Spanish Real Estate Bubble: A Classroom Experiment

Fernando Castello-Sirvent


The European Higher Education Area (EHEA) requires development of teaching methodologies that encourage active participation by students in the autonomous learning process, taking the figure of the professor as the mediator. On the other hand, the economy is a fundamental aspect in today’s society insofar that it contributes to explaining the behaviour of individuals. In this sense, the experimental economy applied in lecture rooms is presented as an innovative educational procedure that is perfectly adapted to university teaching, since it facilitates acquisition and consolidation of curricular knowledge and favours the development of capabilities by students, whilst at the same time improving the quality of teaching and has a positive impact on the interest students have in the subject. This paper describes the application of an economic experiment as an active learning method to prove the mechanisms used to set prices. The experience took place at the ESIC Business and Marketing School Valencia university centre, within the subject of “Spanish Economy” in Official Business Management and Administration degrees and in Marketing and Sales Management degrees. The starting point for this experience was the work by Radim Boháček (2002), adding changes aimed at empirically explaining inflation, the real estate bubble and subsequent economic crisis in Spain. The obtained results prove that this educational experience favours learning of the economic concepts students study, and stimulates proactive interest in the subject. From the obtained results a second experiment is proposed in order to consolidate concepts concerning price setting mechanisms in the presence of intervention by the Public Sector (taxes and subsidies) or establishing incentives that model collusive behaviour leading to situations where market offers are concentrated in oligopolies.


EHEA; autonomous learning; spanish economy; experimental economy; pricing; real estate bubble

Full Text:



Bohacek, R. (2002). A Market-Clearing Classroom Experiment. Southern Economic Journal, 69(1), 189.

Cano, Mª E. (2008). La evaluación por competencias en la educación superior. Profesorado. Revista de curriculum y formación de profesorado, 2008, vol. 12, nº 3, p. 1-16.

De Juan, M. D., González, E., Parra, J. F., Kanther, A. y Sarabia, F. J. (2008) Antecedentes del aprendizaje autorregulado del estudiantes universitario de marketing Actas del XX Encuentro de Profesores Universitario de Marketing, 17‐ 19 de septiembre de 2008, Gran Canarias (España).

Estrada,M., Monferrer, D., Segarra, M. y Moliner, M. Á. (2014). El trabajo cooperativo en base al modelo del cerebro total: una experiencia docente. REDMARKA UIMA-Universidad de A Coruña – CIECID, nº. 12, pp. 87-112.

Exley, K. y Dennick, R. (2007). Enseñanza en pequeños grupos en educación superior: tutorías, seminarios y otros agrupamientos. Narcea Ediciones.

García-Gallego, A.; Georgantzís, N. y Kujal, P. (2008): «Experimental insights into the efficiency of alternative water ma- nagement institutions», en Dinar, A.; Albiac, J. y Sánchez-Soriano J. (eds.), Game Theory and Policymaking in Natural Resources and the Environment, ed., 209-235, Routledge, Taylor & Francis Group, London/New York.

Gil, C.; Alías, A. y Montoya, M.D.G. (2006). Cómo mezclar diferentes metodologías docentes para motivar e impulsar a un mayor número de alumnos, VI Jornadas de Aprendizaje Cooperativo, Barcelona.

Gutiérrez Brito, J. (2009). Introducción a la lógica del análisis del discurso. Introducción a las técnicas de investigación, 245-260.

Hunt, L., Eagle, L., y Tchen, P. (2004). Balancing marketing education y information technology: matching needs or needing a better match? Journal of Marketing Education, 26, 75‐88.

Martín, A.; León, C. y García, A. (2014). Innovación docente para la integración de autoformación y autoevaluación en la plataforma web. Pixel-Bit: Revista de medios y educación, nº. 44, p. 201-214.

Nonaka, I., & Takeuchi, H. (1995). The knowledge-creating company: How Japanese companies create the dynamics of innovation. Oxford university press.

Rey-Biel, P. (2015). ¿Funcionan los mercados? Dos experimentos que muestran sus ventajas...y limitaciones, Post i Accessed 13 October 2015.

Roger-Monzó, V.; Guijarro-García, M.; Martí-Sánchez, M. (2015). Digital Signage: An Experience of Innovation in Higher Education. Multidisciplinary Journal for Education, Social and Technological Sciences, v. 2, n. 2, p. 1-13.

Staropoli, C. y Jullien, C. (2006): «Using laboratory experi- ments to design efficient market institutions: The case of wholesa- le electricity markets». Annals of Public and Cooperative Econo - mics, vol. 77, nº 4, pp. 555-577.

Tadelis, S., & Williamson, O. E. (2012). Transaction cost economics. Available at SSRN 2020176.

Whitehead, D. P. (2008). Thoughts on Education y Innovation, Childhood Education, 85(2), 106‐118.

Abstract Views

Metrics Loading ...

Metrics powered by PLOS ALM

This journal is distributed under a Creative Commons Attribution-NonCommercial-NonDerivs 4.0 Internacional License.

Universitat Politècnica de València

e-ISSN: 2341-2593