Showing papers in "Journal of Economic Education in 2001"
TL;DR: This article investigated the relationship between students' absenteeism during a principles of microeconomics course and their subsequent performance on exams and found that students who missed class on a given date were significantly more likely to respond incorrectly to questions relating to material covered that day than students who were present.
Abstract: The author investigates the relationship between students' absenteeism during a principles of microeconomics course and their subsequent performance on exams. Records were maintained regarding the specific class periods that each student missed during the semester. Records were also kept of the class meeting when the material corresponding to each multiple-choice test question was covered. A qualitative choice model reveals that students who missed class on a given date were significantly more likely to respond incorrectly to questions relating to material covered that day than students who were present.
315 citations
TL;DR: This article surveyed academic economists in the United States to establish how economics is taught in four types of undergraduate courses and found that despite some indications of increased emphasis and interest in teaching over this period, the teaching methods in these courses have changed very little over the past five years and are still dominated by "chalk and talk" classroom presentations.
Abstract: In 1995 and 2000, the authors surveyed academic economists in the United States to establish how economics is taught in four types of undergraduate courses. The authors report overall findings from the 2000 survey and compare these results with the aggregate findings for respondents from all types of colleges and universities in the 1995 survey. The basic finding is that, despite some indications of increased emphasis and interest in teaching over this period, the teaching methods in these courses have changed very little over the past five years and are still dominated by “chalk and talk” classroom presentations.
164 citations
TL;DR: In this paper, the authors provide a testing strategy that cuts through these complications and so facilitates teaching this dimension of the unit-root phenomenon, using F tests as a vehicle for understanding, but t tests are recommended in the end.
Abstract: Unit-root testing strategies are unnecessarily complicated because they do not exploit prior knowledge of the growth status of the time series, they worry about unrealistic outcomes, and they double- or triple-test for unit roots. The authors provide a testing strategy that cuts through these complications and so facilitates teaching this dimension of the unit-root phenomenon. F tests are used as a vehicle for understanding, but t tests are recommended in the end, consistent with common practice.
153 citations
TL;DR: The case for adopting a proficiencies approach to instruction and learning in the economics major is reiterated in this article, which focuses on what graduating majors should be able to do with the knowledge and skills they acquire in the major, that is, their ability to demonstrate their learning in practical ways.
Abstract: The case for adopting a proficiencies approach to instruction and learning in the economics major is reiterated. This approach focuses on what graduating majors should be able to do with the knowledge and skills they acquire in the major, that is, their ability to demonstrate their learning in practical ways. The author's list of five proficiencies, advanced in the mid-1980s, is reviewed and revised; one additional proficiency is added and several others are refined. The author discusses the emphasis given to these proficiencies with top economics undergraduates at two major research universities, the author's experience with incorporating these proficiencies into his instruction, and the challenge of assessing the ability of economics majors to demonstrate these proficiencies.
138 citations
TL;DR: The authors discusses the following seven issues affecting assessment of undergraduates in universities: decisionmaking and the selection of tests, the use of written and oral assignments to measure learning, the characteristics of grades and portfolios for evaluating students, opportunities for self-assessment and feedback to instructors, retention of learning and the testing for higher-ordered thinking, the psychology of students in the economics classroom, and the development of new tests as public goods.
Abstract: The author discusses the following seven issues affecting assessment of undergraduates in universities: decisionmaking and the selection of tests, the use of written and oral assignments to measure learning, the characteristics of grades and portfolios for evaluating students, opportunities for self-assessment and feedback to instructors, retention of learning and the testing for higher- ordered thinking, the psychology of students in the economics classroom, and the development of new tests as public goods The author suggests ways that eco- nomics faculty can add new dimensions to their assessment practices, improve their understanding of assessment choices, use assessment to enhance the quali- ty of student thinking, and conduct research studies on assessment questions
108 citations
TL;DR: The authors examined how the characteristics and attitudes of students interact with the pedagogy and attributes of the instructor to influence students' decisions to study economics beyond the first semester, and found evidence that teaching techniques and evaluation methods influence all of these factors except for the predisposition to major in economics.
