Category Archives: pedagogy



This is just a list of textbooks that I’ve taught from, and like:


  • Mankiw, N.G., and Taylor, M. P., 2011, “Economics“, (Cengage Learning, 2nd edition)
  • Cowen, T. and Tabarrok, A., 2012, “Modern Principles of Economics” (Worth, 2nd edition)
  • Heyne, P., Boettke, P and Prychitko, D., 2013, “The Economic Way of Thinking” (Prentice-Hall, 13th edition)
  • Begg, D., Fischer, S., and Dornbusch, R., 2008, “Economics“, (McGraw Hill, 9th Edition)



And don’t forget: Markets for Managers!

Markets for Managers: A Case Method Seminar


This proposed two-day seminar is aimed at junior faculty teaching on general management programs. It shows attendees how to teach using the case method, and provides content for market-focused courses. If satisfactory progress is made attendees will then become licensed to utilise the classroom material in their own courses, and have access to ongoing support and follow up workshops.



Day 1

Introduction to participant-centred learning

  • 9:00am – 10:30am | Session 1: A negotiation exercise
    • Malhotra, Deepak, “Hamilton Real Estate”, Harvard Business School Case Nos. 9-905-052 and 9-905-053
  • 11:00am – 12:30pm | Session 2: A classroom simulation
    • Holt, Charles A., and Sherman, R., (1999) “A Market for Lemons”, Journal of Economic Perspectives

The Case Method

  • 2:00pm – 3:30pm | Session 3: Competitiveness
    • Sölvell, Ö and Porter, M,  ”Finland and Nokia”, Harvard Business School case no. 9‐702‐427
  • 4:00pm – 5:30pm | Session 4: Public Finance
    • “Rovna Dan: The Flat Tax in Slovakia”, Harvard Business School case no. 9-707-043, March 2010

Day 2

Create your own teaching notes

  • 9:00am – 10:30am | Session 5: Prediction markets
    • Coles, Peter, Lakhani, Karim and McAfee, Andrew, “Prediction Markets at Google” Harvard Business School Case No. 9-607-088, August 20, 2007
  • 11:00am – 12:30pm | Session 6: Market-Based Management (R)
    • Weston, Hilary A., “Automation Consulting Services”, Harvard Business School Case No. 9-190-053, November 2000

Create your own cases

  • 2:00pm – 3:30pm | Session 7: La Marmotte
    • Evans, Anthony J., La Marmotte, January 2012
  • 4:00pm – 5:30pm | Session 8: Workshop 

Date: TBD

Location: TBD

Please get in touch if you would like further information.

Course Map

This is a list of 80 minute sessions that I regularly teach across various general management programmes. They are a combination of lectures (denoted with an *), cases, and simulations. Many of the Harvard cases have their own detailed Teaching Notes, but feel free to contact me if you’d like to see my versions. Up to date versions of my own cases are available here.

Microeconomics I

      • Incentives matter*
      • Max U
        • Maximilian Untergrundbahn, January 2013
          • Instructions: Complete the assignment questions
      • Incentive design/experimental economics
      • Understanding cost
        • Malhotra, Deepak, “Hamilton Real Estate”, Harvard Business School Case Nos. 9-905-052 and 9-905-053
      • Cost curves
        • La Marmotte, January 2012
        • Instructions: Complete Exhibit 1 and provide suggestions for the two key decisions
        • Video: “The Planning Horizon“, June 2016
      • Economies of scale
        • “Dogfight over Europe: Ryanair (A)” Harvard Business School case no. 9-700-115, November 21st 2007
        • Discussion question: What are some sources of economies of scale? How do they apply to British Airways in 1986?
        • VideoCheap flights,
      • Market equilibrium*
      • Markets in everything
        • “I’ve got debts, please buy my kidneys” The Times September 27th 2009
        • Discussion question: What are some different ways in which we could allocate kidneys?
      • Price discrimination
      • Price techniques
        • Wembley Stadium, July 2012
      • Competition and the market process*
      • CC Simulation
        • CC Simulation, March 2012
        • Discussion question: Is the market for airport services in the UK competitive?
        • Follow up video: Porters 5 Forces

