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Economic Education: Practices and Evidence

Paper Session

Sunday, Jan. 5, 2020 10:15 AM - 12:15 PM (PDT)

Marriott Marquis, Vista
Hosted By: National Association of Economic Educators
  • Chair: Paul Grimes, Pittsburg State University

The Effects of the Chair the Fed Simulation on High School Students’ Knowledge

Evgeniya Duzhak
,
Federal Reserve Bank of San Francisco
K. Jody Hoff
,
Federal Reserve Bank of San Francisco
Jane S. Lopus
,
California State University-East Bay

Abstract

Chair the Fed is an award-winning online simulation developed by the Federal Reserve Bank of San Francisco to teach about the role of the Fed in achieving its dual mandate for stable prices and maximum employment. It is widely used, averaging about 100,000 page views per month in 2019. In this paper we describe a quasi-randomized controlled experiment to test the effects of the simulation on learning in high school economics classes in the Fed’s 12th district. We find that students who played Chair the Fed score significantly higher on a ten-question posttest than students who learned about the Fed and monetary policy in more conventional ways. In evaluating our results, we compare difference-in-difference regression modeling with more traditional economic education regressions and find that our results are robust across specifications and with different controls. We believe that our research adds to the literature of the efficacy of macroeconomic gaming as well as to that of econometric modeling in economic education.

Giving Feedback to Students in a Large Lecture

Kelvin Wong
,
Arizona State University

Abstract

In this paper, I investigate the impact of giving personalized feedback to students via email over the course of the semester. A feedback email typically explains to students exactly how they are doing in the class, and what they can be doing to improve on their performance. All student performance data is collected from Principles of Microeconomics courses at a large state university. First, I give a method for how personalized feedback can be given in a large lecture. Second, I analyze the performance of students in classes where personalized feedback is given after exams and compare it with classes where it is not. I find that students receiving the lowest and highest scores after a first exam are most helped by personalized feedback. Lastly, I discuss the results and give some anecdotal evidence that personalized feedback positively impact student performance.

Promoting Meaningful Interaction and Community Development Through Discussion Board Activities in the Online Economics Classroom

Levi Altringer
,
Colorado State University
Kelly McKenna
,
Colorado State University
Karen Gebhardt
,
University of Colorado Boulder
Melanie Long
,
College of Wooster

Abstract

This study explores community development in the online economics classroom via the presence of meaningful interaction within discussion board activities. In particular, we investigate the impact of restructuring discussion board activities on the presence of meaningful interactions within the discussion threads of three separate sections of one upper-level, online undergraduate economics course. Two sections were subject to what we term a “sub-optimal” discussion board structure, while one section was subject to a new, “more optimal” discussion board structure—where optimality is defined in relation to a structure’s ability to promote meaningful interaction among group members. Through a coding of discussion threads, we find that the observed restructuring of discussion board activities led to improved student-to-student interactions as evidenced by an increase in the share of posts having (1) social and/or personal content, (2) at least one internal reference, and (3) a personable/casual tone. We then explore the effect of the restructuring on student perceptions of community. The survey data provide some evidence that students who were subject to the restructuring of discussion board activities were more likely to express higher levels of agreement with pro-community statements over the course of the semester. This work provides further support that the formulation of discussion board structure is crucial in the promotion of meaningful interaction, community development, and, therefore, improved outcomes in the online economics classroom.

Revealed Confidence, Self-Efficacy, and Stress in the Introductory Economics Classroom

Paul W. Grimes
,
Pittsburg State University

Abstract

This paper examines the relationships between college students’ revealed confidence on test performance in an introductory economics course, their measured degrees of academic self-efficacy, and personal stress. One hundred and five students enrolled in a freshman-level introductory economics course were asked to predict their score on a regularly scheduled exam. Each student’s revealed confidence was measured as the difference between the student’s predicted score and the student’s actual performance. All students were also administered a standardized psychometric instrument to measure their individual levels of personal self-efficacy and stress across several academic perceptual domains. A regression model was estimated to examine the moderating effects of confidence and stress on predictive calibration – the degree to which a student accurately predicted their test performance. The results indicated that high levels of stress from in-class academic experiences resulted in more accurate predictive calibration scores while measured self-efficacy had no significant effect, ceteris paribus. The estimated effect of personal in-class stress on predictive calibration is consistent with the implications of active inference theory.
Discussant(s)
Paul Grimes
,
Pittsburg State University
Jane S. Lopus
,
California State University East Bay
Kelvin Wong
,
Arizona State University
Karen Gebhardt
,
University of Colorado Boulder
JEL Classifications
  • A2 - Economic Education and Teaching of Economics