Abstract: Using a large multi-school sample, the authors examined how the characteristics and attitudes of students interact with the pedagogy and attributes of the instructor to influence students' decisions to study economics beyond the first semester. They found that students who have a predisposition to major in economics, who find economics relevant, who believe they understand economics as well as their classmates, and who expect higher grades in economics relative to their other classes are more likely to continue. They found evidence that teaching techniques and evaluation methods influence all of these factors except for the predisposition to major in economics. Some, but not all, of these techniques are particularly successful in influencing the decisions of female students.
89 citations
TL;DR: This article found that female students are more likely to study economics when there is a critical mass of women studying the subject, and a positive role model effect of female teachers, although this does not carry over to the decision to continue with economics at university.
Abstract: Cross-section data on secondary level student choices provide evidence on factors influencing the decision to study economics. Such evidence makes a key contribution to the broader debates on why student numbers have been falling in economics and why women are reluctant economists. Greater mathematical aptitude and prior knowledge of the subject influence the decision to study economics, and a significant effect is attributable to relative underachievement in economics. There are also significant peer group and teacher effects. Female students are more likely to study economics when there is a critical mass of women studying the subject. There is a positive role model effect of female teachers—although this does not carry over to the decision to continue with economics at the university.
72 citations
TL;DR: This article found that for instructors who speak English as their native language, speaking ability and enthusiasm are closely linked to self-ratings of teaching effectiveness, and students also value these traits but care more about instructors' preparation for class.
Abstract: Most economics departments use end-of-term student evaluations of teaching, but the relationship between instructors' assessments of their own teaching and their students' assessments is unknown. The background survey for the nationally normed Test of Understanding in College Economics asked students and instructors to evaluate the instructor on five identical items. Using these data, the authors found that for instructors who speak English as their native language, speaking ability and enthusiasm are closely linked to self-ratings of teaching effectiveness. Students also value these traits but care more about instructors' preparation for class. Grading rigor is more important to students of instructors who speak English as a second language.
72 citations
TL;DR: The authors found that students in the lecture with graphs in 1995 had significantly lower gain scores than those in the no-graphs lecture and no significant differences in student performance between the two groups.
Abstract: The authors tested whether student performance in the principles of economics course is affected by the use of graphs as part of a lecture. They conducted two experiments at the University of South Carolina, one in spring 1995 and another in spring 1997. Students were randomly assigned to either a nographs lecture or a lecture with graphs. The main hypothesis was that students in the lectures with graphs would show higher gain scores than those in the nograph lectures (both lectures were videotaped). The authors found that students in the lecture with graphs in 1995 had significantly lower gain scores than those in the no-graphs lecture. For 1997, they found no significant differences in student performance between the two groups.
64 citations
TL;DR: The authors argue that the root for possible confusion between fixed costs and sunk costs is the inconsistency in defining the term fixed costs, and suggest that instructors refer to the part of fixed costs that are irrevocably committed as sunk costs.
Abstract: The authors attempt to clarify the concepts of, and the link between, fixed costs and sunk costs. They argue that the root for possible confusion between fixed costs and sunk costs is the inconsistency in defining the term fixed costs. They define fixed costs uniformly as the costs that are independent of the level of output and suggest that instructors refer to the part of fixed costs that are irrevocably committed as sunk costs. Under these definitions, the statement “there are no long-run fixed costs” is incorrect. Instructors should teach students that in the long run there are no sunk costs, although there may easily be fixed costs.
43 citations
TL;DR: The authors found that Australia, Canada, Germany, and the United States experienced a substantial decline in undergraduate degrees in economics from 1992 through 1996, followed immediately by a modest recovery, and that the explanation that fits the economic degree pattern best is interest in business education.
Abstract: Australia, Canada, Germany, and the United States experienced a substantial decline in undergraduate degrees in economics from 1992 through 1996, followed immediately by a modest recovery. This cycle does not conform to overall degree trends, shifts in the gender composition of undergraduate populations, or changing interests of female students in any of the four countries. There is no evidence that changes in the “price” of a degree to students, tightened marking standards or degree requirements, or changes in pedagogical methods caused the cycle. Jobs for economics graduates declined in the United States between 1988 and 1990 and thereafter recovered. With a two-year recognition lag, the pattern of employment prospects fits the U.S. slump in economics degrees perfectly. Unfortunately, employment patterns in the other three countries are inconsistent with the degree cycle. The explanation that fits the economic degree pattern best is interest in business education.
