diff --git a/quantecon/tests/test_docstring_examples.py b/quantecon/tests/test_docstring_examples.py
new file mode 100644
index 000000000..a7f3d443b
--- /dev/null
+++ b/quantecon/tests/test_docstring_examples.py
@@ -0,0 +1,153 @@
+"""
+Execute every docstring example in the package, without comparing output.
+
+Examples are executable specifications: if one stops running, a reader
+who copies it gets an error. This sweep catches exactly that -- missing
+imports, renamed functions, changed signatures -- and nothing else.
+
+It deliberately does not compare an example's printed output with the
+text in the docstring. That comparison is what `--doctest-modules`
+performs, and it fails whenever NumPy changes an array repr or a float
+format, independently of whether the example still works. Most of the
+31 examples repaired in gh-864 had rotted that way (pre-NumPy-1.14
+array spacing, NumPy 2 scalar reprs), so keeping the comparison would
+commit us to re-pasting expected output after every NumPy release.
+See gh-866 for the discussion.
+
+"""
+import contextlib
+import doctest
+import importlib
+import io
+import linecache
+import os
+import pkgutil
+
+import numpy as np
+import pytest
+
+import quantecon
+
+
+# `fetch_nb_dependencies` fetches over the network, so its example cannot
+# run offline. The module is deprecated and is removed in v1.0 (gh-880),
+# which retires this entry with it.
+SKIP_MODULES = {'quantecon.util.notebooks'}
+
+
+def _collect_doctests():
+    """
+    Return every docstring in the package that carries examples.
+
+    """
+    collected = []
+    for module_info in pkgutil.walk_packages(quantecon.__path__, 'quantecon.'):
+        name = module_info.name
+        if '.tests' in name or name in SKIP_MODULES:
+            continue
+        module = importlib.import_module(name)
+        for test in doctest.DocTestFinder().find(module):
+            if test.examples:
+                collected.append(test)
+    return collected
+
+
+DOCTESTS = _collect_doctests()
+
+
+def test_doctests_are_collected():
+    """
+    Guard against the sweep silently becoming a no-op.
+
+    Every test below is generated from `DOCTESTS`, so an empty
+    collection would report success while checking nothing -- the same
+    way these examples rotted in the first place.
+
+    """
+    assert len(DOCTESTS) > 40
+
+
+def _run_examples(test):
+    """
+    Execute the examples of one docstring, discarding their output.
+
+    The examples share a namespace, as they do under `doctest`, so a
+    later line may use names bound by an earlier one. An example that
+    raises is reported by source file, line and position, with the
+    original exception chained so a failure inside library code keeps
+    its full traceback.
+
+    """
+    __tracebackhide__ = True
+    namespace = dict(test.globs)
+    for i, example in enumerate(test.examples, 1):
+        filename = '<doctest %s[%d]>' % (test.name, i)
+        # Register the source so a traceback shows the example's line
+        # instead of '???'; doctest's own runner does the same.
+        linecache.cache[filename] = (
+            len(example.source), None,
+            example.source.splitlines(keepends=True), filename)
+        code = compile(example.source, filename, 'single')
+        try:
+            with contextlib.redirect_stdout(io.StringIO()):
+                exec(code, namespace)
+        except Exception as exc:
+            # An example documenting a traceback is meant to raise.
+            if example.exc_msg is not None:
+                continue
+            # Both line numbers are zero-based: the docstring's within
+            # the file, and the example's within the docstring.
+            lineno = test.lineno + example.lineno + 1
+            raise AssertionError(
+                '%s:%d: example %d of %d in %s raised %s: %s\n'
+                '    >>> %s'
+                % (os.path.relpath(test.filename), lineno, i,
+                   len(test.examples), test.name,
+                   type(exc).__name__, exc,
+                   example.source.strip().replace('\n', '\n    ... '))
+            ) from exc
+
+
+@pytest.mark.parametrize('test', DOCTESTS, ids=lambda test: test.name)
+def test_docstring_example_runs(test):
+    """
+    Execute one docstring's examples, discarding their output.
+
+    """
+    __tracebackhide__ = True
+    printoptions = np.get_printoptions()
+    try:
+        _run_examples(test)
+    finally:
+        # Several `game_theory` examples call `np.set_printoptions` for
+        # readability and do not restore it; print options are global.
+        np.set_printoptions(**printoptions)
+
+
+def test_failure_report_names_the_example():
+    """
+    A broken example is reported by file, line, position and source.
+
+    This path only runs when an example is broken, so exercise it with
+    a synthetic docstring rather than wait for a real one. The docstring
+    below is declared to start at line 10 of `fake.py` (zero-based 9),
+    so its sixth line, the broken example, is line 15 of that file. The
+    example documenting a traceback must be tolerated on the way there.
+
+    """
+    docstring = '''
+    >>> x = 1
+    >>> raise ValueError('documented')
+    Traceback (most recent call last):
+    ValueError: documented
+    >>> undefined_name + x
+    '''
+    test = doctest.DocTestParser().get_doctest(
+        docstring, globs={}, name='synthetic', filename='fake.py', lineno=9)
+    with pytest.raises(AssertionError) as info:
+        _run_examples(test)
+    message = str(info.value)
+    assert message.startswith(
+        'fake.py:15: example 3 of 3 in synthetic raised NameError')
+    assert '>>> undefined_name + x' in message
+    assert isinstance(info.value.__cause__, NameError)