Using Cournot Games for Introducing Producer Theory and Market Structure in Intermediate Microeconomics

This paper adopts a pedagogical approach inspired in the problem-based learning method to show how instructors can use Cournot games for introducing producer theory and market structure in intermediate microeconomics courses. A decision problem is presented to students, who are asked to imagine that they are the owners/managers of a firm. The instructors' role is to provide both guidance to facilitate student learning and content knowledge on a just-in-time basis. This approach is useful to highlight the connection between perfect competition, oligopoly and monopoly and to present students with opportunities to simulate complex situations which they may encounter in real life