TL;DR: In this article, the authors describe a new data set and uses it for exploratory investigation of whether seminars for teachers conducted by the National Council on Economic Education through its International Education Exchange Program (IEEP) had a beneficial effect on the economic understanding of the high school students of these teachers.
Abstract: This study describes a new data set and uses it for an exploratory investigation of whether seminars for teachers conducted by the National Council on Economic Education through its International Education Exchange Program (IEEP) had a beneficial effect on the economic understanding of the high school students of these teachers. The data were collected using a non-equivalent control group design that sorted teachers into two groups based on whether or not they participated in an IEEP seminar. Pre- and posttests of economics were administered to the students of these teachers in Lithuania, Ukraine, Kyrgyzstan, and Poland. The exploratory results showed a larger increase in the economic understanding of students of teachers who participated in the IEEP seminars compared with students of teachers who did not. The results also showed that knowledge of economics among IEEP teachers was a factor for improving student achievement in economics. The findings should be viewed with caution because of data l...
TL;DR: The authors describe an introductory economics course in which all of the reading material is drawn from the Great Books of Western Civilization and explain the rationale and mechanics of the course, and annotated course syllabus details how the reading materials relates to the lecture material.
Abstract: The author describes an introductory economics course in which all of the reading material is drawn from the Great Books of Western Civilization. He explains the rationale and mechanics of the course. An annotated course syllabus details how the reading material relates to the lecture material.
TL;DR: In this article, the authors present the initial development of a student learning inventory (SLI) that is specific to economics, which emphasizes aspects of prior knowledge in the learning history of entering first-year students.
Abstract: The authors present the initial development of a student learning inventory (SLI) that is specific to economics. This approach, which is based on the student experience of learning (SEL) literature, emphasizes aspects of prior knowledge in the learning history of entering first-year students. Preliminary insights from a first SLI suggest that on entry to university, students show considerable variation in their perceptions of what economics is and what economists do. From the SEL perspective, such variation affects student learning. It is argued that continued development of an economic-specific SLI may result in a better understanding of students' learning engagement with economics and ultimately assist instructors in better understanding student learning difficulties and increase student success in first-year economics.
TL;DR: The authors argue that the recent controversy over the effect of the min- imum wage on employment offers an opportunity for teaching introductory eco- nomics, and that the findings on the minimum wage could be used to motivate alter- native models of the labor market, such as monopsony and search models, and to teach students how economists test hypotheses with data.
Abstract: The author argues that the recent controversy over the effect of the min- imum wage on employment offers an opportunity for teaching introductory eco- nomics. Research findings on the minimum wage could be used to motivate alter- native models of the labor market, such as monopsony and search models, and to teach students how economists test hypotheses with data.
TL;DR: The structure and contents of undergraduate programs in economics and management sciences differ among the major European universities as mentioned in this paper, based on analyses of curriculums, course syllabuses, and adopted textbooks.
Abstract: The structure and contents of undergraduate programs in economics and management sciences differ among the major European universities. Based on analyses of curriculums, course syllabuses, and adopted textbooks, the author looks at how much time is spent in pertinent programs, how time is allocated among different courses within programs, what common thematic denominators exist, and finally and most importantly, whether and in what way content taught in micro and macro courses differs. Based on examinations of how the coverage in major textbooks has evolved through successive editions, he also looks for trends and cycles in what is taught in undergraduate micro and macroeconomics.
TL;DR: There has been an increase in the quantitative coverage of race- and gender-related material as measured by the number of pages, names, and tables of the economics textbooks.
Abstract: The author examined 12 recent editions of principles of economics textbooks to determine the quantity of race- and gender-related material. Comparing the results to earlier studies demonstrates how efforts to incorporate more such coverage within the economics curriculum have influenced economics textbooks. In general, there has been an increase in the quantitative coverage of race- and gender-related material as measured by the number of pages, names, and tables of the textbooks.
TL;DR: In this paper, the authors present a model of an undergraduate economics honors program that includes three of the usual six electives and requires a senior thesis that makes an original contribution to economics understanding, and a series of short-term deadlines helps combat procrastination.
