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AEA Committee on Economic Education Poster Session

Poster Session

Saturday, Jan. 4, 2020 2:30 PM - 4:30 PM (PDT)

Marriott Marquis, Marina Ballroom E
Hosted By: American Economic Association & Committee on Economic Education
  • Chair: William Goffe, Pennsylvania State University

An Active-Learning Exercise for Syllabus Day in Intermediate Microeconomics

Stephen Erfle
,
Dickinson College

Abstract

Syllabus Day provides the wrong signals for the first day of class. Gannon (2016) argues that: “Ideally, the first day gives students a taste of everything they’ll be expected to do during the semester.”
In microeconomics classes, this could be translated into the admonition: Do some marginal analysis.
This active-learning exercise, based on Erfle (2019), highlights marginal analysis and reminds students of the trade-offs they learned about in introductory microeconomics, both geometrically and algebraically.

An Alternative Grading Scheme

James R. Bruehler
,
Eastern Illinois University
William D. Campbell
,
University of Wyoming
Alan P. Grant
,
Baker University

Classroom Competition Games: Learning Strategy

Tarek H. Selim
,
American University in Cairo
Kareman M. Shoair
,
American University in Cairo

Abstract


CLASSROOM COMPETITION GAMES : LEARNING STRATEGY

Tarek H. Selim and Kareman M. Shoair


ABSTRACT

Student teams role-play as companies to compete. All teams (i.e. the classroom) constitute the entire market. Classroom competition games are initially conducted whereby students only choose prices. Then, student strategy space is relaxed to include more learning content: asymmetric information, brand loyalty, market share dominance, exit gains through liquidation, inventory carry-over, change of timing for market entry, and the possibility of collusion and merger/acquisition by negotiation. Economic principles are contrasted with classroom game outcomes. Findings indicate better learning outcomes through specific-to-general strategy sequence, rather than general-to-specific strategy sequence. Cumulative learning is key, within a certain sequence of play, which maximizes mental activity. The winning team is not necessarily the most happy team even when bonus credit has been given. Learning gaps constitute a commonality challenge in the games played. In addition to learning across teams, students acquire self-learning through intra-group interactions. Self-learning included convincing skills, leadership capabilities, and leadership limitations. Game outcomes reveal collective trembling-hand errors do persist under highly uncertain game scenarios relative to less uncertain scenarios, and at the same time, higher team profits are associated with lower risk conditions. This suggests a contrast to the classical literature on trembling-hand imperfection and risk-return tradeoffs in economics principles, i.e. a contrast to trembling-hand imperfection and higher risk-higher return doctrines. Moreover, inventory carry-overs are able to “switch winners” from a price advantage team towards a market share advantage team, if the timing of price announcement is switched from pre-production pricing to post-production pricing. In retrospect, Cournot game outcomes are found contingent on the timing of Bertrand price strategies, hence implying a needed association between Bertrand and Cournot models of competition. Additionally, it was perceived that a quick response to a radical change in opponent team strategies is Pareto-dominant over the optimal strategy response itself if the latter is exercised beyond a certain time lag. This is true even if discounting is omitted from the game structure. Overall, the most critical learning technique for students in specific-to-general framework is what we call “faster collective adaptability” even if conducted with impure rationality.


Tarek H. Selim is Professor of Economics at the American University in Cairo and Global Council Expert at the World Economic Forum. He has been Visiting Research Scholar at MIT.
Email: tselim@aucegypt.edu

Kareman M. Shoair is Research Manager at the Gerhart Center for Philanthropy and Responsible
Business and Affiliate Faculty of Economics at the American University in Cairo.
Email: kareman@aucegypt.edu

Cognitive Load Reduction with Cognitive Aids

Areerat Kichkha
,
Lindenwood University

Crazy Rich Economics

G. Dirk Mateer
,
University of Arizona

EconPractice: An Open Source Learning Toolkit for Economics

Thomas Groll
,
Columbia University

Executive Dashboards for Commercial and Central Banking-Complementary Views for Decision-Making

Sylwia E. Starnawska
,
State University of New York-Empire State College

Harnessing Spreadsheets to Model Retirement Savings

Jack Marley-Payne
,
Financial Life Cycle Education
Philip Dituri
,
Financial Life Cycle Education and Fordham University
Andrew Davidson
,
Financial Life Cycle Education

Abstract

Spreadsheet software provides fertile ground for active learning techniques in financial and
economic education. It is widely acknowledged that the use of technology is an important
component of an active learning based curriculum, but also that the use must be appropriate in
order to be effective. In addition, research suggests that spreadsheet software is equipped to be a
particularly fruitful technological tool for use in the classroom. For this to occur, though, the
technology must be purposefully integrated into the curriculum to ensure students can appreciate
its utility.

Flipped Classroom Teaching in Microeconomics Recitation Sessions

Jennjou Chen
,
National Chengchi University
Tsui-Fang Lin
,
National Taipei University
Chen-Hsuan Liao
,
National Chengchi University

Inside the Classroom: Learning from the 2008 Financial Crisis and the Subprime Meltdown

Brian W. Sloboda
,
University of Phoenix
Yaya Sissoko
,
Indiana University of Pennsylvania

Notetaking and Lectures in the Digital Age

Benjamin Artz
,
University of Wisconsin-Oshkosh
Marianne Johnson
,
University of Wisconsin-Oshkosh
Denise Robson
,
University of Wisconsin-Oshkosh
Sarinda Taengnoi Siemers
,
University of Wisconsin-Oshkosh

Teaching Producer Theory and Perfect Competition Using a Real-World Example of Trucking Industry and the Autonomous Vehicle Technology

