Unanswered Questions in Economic Education, and Promising Studies Providing Answers
Paper Session
Saturday, Jan. 6, 2024 8:00 AM - 10:00 AM (CST)
- Chair: William Bosshardt, Florida Atlantic University
Student Demand for Relative Performance Feedback: Evidence from a Field Experiment
Abstract
We administer a survey to study students' preferences for relative performance feedback in an introductory economics class. To do so, we elicit students' willingness to pay for or avoid learning their rank on a midterm exam. Our results show that 10% of students are willing to pay to avoid learning their rank. We also find that female students are willing to pay $1 more than male students to learn their rank. We also confirm that beliefs about academic performance do not predict preferences for information. After randomizing access to information about rank, students report needing more study hours to achieve their desired grade and being less likely in the top half of the ability distribution in the class. These effects are driven by stronger impacts from people who overestimated their midterm rank compared to those who underestimated their performance. We do not find an overall effect of learning about rank performance on final course grade. We also confirm that students' preferences for feedback do not interfere with their belief updating when receiving negative news.Relevance, Belonging, and Growth Mindset in Economics: Differences across Institution Types
Abstract
This project aims to investigate the impact of institutional setting on racial/ethnic minority students and women in economics. The underrepresentation of minority students and women in economics exceeds that of STEM fields (CSMGEP 2019) and, while STEM fields have improved representation over time, economics has not. Past research has established that under-represented minority and women students have significantly lower relevance, belonging, and growth mindset (RBG) in predominantly white institutions (PWIs) and co-ed settings (Bayer, Bhanot, et al. 2020). Lower RBG is linked to worse grades and lower persistence in economics majors. There has been no research to date on RBG at minority serving institutions (MSIs) or women's colleges nor on whether these identity-affirming institutions may foster RBG and persistence. This project will increase our understanding of the role RBG plays as a potential barrier or lever for change across different institutional settings. We will undertake longitudinal surveys of students and faculty (at 18 universities, stratified by type) to understand if RBG develops differently in economics classes at MSIs and women's colleges. Collecting data on RBG and persistence from approximately 1,800 students at different points in time (a year apart) will facilitate distinguishing selection into institutions from the impact of experiences in those institutions. We will report results from the survey and address questions about how economics programs and students differ across institution types.Using Real Data to Improve Student Learning Outcomes in Economic Courses: Does This Really Benefit Students?
Abstract
Two of the most important skills required at the workplace are the ability to analyze and handle data and to work with data analysis software, such as Excel or Google Sheets. To meet these two essential needs, we have conducted two hands-on data projects using Federal Reserve Economic Data (FRED) and reading assignments in two upper-level economics courses at two public U.S. universities. One of our goals is to expose students to real-world data to teach economic concepts like the price elasticity of demand, Taylor Rule, compounding interest rates, production costs and productivity. For these projects, students need to download and work with FRED data, calculate descriptive statistics and discuss their meanings, construct graphs, and answer a variety of questions related to the data and the topics in question. In addition, students are expected to read recent articles and apply their knowledge of economic concepts to real-world situations. These data-oriented assignments represent a holistic approach that incorporates both data analysis and application of knowledge to real-world events. We examine both the quantitative and qualitative benefits of such projects on student learning based on pre- and post-tests, the mandatory project meeting with faculty, and the feedback received from the end-of-semester survey. Results from the different assessments provide evidence for improved student analytical and critical thinking skills, as well as student learning of the chosen topics. We also expect this approach to make the classroom environment more engaging, motivative, and inclusive.Discussant(s)
Wendy Stock
,
Montana State University
Francisca Antman
,
University of Colorado
Amanda Bayer
,
Swarthmore College
Julie Smith
,
Lafayette College
JEL Classifications
- A2 - Economic Education and Teaching of Economics