A group of BSc economics students from Cardiff School of Management were placed top in the UK and third in world ranking after taking part in a global online economics inter-university games tournament held last month.
The team of three third year students competed against other participating universities across the globe on a number of strategic challenges in the annual tournament organised by Economics Games - an educational organization which produces classroom games for economics teachers around the world.
The tournament is endorsed by Economics Network and the Royal Economic Society through the Conference of Heads of University Departments of Economics (CHUDE). The strategic challenges involved a mix of game theory and industrial organization theory related to all major fields within economics.
Third year Economics student Charlotte Heeks who competed alongside team members Alex Harding and Peter Edwards said: "In the qualification stage, we were required to complete a simulation game to make the maximum profit we could in a specific market situation.
"We were one of thirteen teams to progress to the final stage, and compete over a 6-day period, making strategic decisions that involved complex real life economic situations. The competition was very exciting and it was great to have contact with a range of Economics students from universities all over the world. We learned a huge amount during the process including how game theory, taught in our second year, can be applied to real life situations to achieve optimal profit.''
Senior Economics Lecturer at Cardiff School of Management, Ramakanta Patra said: "We encouraged our students to take part in this competition endorsed by The Royal Economic Society, which is now in its tenth year of running. In this tournament, participating universities were invited to enter one team and we are absolutely delighted with the outstanding success of our students.
"The strategic challenges our students completed were designed by a group of game theorists trained at Toulouse School of Economics and the universities who took part in the tournament traditionally have excellent reputations in carrying out research and teaching Economics. We are thrilled that our winning team placed itself top in the UK and third globally.
"We are committed to continually improving the quality and outcomes of our teaching, and opportunities to partake in challenges such as this can be extremely important in enabling our students to develop knowledge, confidence and resilience. All of this learning is key as we focus on nurturing job-ready graduates with a global outlook and an enthusiasm for learning."