WEEK'S SCHEDULE(22), FEB. 25, 2013
EYE-OPENER OF THE WEEK: When you can recognize that someone is talking rot, you are an educated man. Lord Action KEY DATES: 1. On Monday, Feb. 25, we will debrief round 2. 2. On Thursday, Feb. 28, Glenn Weinstein will speak to us about the municipal bond market. 3. On Monday, March 4, we will have a quiz on the Wheelan chapter on special interests, Glenn Weinstein's talk and chapter 10 in Colander on The Aggregate Demand/Aggregate Supply Model. 4. On Wednesday, March 6, Steve Kaplan will talk to us about income inequality and CEO pay. The long period. The extra half hour in the long period will be devoted to group work for round 3 of the Capsim simulation. CLASS ONE: we will debrief round 2 and discuss chapter 7 in Wheelan on special interests. Period 3 will also work as groups on round 3 of the Capsim assignment. HOMEWORK: please read chapter 10 on The Aggregate Demand and Aggregate Supply Model up to The Short-Run Aggregate Supply Curve. CLASS TWO: We will discuss the first half ...
Carly & Storm Thesis: People would rather have convenience and something that is worth less, than inconvenience and something that is worth more. Basically, people will be lazy. We want to know how much do people actually way pros and cons? How much is everything we do simply based on our own convenience rather than getting the best outcome? In economics, we are taught that everyone will weigh the pros and cons, and do what is best for them. We know that people value different things at different levels, and therefore in the same scenario people may choose to take different paths. What we will find out in this experiment, is whether human beings value convenience over most profitable outcome. We will have two plastic bags. The first, with dollar bills in it. The second, with change in it. However, the bag with change in it will actually amount to more than the bag with bills in it. We will ask people which bag they would rather take. We predict a large majority will choose the bills, even though the coins are worth more, this is because it is more convenient to have paper bills than heavy coins. If this is true, we can conclude that convenience is something valued in people more than personal profit.
ReplyDeleteBen And Joey THesis: Loss aversion is a property inherent to the human brain. Loss aversion describes the phenomenon whereby humans value losses higher than potential gains. For example, if someone has thirty dollars in cash, and is approached with an investment that could double their money, but there was a 25% chance for them to lose all of their money, they will likely not make the investment. This happens because people value what they have in concrete form much more than possible outcomes. Our experiment is to prove this phenomenon of loss aversion through a game of chance. We will approach a subject with a hypothetical bet on a coin toss, with the ratio of bets on both sides starting at 1:1, and increasing until the subject says they would accept the bet. If people generally do not accept the bet until above 1:1, then effectively, we will have proven our hypothesis.
ReplyDeleteMiles Thesis:
ReplyDeleteIt's a well known fact that early preparation for a test will increase one's success on that exam than simply studying a few days prior. However, many people choose to neglect this and do not study one week or more prior to their tests. I will be selecting volunteers from the 4 Advanced Algebra sections and hand out a study asking their name, grade, class period, score on the most recent test, how many days prior to the test they studied, as well as their study environment. I will then randomly select half of them, sit them down one by one and explain the advantages of early preparation. After the "intervention," I will ask the same questions of all those who were involved in the original study and look to see if those who participated in the intervention actually began studying earlier, as well as if their test scores improved.
Justine’s Thesis:
ReplyDeleteIn economics, we are taught to think of both the long and short term consequences of our actions and weigh them out. I wish to see how well people weigh long and short actions and how they decide these actions. I will ask people how they decide to spend one million dollars, such as investing, saving, or spending. I will ask them to write how much they will spend, save, and invest. If someone saves more money, then they are thinking more of the future. If someone spends more money, then they think more of the short term.