Eiichiro Kazumori
,
University of Massachusetts-Dartmouth
Devon Lynch
,
University of Massachusetts-Dartmouth

Abstract

Producer theory and perfect competition are topics most difficult to teach in the Introductory Microeconomics course. The crucial novelty of this project is a novel teaching material that students can learn these topics using a real-world example of the trucking industry (the most popular occupation in 29 of the 50 states) and the impact of a (hypothetical) entry of autonomous vehicles based on actual industry data. We study how the new Autonomous Vehicle technology ("AV" hereafter) will affect the industry profits, employment, and consumer welfare and the policies that the government should take to deal with unemployment due to AV. First, we develop a realistic model of a representative trucking firm and derive production and short-term cost functions. Second, assuming a linear demand, we calculate a short-run market equilibrium that turns out to match the current key market statistics. Third, we introduce AV that has higher fixed costs from initial investments but leads to lower marginal costs. Fourth, we derive a long-term equilibrium with AV that reduces the load rate by 45%, increases the truckload by 22%, and reduces the number of firms by 40%, consistent with CEA estimates. Fifth, we conduct a back-of-the-envelope estimation of the impact of a robot tax, universal basic income, AV subsidy, and a new business creation (MAAS, "mobility as a service"). The material only requires the knowledge of the Introductory Microeconomics textbook and can be used as a course supplement or an assignment.

Show-And-Tell Economics Using Selfies

Colin Cannonier
,
Belmont University
Brad D. Childs
,
Belmont University
Howard H. Cochran
,
Belmont University
Luke Petach
,
Belmont University
Lakisha Simmons
,
Belmont University
Marieta V. Velikova
,
Belmont University
Marcus Bansah
,
Belmont University
Dustin Rumbaugh
,
Belmont University
Kara Smith
,
Belmont University
David Wyant
,
Belmont University

Abstract

Show-and-tell is a time tested active learning pedagogical technique. This technique can be updated for current cultural and technological trends by incorporating smartphone selfies into the design of a classroom experience. This pedagogy is able to use photographs to develop critical thinking skills, practice story-telling, use proper terminology, elevate presentation skills and gain confidence with the subject matter in the context of applying economic principles correctly. This poster and companion website will provide the resources so that economic educators can incorporate selfies into their course design and inspire students with numerous examples of what selfies are possible.

Skepticism, Education, and Personality

Calvin Blackwell
,
College of Charleston
James Malm
,
College of Charleston
Norman Maynard
,
College of Charleston
Mark Pyles
,
College of Charleston
Marcia Snyder
,
College of Charleston
Mark Witte
,
College of Charleston

Abstract

Many financial scandals appear to depend on a lack of skepticism on the part of their victims. For example, many sophisticated investors trusted Bernie Madoff, despite early warning signs of implausible returns. Our study attempts to discover if education and personality explain skepti-cal behavior in financial decision making. In a simple survey, economics and finance students are asked to make an investment recommendation from among four different hypothetical funds, including one based on Madoff’s fund. We find that perceptions of the suspiciousness and ethicality of the Madoff fund affect a participant’s recommendation. In turn, these perceptions are affected by education and personality, with more education leading to higher suspicions.

Teaching Econometrics with an Empirical Focus: Research Project Assignment

Sedefka Beck
,
Valparaiso University

Teaching Managerial Economics: Case-Based Learning Versus Problem-Based Learning

Dmitriy Chulkov
,
Indiana University-Kokomo
Dmitri Nizovtsev
,
Washburn University

Abstract

One of the instructional challenges in teaching managerial economics courses at both undergraduate and M.B.A. levels results from the theoretical focus of the economics component in the business curriculum. When students fail to see real-life applications of economic concepts, their motivation and engagement in the course are diminished. Two interactive teaching methods have been proposed to address these issues – case-based learning (CBL) and problem-based learning (PBL). In this study and the associated poster presentation, we describe the implementation of both of these methods, separately, in a managerial economics course taught at two U.S. universities. We discuss the specifics of the implementation of the two teaching strategies and present empirical results on the educational value they provide.
The empirical analysis applies a model of the educational value of an interactive teaching strategy to evaluate its impact on three dimensions of learning – affective, behavioral, and cognitive. In the affective category that focuses on student satisfaction, as well as the behavioral category that concerns student skills, survey responses demonstrate a positive impact of the use of either CBL or PBL on satisfaction with the course and skill-building, respectively. In the cognitive value category, analysis of student exam performance on topics covered by CBL and PBL demonstrates improvements compared to performance on topics covered only in the traditional lecture-based format.

Technology Interventions in Collegiate Economics Classes

Marianne Johnson
,
University of Wisconsin-Oshkosh
Martin Meder
,
Nicholls State University

The Digital Dilemma: Using Digital Tools in the Online or Face-to-Face Classroom to Foster Participation and Encourage Student Learning

Mandie Weinandt
,
University of South Dakota
Kathryn Birkeland
,
University of South Dakota

The Econometric Mini-Games: Does Competition Help in Learning Econometrics?

Rod D. Raehsler
,
Duquesne University and Clarion University

Using “Dollar Street” to Show Income Inequality Across the World

Linda S. Ghent
,
Eastern Illinois University
James R. Bruehler
,
Eastern Illinois University
Alan P. Grant
,
Baker University

Yours, Mine, and the Truth: Using a Structured Minimum Wage Debate in the Economics Classroom

Scott Wolla
,
Federal Reserve Bank of St. Louis
JEL Classifications
  • A2 - Economic Education and Teaching of Economics