No / This article investigates the relationships between various types of educational value generated by the Markstrat simulation game. Considering several theoretical models of experiential learning and the research framework proposed by previous studies, an educational value generation model is developed and validated, using primary data collected from 305 UK-based students. Four types of educational value are identified: experience generation, conceptual understanding, skills development, and affective evaluation. The application of structural equation modelling indicates several significant relationships: experience generation has a strong impact on conceptual understanding, and both of them have medium to high direct impacts on skills development. On the other hand, the participants’ perception regarding the professional skills developed during the simulation game determines their affective evaluation of the Markstrat exercise. The model presented in this study is generalizable to other simulation games, and to other academic disciplines that implement the same experiential learning approach.