Microeconomics II

        • Game theory*
        • Oligopoly
          • Beckman, Steven R., “Cournot and Bertrand games” Journal of Economic Education, Vol.34, No.1, pp.27-35
        • Auctions
          • Hild, M., Dwidevy, A., and Raj, A., (2004) “The Biggest Auction Ever: 3G Licensing in Western Europe”, Darden Business Publishing
          • Discussion question: What are the alternatives to auctions?
          • Video: “Spectrum auctions, spectrum liberalization and the incomplete triumph of Coase” Marginal Revolution University
          • Planet Money, “Auction Fever
            • Discussion points:
              – Anchoring heuristic
              – Starts with a Dutch auction then turns to English one
              – Info asymmetry is reduced by testing
        • Capital theory*
        • Adverse selection
        • Signalling*
        • Internal markets*
          • Wessen, R.R. and Porter, D., “The Cassini Resource Exchange” Ask Magazine 16, Fall 2007, p. 14-18
          • Video: Cassini’s Grand Finale
        • Prediction markets
          • Coles, Peter, Lakhani, Karim and McAfee, Andrew, “Prediction Markets at Google” Harvard Business School Case No. 9-607-088, August 20, 2007
          • Prediction Markets”, February 2016
        • Corporate entrepreneurship
          • Weston, Hilary A., “Automation Consulting Services”, Harvard Business School Case No. 9-190-053, November 2000
        • Market-Based Management (R)*
          • Finegan, J., “Pipe Dreams” Magazine, August 1994
          • Koch, C., 2014 Case Study #4: Georgia-Pacific Green Bay Broadway Mill, in ‘Good Profit’
        • The firm
          • Coase R.H., “The Nature of the Firm” Economica, New Series, Vol. 4, No. 16. (Nov., 1937), pp. 386-405
          • Hayek, F.A., “The Use of Knowledge in Society” The American Economic Review, Vol. 35, No. 4. (Sep., 1945), pp. 519-530

Macroeconomics I

        • Public finance
          • “Rovna Dan: The Flat Tax in Slovakia”, Harvard Business School case no. 9-707-043, March 2010
            1. What are some objectives of a tax system?
            2. What is a “flat tax”?
            3. Why did Mikulas Dzurinda adopt a flat tax in Slovakia?
            4. As of 2006, should it be repealed?
          • See Flat Tax in Slovakia, May 2016
        • Monetary policy I*
        • Monetary policy II
          • “The Euro in Crisis: Decision Time at the European Central Bank” Harvard Business School case no. 9-711-049
          • Discussion questions:
            1. How does the ECB conduct monetary policy?
            2. What actions were taken after the BNP Paribas freeze in 2007?
            3. How do these actions compare to the Fed?
            4. As of May 2010 should the ECB by Greek sovereign debt?
          • See The ECB During the Crisis, May 2016
        • Fiscal policy*
          • Video: Part 1: The First 100 Days of “Inside Obama’s White House” BBC2 (iPlayer)
        • The Great Depression*
        • International economics
          • Josko Joras (A), December 2012
          • Instructions: Complete exercises 1,2, and 3
        • Macro Policy Workshop
        • Signal extraction [WIP]

Macroeconomics II

      • Growth theory
      • Dynamic AD-AS model*
      • ISLM*
      • Behavioural finance
      • EMH*
      • Banking crises
        • Diamond, D.W., and Dybvig, P.H., (1983) “Bank Runs, Deposit Insurance, and Liquidity”, Journal of Political Economy, 91(3):401-419
        • Planet Money: How fake money saved Brazil, October 5th 2010
      • Currency crises
        • “Currency Crises” Harvard Business School case no. 9-799-088
        • Discussion question: Which countries are on the verge of a currency crisis?
      • Debt crises
      • Foreign Investment
        • Porter, M., and Ketels, C., “Indonesia: Attracting foreign investment” Harvard Business School case no. 9-708-420, January 11th 2013 (£)
          1. What does Indonesia have going for it?
          2. So why did they lag behind other Asian countries?
          3. Why didn’t the 1998 reforms work as well as hoped?
          4. As of 2007 is Indonesia competitive?
        • See Foreign Investment in Indonesia, May 2016
      • Transition I*
        • Planet Money, “Peanuts and Cracker Jack
          • Discussion points:
            • What are the main factors that determine the earnings of a vendor?
            • Why is it better to have the vendors decide on who does what, rather than senior management?
            • How much entrepreneurial profit comes from working harder than others?
      • Transition II*
      • Public choice*
      • Global prosperity*
      • MPC Simulation
        • MPC Simulation, December 2012
      • ECB Simulation
        • ECB Simulation, March 2011
      • Wiggle room
        • The Balkan Wiggle-Room Index, December 2012
      • Scenarios*