Abstract: An honors program fits the current passion for active, in-depth learning and “capstone experiences.” Principles that guide a successful undergraduate economics honors program include simplicity, accessibility, skill development, risk minimization, and incentives to combat procrastination. The model program specifies three of the usual six electives and requires a senior thesis that makes an original contribution to economics understanding. It can be started as late as the middle of the junior year, providing accessibility and limiting student risk. A required econometrics course and a policy seminar prepare students to write a thesis. A series of short-term deadlines helps combat procrastination. Although an honors program is not for everyone, its emphasis on quality rather than quantity can add a valuable dimension to most economics degree programs.
TL;DR: The Scholarship of Teaching Economics (SOTE) conference as mentioned in this paper was held at The University of Melbourne in 2000 to discuss who, what, and how of teaching economics at the tertiary level.
Abstract: The authors provide an overview of papers presented at The Scholarship of Teaching Economics conference that was held at The University of Melbourne in July 2000. The objective of the conference was to bring attention to research being conducted in economic education at the tertiary level and to engage academic economists in discussion about the scholarship of teaching economics. The presentations of seven of the keynote speakers are discussed using the framework of who, what, and how of teaching economics. Who should determine the curriculum? What should be taught? And how should it be taught?
TL;DR: This article used a simple classroom experiment to develop the economic model of monopoly, which was used to introduce students to the nature of the monopoly problem and motivate them to think of the associated efficiency issues as a divergence between private benefits and social contributions.
Abstract: The author uses a simple classroom experiment to develop the economic model of monopoly. As a pedagogical tool, the experiment introduces students to the nature of the monopoly problem and motivates them to think of the associated efficiency issues as a divergence between private benefits and social contributions. As a test of economic principles, the experiment highlights the role of information and fairness ideals in determining economic outcomes.
TL;DR: In this article, the authors examined whether the administrative location of an economics department in a business versus liberal arts school alters the character of the economics program provided to undergraduate majors, and they constructed a curricular character index (CCI) based on a detailed accounting of assorted dimensions of a major.
Abstract: The authors examine whether the administrative location of an economics department in a business versus liberal arts school alters the character of the economics program provided to undergraduate majors. To test this hypothesis, they constructed a curricular character index (CCI) based on a detailed accounting of assorted dimensions of an economics major. The CCI served as the dependent variable in a regression model that controlled for other institutional attributes that could influence curricular character. The sample of 148 primarily undergraduate institutions was selected to impose some semblance of a ceteris paribus environment. Contrary to earlier findings, the empirical results strongly indicate that the administrative location of an economics department in business versus liberal arts schools significantly changes the character of the program offered to majors.
TL;DR: In this paper, the authors deal with the restructuring of undergraduate economics instruction at Moscow State University (MSU) since 1989, and examine how closely the reforms at MSU are mirrored by changes at Belarus State University in Minsk and at Kiev State University.
Abstract: The authors deal with the restructuring of undergraduate economics instruction at Moscow State University (MSU) since 1989. They examine how closely the reforms at MSU are mirrored by changes at Belarus State University in Minsk and at Kiev State University. They also consider, and often offer an “insider's” perspective on, several issues related to curriculum reform that go beyond what can be determined from published curriculum guides. Specifically, they consider such issues as the training and retraining of faculty members who teach courses in these departments, the use of translated Western textbooks versus locally developed textbooks, and problems that arise in departments where some faculty members teach Western economics but others continue to teach Soviet-style economics.
TL;DR: In this paper, the authors present a pedagogical graphical exposition to illustrate the stabilizing effect of price target zones, based on a textbook AD-AS apparatus, and find that authorities' commitment to defend a price target zone will affect the public's inflation expectations and reduce actual inflation.
Abstract: The authors present a pedagogical graphical exposition to illustrate the stabilizing effect of price target zones. Based on a textbook AD-AS apparatus, they find that authorities' commitment to defend a price target zone will affect the public's inflation expectations and, in turn, reduce actual inflation. They also find that, when the economy experiences supply shocks, the announcement that the monetary authorities intend to defend a price target zone will reduce the variability of domestic prices but raise the variability of domestic output relative to a free-price regime. However, when the economy experiences demand shocks, a price target zone tends to lower the variability of both domestic prices and out-put relative to a free-price regime.
TL;DR: Most students in econometrics classes are uncomfortable because they do not know these rules and so do not understand what is going on in econsometrics, so instructors are encouraged to use explain-how-to-bootstrap exercises to promote student understanding of the rules of the game.
