ome problems with the above structure are:
timing
It is generally a lot quicker just to give the correction yourself.
student expectations
In many (most?) learning cultures, the language teacher is expected to tell their students not just that they have gone wrong and where the mistake is, but also to correct it for them.
student inaccuracy and the danger of reinforcing errors
Your students may get their correction wrong, which could lead to confusion or even reinforcement of the incorrect sentence in your students’ minds.
performance pressure
If your students are not comfortable with each other, or if they find the classroom interactions stressful, the act of giving correction (or of being publicly corrected) may be a high-pressure one for them, which could be demotivating as well as lead to further inaccuracies. However, the activities here and here should help overcome this problem.
But the advantages of this student –> peers –> teacher structure of error correction are clear, as are the disadvantages of the teacher simply correcting any mistakes they hear: by encouraging your students to self-correct or to correct each other, you are inviting them to monitor their own language, to think for themselves and become more independent language users, and to use and trust in their existing linguistic resources. Sometimes this is not so important (for instance, when you’re in conversation with a student at the start of a lesson, as you wait for late arrivals); however, in general, I suggest it will be important to your students’ development both inside and outside the classroom to encourage a reflective, critical, experimental and confident attitude to their second language development, and hopefully more generally.