The Great EU Debt Write Off


This page presents the results of a simulation conducted by students at ESCP Europe Business School. The aim was to uncover the amount of interlinked debt between Portugal, Ireland, Italy, Greece, Spain, Britain, France, and Germany; and then see what would happen if they attempted to cross cancel obligations.

The results were astounding:

  • The countries can reduce their total debt by 64% through cross cancellation of interlinked debt, taking total debt from 40.47% of GDP to 14.58%
  • Six countries – Ireland, Italy, Spain, Britain, France and Germany – can write off more than 50% of their outstanding debt
  • Three countries – Ireland, Italy, and Germany – can reduce their obligations such that they owe more than €1bn to only 2 other countries
  • Ireland can reduce its debt from almost 130% of GDP to under 20% of GDP
  • France can virtually eliminate its debt – reducing it to just 0.06% of GDP

The study has been published by the journal Simulation and Gaming.

Images by Soapbox

The idea

The idea is very simple – if Portugal owes Ireland €0.34bn of short term debt, and Ireland owes Portugal €0.17bn, we can write off Ireland’s obligations and leave Portugal with a reduced debt of €0.17bn.If you are both a debtor and a creditor you do not need money to settle claims. Rather than require additional funds to deal with choking debt, why not write it off?
The diagrams above show the before and after situation, based on analysis done by students. The simulation itself took place on May 17th 2011 and involved three separate trading rounds.

Students in the Pre-Masters Year of the ESCP Europe Masters in Management program took part in the trial run on March 22, 2011, which involved only the PIIGS countries. The key results were the following:

  • Portugal was able to cut its debt in half, primarily because so much of that debt was held by Spain.
  • Ireland reduced its debt by 99.74%, mostly through deals with Spain and Portugal. It was able to make use of trading period 3 by moving short- and medium-term debt into long-term debt.
  • Italy had a weak bargaining position, as it began with the worst debt position (a high concentration of short-term debt). After reducing debt by 50% in period 1, it was unable to make further gains.
  • Greece reduced its debt by 11% but mostly because it had little exposure to the other PIIGS countries. It was unable to make any trades after period 1.
  • Spain managed to eliminate all of its debt obligations to the other PIIGS countries, although it owed significant amounts to Britain, France, and Germany. Spain found that it could deal with everyone at the table quite equally.

Main data sources

Resources for instructors

If you would like to replicate this simulation in your classroom, download this zip file. It includes:

  • All of our data (including sources and notes)
  • The starting positions for each country
  • The results table to provide real time information to students
  • A summary sheet for students to complete each round
Please let us know how you get on!

Further reading

Media coverage

For more details or media enquiries please contact Anthony J. Evans.

Macroeconomic simulators/tools

Personal Inflation Calculators

Monetary policy

Fiscal policy

Public finance

International economics

Debt dynamics


  • UK Economy Simulator
    Take control of the UK budget and watch the projections of your decisions. Try to lead free market reforms without rampant inflation.
  • Tragedy of the Commons
    The classic experiment, with bunnies
  • Trade (via Nobel Prize)
    Use the intuitive and simple Hecksher-Ohlin model to make gains from trade for you island
  • Hot Shot Business
    An online computer game that teaches entrepreneurship: start a fun business, and make some money
  • Cotton Millionaire
    You’re a Victorian cotton merchant: will you make a million or go belly up?
  • PaperClips

Collecting and Presenting Data

This article intends to walk through a process for collecting and presenting data. It will include some basic commands in Excel and Powerpoint. The slide deck below provides a step-by-step guide. You should follow it in order to complete the set tasks.


You will need the following to get started:


1. Replicate the following PDF file: “aje_data_chart.pdf

2. Replicate the following PNG image:


Additional resources:

Some examples of reports that present data well:


This is part of my online course on Analytics.