Abstract: Econometrics is an intellectual game played by rules based on the sampling distribution concept. Most students in econometrics classes are uncomfortable because they do not know these rules and so do not understand what is going on in econometrics. This article contains some explanations for this phenomenon and suggestions for how this problem can be addressed. Instructors are encouraged to use explain-how-to-bootstrap exercises to promote student understanding of the rules of the game.
TL;DR: In this article, the economic impacts of a penny-per-pound tax on raw cane sugar grown in the Florida Everglades were analyzed using point-elasticity instead of arc elasticity.
Abstract: Using point elasticities rather than using either arc elasticities or slopes of demand and supply curves provides the best method for teaching students about the economic impacts of excise taxes. Not only does a point-elasticity approach simplify theoretical analysis of tax impacts, but it also allows instructors to take advantage of publicly available empirical estimates of demand and supply elasticities to show students how theoretical results can be applied to real-world tax policy issues. To illustrate these advantages, the authors use several available estimates of point elasticities of demand and supply of raw sugar to calculate the economic impacts of a recently proposed penny-per-pound tax on raw cane sugar grown in the Florida Everglades.
TL;DR: In this paper, the authors present a simulation of the law of large numbers with increasing amounts of feedback and provide a non-technical introduction to path dependence in a nontechnical setting.
Abstract: Economists have become interested in the behavior of random processes with positive feedback but have sometimes found it difficult to introduce students to this research. Simulation of the law of large numbers with increasing amounts of feedback provides a convenient framework for such discussion and facilitates a nontechnical introduction to recent work on path dependence.
TL;DR: This paper conducted a benchmarking survey of 15 economics departments in private universities as part of a strategic planning exercise and reported the information gleaned from the survey concerning such items as departmental resources, teaching loads, class sizes, departmental research expectations, and weights given to research, teaching, and service in salary determination and promotion.
Abstract: During the spring of 1999, the authors completed a benchmarking survey of 15 economics departments in private universities as part of a strategic planning exercise. All are selective medium-sized institutions that experience roughly the same types of market pressures and compete for the same types of students. The authors report the information gleaned from the survey concerning such items as departmental resources, teaching loads, class sizes, departmental research expectations, and weights given to research, teaching, and service in salary determination and promotion. The authors believe that their results and methods might be useful to other economics departments engaging in bench-marking exercises.
TL;DR: The CSWiz works with Excel's Solver to resolve an optimization problem or equilibrium model for different values of an exogenous variable, ceteris paribus, with an easily understood interface.
Abstract: parative Statics Wizard. The CSWiz works with Excel's Solver to resolve an optimization problem or equilibrium model for different values of an exogenous variable, ceteris paribus. The results are presented in a well-organized sheet where additional calculations (e.g., slope or elasticity) and graphs are easily generated. With an easily understood interface, the CSWiz add-in walks the user through a series of steps, collecting information about the objective function, endogenous variable(s), and exogenous variable(s) in the model. In addition, the user identifies the exogenous variable to be shocked, the amount of the change, and the number of shocks.
TL;DR: The authors explores the problems of portraying oil-price shocks using the aggregate demand/aggregate supply model and proposes a modification of the model that differentiates between production and absorption goods to better reflect the effects of oil price shocks on open economies.
Abstract: The author explores the problems of portraying oil-price shocks using the aggregate demand/aggregate supply model. Although oil-price shocks are the most commonly cited examples of aggregate supply shocks, they violate the model's assumption of constant relative prices (as acknowledged by the label, "oil-price shocks"). The resulting problems are effectively masked in textbook presentations by implicitly assuming that the supply shocks occur in a closed economy. However, the typical discussion is glaringly inaccurate when dis- cussing the effects of oil-price shocks on oil-rich countries. Thus, the cogency of the standard model's representation of oil-price shocks on open economies is compromised. A simple modification of the model that differentiates between production and absorption goods enables it to better reflect the effects of oil-price shocks on open economies.
TL;DR: In this article, a simple technique for teaching the Cournot model to first-year students is presented, which involves demonstrating to the students that out of all rectangles with a common perimeter, the square has the greatest area No use is made of derivatives The same approach can be used to understand some other market forms
Abstract: The author presents a simple technique for teaching the Cournot model to first-year students The approach involves demonstrating to the students that out of all rectangles with a common perimeter, the square has the greatest area No use is made of derivatives The same approach can be used to understand some other market forms