of bidding.
Another Holt game, the Takeover Game allows players to have fun exploring the high stakes and intrigue involved in a bid to take over a business. One player puts in a bid and the other player decides whether to accept the bid or not. The bidder can add some economic efficiencies to the business to improve the profitability of the business. However, only the seller of the business knows what its profitability is. This game teaches players about bidding strategies in a situation in which there are asymmetries of information -- this means that everyone does not have access to the same information, which is typically the situation in the real world.
The Lemons Market game is a fun, informative market game that involves a situation in which sellers select the prices and grades of the goods they sell at the beginning of each period. There are two versions of the game, one in which buyers have full information and have access to the quality grade as well as the price of the objects sold. In an asymmetric information version of the game, the buyers do not have information about the quality grades of the products. This game teaches about various market dynamics in such situations.
In this fun, interesting electronic game that deals with economic ups and downs, players act as economic advisors to the presidents and central banks of their countries. In a scenario that simulates global macroeconomic activity, the players are in charge of their country's economic policies. They have to promote economic growth and full employment without stoking inflation. Players have to make use of economic policies to avoid undesirable economic outcomes such as recession or depression. One person can play this game against one to six other people, or even against the computer.